Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
A corporate wellness program is an employer’s approach towards achieving a healthy workplace by incorporating various health activities within the daily work schedule to promote their employees' wellbeing. This basically is a holistic approach towards the health of employees by creating a supervisory health culture. Creating the wellness programs help in solving various workplace health risks arising from the consumption of unhealthy food and drinks, stress, lack of physical activity and more. So these measures of wellness programs in particular, helps in cultivating a sense of being healthy. With corporations extending working hours and dealing with never ending stress, it only makes sense for an organization to offer wellness strategies for retaining staff and motivating them to keep performing their best.
The corporate wellness solution market in Asia Pacific has changed dramatically in recent years. There is a lot more recognition that corporate wellness goes beyond the physical. There is a big shift to a holistic approach looking at things like sleep and stress, and use of technology. Also, the market is anticipated to grow significantly during the forecast period, owing to the key factors such as growing awareness for healthy eating habits and exercise, the high prevalence of obesity, and the reduction of insurance and healthcare costs. Moreover, the rising number of working people and growing knowledge about employee health management is driving the market. Several companies based in the US and Europe have entered Indian and Chinese markets over the past decade which brought the steady improvement in the Asia Pacific Region.
The outbreak of coronavirus has affected many healthcare industries. The increased demand for remote working also increased the need of wellness programs. This is a way to make employees feel like they're still connected while working at home. The increased health concern as well as anxiety and stress among the population demanded the virtual care and consultations, especially for chronic disease management. Also, online fitness programs, nutrition and weight management programs, mental/behavioral health programs, and substance abuse counseling services by text, audio, and video mode were rolled out by corporate wellness solutions providers in order to meet the needs. However, it could also be assumed that the COVID-19 pandemic has lowered the demand for corporate wellness solutions as a result of limited budget for corporate wellness solutions and programs in some emerging countries.
In Asia Pacific, the market for corporate wellness solution is segmented based upon the service offering; category, delivery mode, and end users.
On the basis of service offering, the corporate wellness solutions market is segmented into health risk assessment, nutrition and weight management, smoking cessation, fitness services, biometric screening, alcohol/substance abuse services, mental/behavioral health management, virtual consultation/virtual care, employee assistance programs, and health benefits programs. Among these, the health risk assessment segment holds the highest market share. The holistic approach towards health management under the aforementioned applications has aided market growth. Also, the economic viability of conducting regular health screenings plays a vital role in market growth
On the basis of different categories, the market is segmented into fitness and nutrition consultant, organizations/employers, and psychological therapies. Among these, the organizations dominate the market and owing to rising awareness of employee’s health and adoption of wellness programs and solution to maintain a healthy lifestyle and encourage the employee’s.
On the basis of different delivery mode, the market is segmented into offsite and onsite mode. The onsite delivery mode witnessed the highest revenue share and is anticipated to grow faster over the forecast period owing to a personal touch offered to the employee’s wellbeing along with the facility to exercise under the guidance of trained coaches and fitness consultants to meet their personal health requirement.
On the basis of different end-users, the large scale organizations dominated the market and accounts the largest market share. However, the small organizations segment is anticipated to grow at the highest CAGR during the forecast period owing to the growing use of corporate wellness programs by these organizations due to the rising affordability and favorable payment models for small businesses.
The different countries studied in Asia Pacific Region are China, India, Japan, Australia and Rest of the Asia Pacific Region. The China and Japan are driving the market for corporate wellness in the region. The increased wellness programs and investment in China is driving the market. Also, the rapid urbanization and increasing prevalence of the chronic disease is fueling the market growth. In Japan, the mandatory health checkup for employee’s is increasing the spending in wellness sector. In India, the rising cardiovascular disease, diabetes and sedentary lifestyle is boosting the market growth.
Some of the leading players operational in the global corporate wellness market are ComPsych Corporation, Central Corporate Wellness, Optum, Inc., Truworth Wellness, SOL Wellness, JLT Australia (Recovre Group), Sodexo, and ConneXions Asia, Centene Corporation, CVS Health, LifeWorks Inc., ADURO Inc., Anthem Inc., Cerner Corporation, Fitbit Inc., etc
Corporate wellness programs are designed to support and encourage a holistic approach to employee wellbeing by creating an organizational culture of health. Creating the wellness programs help in solving various workplace health risks arising from the consumption of unhealthy food and drinks, stress, lack of physical activity and more. So these measures of wellness programs in particular, helps in cultivating a sense of being healthy. The rising number of working people and growing knowledge about employee health management is driving the market. Several companies based in the US and Europe have entered Indian and Chinese markets over the past decade which brought the steady improvement in the Asia Pacific Region.
In Asia Pacific, the market is segmented into four depending upon the service offering, category, delivery mode, and end users. The different service offerings are the corporate wellness solutions market is segmented into health risk assessment, nutrition and weight management, smoking cessation, fitness services, biometric screening, alcohol/substance abuse services, mental/behavioral health management, virtual consultation/virtual care, employee assistance programs, and health benefits programs. Among these, the health risk assessment dominates the market. The different categories include fitness and nutrition consultant, organizations/employers, psychological therapist. The onsite and offsite modes are the different delivery mode of the wellness programs while the end users are large organizations, medium sized organizations, small organizations, and others.
The various key players are involved in order to capitalize the market. Some of the key players are ComPsych Corporation, Central Corporate Wellness, Optum, Inc., Truworth Wellness, SOL Wellness, JLT Australia (Recovre Group), Sodexo, and ConneXions Asia, Centene Corporation, CVS Health, LifeWorks Inc., ADURO Inc., Anthem Inc., Cerner Corporation, Fitbit Inc., etc. These key players adopt different strategies and follows mergers and acquisition to develop the market.
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