The
corporate wellness market in Asia Pacific is led by a slew of global
and local companies, such as Central Corporate Wellness, ComPsych
Corporation, Optum, Inc., JLT Australia (Recovre Group), Truworth
Wellness, SOL Wellness, Sodexo, ConneXions Asia, and Bupa Wellness
Pty Ltd. Transparency Market Research has observed that the number of
companies venturing into this avenue has been steadily rising owing
to the growing presence of MNCs in several developing countries.
The
opportunity in the corporate wellness market in Asia Pacific was
pegged at US$3.4 bn in 2015 and is expected to be worth US$7.4 bn by
the end of 2024 at a strong CAGR of 9.0%. Geographical expansions,
expansion of product portfolio, mergers and acquisitions, and
investing in extensive wellness programs are some of the key growth
strategies adopted by the leading players in the Asia Pacific. For
instance, in March 2016, Sodexo signed a 10-year contract with Rio
Tinto to expand its operations in Australia.
Corporate
Wellness: How Health Improves The Bottom Line: https://goo.gl/C2LYvx
Increase
of Non-communicable Diseases Driving Need for Health and Wellness
Programs
The
prevalence of non-communicable diseases such as diabetes, chronic
respiratory diseases, cardiovascular diseases, and cancer has
increased significantly in Asia Pacific in recent years. The report
has found that these diseases account for at least 8.5 million deaths
in Southeast Asia each year. “Employers are, as a result, driven to
promote as well as maintain the health and well-being of their
employees and offering corporate wellness programs and services has
turned out to be the most effective method of doing so,” the lead
analyst states. These services not only boost productivity but also
reduce overall medical costs.
The
corporate wellness market in Asia Pacific is also fueled by
government support and initiatives, the rising number of white-collar
employees, the willingness of employers to invest in wellness
programs, and growing health consciousness among the population.
High
Cost of Implementation Restricting Widespread Adoption
“Implementing
corporate wellness programs in organizations is a costly affair and
companies need to utilize a certain portion of their budget from the
revenue generated,” the author of the study comments. Services such
as fitness and health risk assessment need high investments and as a
result, are cut down by the companies. This restricts the growth of
the corporate wellness market.
In
addition, the inefficient execution of corporate wellness services is
a major restraint to the market and is likely to increase costs for
the companies.
Corporate
Wellness Industry in Asia Pacific region :
China
to Lead APAC Corporate Wellness Market throughout Forecast Period
By
type of service, the fitness segment led the overall corporate
wellness market, accounting for a 38.6% share in 2015, reaching
US$2,793.5 mn by 2024. The smoking cessation segment, although the
smallest in terms of revenue in 2015, is anticipated to register a
strong CAGR of 9.6% during the forecast period. By country, China
emerged as the leading revenue generator in 2015 and is projected to
retain its position throughout the forecast period. India, on the
other hand, is expected to expand at the fastest pace by 2024.
No comments:
Post a Comment