Corporate Wellness Market to Cross US$7.4 bn by 2024
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. Browse the full Corporate Wellness Market: (Service Type - Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Weight Management, Nutrition) - Asia Pacific Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024 report at http://www.transparencymarketresearch.com/asia-pacific-corporate-wellness-market.html Corporate wellness services such as fitness, health risk assessment, weight management, and health screening have witnessed significant growth in revenue in the past few years. Corporate wellness programs are designed to support employees in understanding their health risk and accepting healthy behavior at workplace and to reduce their health care expenditure. These programs reduce the cost of hospitalization, emergency room visits, specialist visits, and surgeries. Moreover, corporate wellness programs result in decrease in absenteeism, increase in productivity, and improvement in quality of life of employees. Increase in non-communicable diseases, government support and initiatives, growingnumber of white collar employees, rising health consciousness among the population, willingness of employers to incorporate wellness programs, and mandatory laws to implement wellness programs in organizations are the factors likely to drive the corporate wellness market in Asia Pacific. However, high cost of services andinefficient execution of corporate wellness services are anticipated to hamper the growth of the corporate wellness market