Published By : 12 Sep 2016 | Published By : QYRESEARCH
The presence of a large number of medium-sized firms and increasing efforts of multinational companies to expand their consumer base are the key reasons driving the Asia Pacific corporate wellness market. Other reasons boosting the demand for corporate wellness services are increasing number of smokers and rising prevalence of chronic diseases due to sedentary lifestyles.
Smoking Cessation to Exhibit Significant Growth
There are several services offered under corporate wellness programs such as smoking cessation, weight management, health screening, health risk assessment (HRA), fitness, nutrition, and others, including diabetes management, stress management, and vaccination.
Fitness was the leading segment in 2015 in Asia Pacific owing to increasing medical cost related to obesity, growing awareness about health and fitness among the population of various countries, and rising incidence of chronic diseases. However, the smoking cessation segment is estimated to expand at an impressive CAGR from 2016 to 2024. Various studies indicate that the Asia Pacific region is home to nearly 30% of the global cigarette consumers. China is the leading country in terms of cigarette consumption. Other countries in the region with a high population of smokers are Japan, India, Indonesia, and South Korea.
Government Initiatives to Bode Well for Growth of Corporate Wellness Market in Japan
Japan is one of the key contributors to the growth of Asia Pacific market. The government programs play an instrumental role in the growth of corporate wellness market in Japan. For instance, in Japan, amendments in Industrial Safety and Health Act in December 2015 mandated health checkups for workers and employees. Moreover, significant government support to address the issue of employee health in a coherent manner has boosted the demand for corporate wellness programs in the country.
China to lead APAC Market; India to Grow at Most Promising Pace
Geographically, China was the leading market in 2015 in Asia Pacific. Increasing incidence of chronic diseases, improving economic conditions, rapid urbanization, and changing lifestyles are the factors contributing to the growth of the market in China. The market is expected to retain its leadership until 2024, expanding at a CAGR of 9.1% between 2016 and 2024.
On the other hand, India will expand at a noteworthy CAGR during the same period. The growth of this region can be attributed to the rising incidence of chronic diseases such as heart attacks and diabetes and increasing number of corporate enterprises in the country.