Corporate Wellness Market Size in Asia to Grow at 9% CAGR by 2025
Asia is an emerging market for the prevalence of corporate wellness industry. The number of organizations with a good number of employees have been increased drastically in the past few years and still many large scale companies are likely to expand their business in various countries of Asia, specifically, India, China and Japan are the top choices for business expansion due to the favourable geographical location of these countries.
With this increasing corporate culture, the number of employees with unhealthy habits have also increased. The employees in Asia are often found suffering from obesity and smoking habits which are the key drivers of the corporate wellness industry. As per the TMR report, the market value of the corporate wellness industry in Asia was about US$3.4 billion in 2015 which is expected to grow by 9% of CAGR to reach US$7.4 billion by the end of 2025.
The corporate wellness programs are designed to provide services like health risk assessment (HRA), employee health check, workplace yoga sessions, weight management, nutrition, stress management, coaching & assistance etc.
What has Caused the Increased Demand for Corporate Wellness in large and mid Scale Organizations?
Increased Awareness Level
The population of various countries in Asia have shown an increased level of awareness in terms of health and fitness over a period. Companies have also realized that the employees who are fit mentally and physically are the key assets to enhance business productivity at the workplace.
Increased Population with Chronic Diseases
In Asia specific, the lifestyle of people doesn’t suit with the work culture of corporate companies. It becomes very challenging for the employees of these countries to change their lifestyle according to the corporate culture in order to stay healthy and fit. This lead to an increased population suffering from chronic diseases who will not be able to produce well for the businesses. This makes companies consider employee wellness as part of their business strategy.
Growth Opportunities from Smoking Cessation Programs
With an increased number of smokers, the smoking cessation programs are expected to prevail rapidly by the end of 2025. China is the topmost country with the highest number of smokers in Asia. The number of cigarette consumers is likely to increase drastically in India, Japan and Indonesia as well. In corporate culture, the companies have recognized that smoking addiction leads to presenteeism and more sick days off due to the health concerns among the employees which adversely affects productivity and revenue. This has made smoking cessation programs to play a key role in the corporate wellness industry.
You may read the Strategies To Make A Tobacco-Free Workplace.
Strong Government Support
As per the recently changed law of Japan’s Industrial Safety and Health Act, health checkups are the must for employees. Due to this strong initiative of the Government, Japan will be the key contributor to the corporate wellness economy. Besides the health check, the Government has also supported to address any employee with any health complications in an effective manner which has raised the demand for professional corporate wellness programs.
Opportunities in India
As per the study, done by Assocham India, corporate wellness programs in India can save up to $20 billion annually, if designed and executed in an effective manner.
During the last 10 years, corporate culture has sharply grown in the big cities of India. It eventually made the companies realised the importance of the total well-being of employees for improved productivity and business performance. However, the organizations in India have not been able to produce satisfactory results through the employee wellness programs so far. They still have to think creatively to plan a robust corporate wellness strategy which engages the majority of the employees and is beneficial for them.
However, India is expected to become a profitable market in Asia specific in the next 10 years for corporate wellness companies. With a large population and the largest economy after China, India has become one of the favourite destinations for various Industries to expand its business. The growing demand for effective corporate wellness program in India is anticipated due to the optimistic behaviour of companies for conducting wellness programs, the growing interest level of individuals to stay healthy & fit and the increased number of chronic diseases like heart attack, blood pressure, migraine, diabetes etc.
Related Article: How effective are Corporate Wellness Programs in India.