Asia’s corporate wellness market to more than double by 2024
The Asia Pacific corporate wellness market will grow from US$3.4 billion in 2015 to reach a value of US$7.4 billion by 2024, predicts new research by Transparency Market Research (TMR).
Back in 2015, a worrying rise in obesity and the knock-on increase in medical costs prompted employers to spend more on fitness programmes, fuelling massive growth in the market. Now, the two major economies of China and Japan are expected to be the main drivers in the corporate wellness market.
A high development rate and increased uptake of wellness programmes in China have had a major impact on spending. And rapid changes in lifestyle, a rise in chronic diseases and large-scale urbanization are also boosting growth in China’s corporate wellness market.
In Japan, health check-ups are now mandatory for employees, forcing companies to increase their wellness spending. The Japanese government is also encouraging corporates to address the issue of employee health.
Across Asia, a rise in cardiovascular disorders, diabetes and cancer has compelled employers to take care of the health and well-being of their workers. Corporate wellness programmes and services are the most efficient method of doing this, says TMR.
Currently, there a handful of major providers in the global corporate wellness sector including Optum, ComPsych Corp, SOL Wellness, ConneXions Asia and Bupa Wellness. But new players are venturing in this market and competition will intensify, predicts the report.