The Asia Pacific corporate wellness market is poised to expand at a strong CAGR of 9.0% from 2016 to 2024, states a report recently added to the vast repository of Market Research Reports Search Engine (MRRSE.com). The report, titled “Corporate Wellness Market (Service - Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Weight Management, and Nutrition) - Asia Pacific Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024”, offers readers a clear understanding of where the market stands today and where it is headed in the near future.
The report, published by Transparency Market Research, finds that the APAC corporate wellness market is slated to rise from a value of US$3.4 bn in 2015 to reach US$7.4 bn by 2024. Realizing the immense potential that this market presents is likely to attract the attention of MNCs, further propelling its development.
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China Takes the Lead in APAC Corporate Wellness Market
The key countries covered by the report on the Asia Pacific corporate wellness market are Japan, Australia, Hong Kong, Thailand, China, India, Singapore, Malaysia, and Rest of APAC. China stands out among these countries with a CAGR higher than the regional average. The growth of this market can be attributed to the rising adoption of corporate wellness programs and increased development in the country. Apart from this, rapid economic growth, large-scale urbanization, the rising incidence of chronic diseases, and changing lifestyles have contributed toward making China the largest market for corporate wellness in Asia Pacific.
India is also a prominent contributor to the market in APAC, thanks to the soaring number of corporate firms in the nation. An increasing level of awareness among the citizens of the country regarding their overall health and well-being is a key factor driving this market. Japan also accounts for a significant share in the Asia Pacific corporate wellness market. The Industrial Safety and Health Act of December 2015 is perhaps the leading driving factor for this market, the report states. The law mandates health checkups for employees and workers in the country, proving a fillip to the corporate wellness market in Japan.
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High Implementation Cost Curbing Adoption despite Growing Need
The corporate wellness market in Asia Pacific is fueled by the rising prevalence of non-communicable diseases such as cancer, cardiovascular ailments, chronic respiratory disorders, and diabetes. Realizing the serious implications of these conditions on the productivity of a firm, employers are making efforts to offer their workers ways of improving their overall health and well-being through corporate wellness programs.
The report, however, notes that the high cost of implementing these programs acts as a major restraint to the growth of the corporate wellness market in Asia Pacific. Services offered by these programs, such as health risk and fitness assessment, require large investments and despite the growing need, their adoption remains restricted to a few companies. Nevertheless, governments of many countries are supporting these programs through various initiatives.
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According to the report, the key players in the Asia Pacific corporate wellness market include ComPsych Corporation, SOL Wellness, Optum, Inc., ConneXions Asia, Central Corporate Wellness, Truworth Wellness, Bupa Wellness Pty Ltd., JLT Australia (Recovre Group), and Sodexo.
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