The corporate wellness market in the APAC region is set to grow from US$3.4 billion in 2015 to US$7.4 billion by 2024. This prediction is being supported by new research by the Transparency Market Research (TMR)
In 2015, increasing cases of common major health issues such as obesity and the knock-on increase in medical costs prompted employers to spend more on fitness programmes, becoming one of the major factors for the increased growth of the market. Now, China and Japan, the top two major economies of the region are expected to be the main drivers in the corporate wellness market.
We can see that developed nations around the world have all had similar issues. These include problems such as declining birth rates, ageing populations, and the occurrence of more disease as a result of longer lifespans. Thanks to the rapid and high development rate of China over the past few decades, the nation has prospered economically, but is now facing the same issues as other economically developed nations. Rapid changes in lifestyle, a rise in chronic diseases and large-scale urbanisation are boosting growth in China’s corporate wellness market.
For many years now, Japan has become known for it’s culture of overwork. Employees are given decent benefits and pay, but in return are expected to work long and hard for their company. As a result, many employees feel pressured to not take advantage of these benefits. However, the nation has recognised this as an issue and has been taking steps to address them.
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 are only a handful of major providers in the global corporate wellness sector. However, the report predicts that new players will begin venturing into this new market and that competition will intensify as the need for better corporate welfare increases.