24/7 Customer Support
ASEAN & US Corporate Wellness Market is anticipated to reach a valuation of US$ 30.82 Bn in 2030 from US$ 18.29 Bn in 2021. The market is expected to register healthy growth at a CAGR of 5.88 % during the forecast period 2022–2030.
According to a study by the National Business Group on Health, nearly 60% of large employers plan to increase their investment in employee wellness programs in the next year. This is up from 44% in 2020 and 32% in 2016. There are a number of factors driving this trend. First, there is a growing body of evidence that shows that workplace wellness programs can improve employee health and well-being and reduce healthcare costs. Second, employers in the corporate wellness market are under increasing pressure to control healthcare costs, and they see workplace wellness programs as a way to do this. Finally, employers are increasingly aware of the importance of employee engagement and retention, and they see workplace wellness programs as a way to improve both. Some of the most common elements of workplace wellness programs include health risk assessments, screenings, fitness programs, weight management programs, smoking cessation programs, and nutrition counseling.
So, what does a workplace wellness program look like in the ASEAN and US corporate wellness markets? The most successful programs are tailored to the specific needs of the company and its employees. They may include offerings such as on-site fitness facilities, health screenings and educational seminars, wellness coaching and stress management programs, healthy eating initiatives, and more.
To Get more Insights, Request A Free Sample
As per recent market study, four major players in the ASEAN & US corporate wellness market are holding over 40% market share. These players are EXOS, Vitality Group, ADURO, INC, and ComPsych.
Chronic diseases are on the rise globally, and this trend is especially pronounced in the US and ASEAN regions. According to the World Health Organization, chronic diseases are responsible for 60% of all deaths worldwide, and this figure is expected to rise to 70% by 2028. In the US, chronic diseases account for 7 out of 10 deaths each year and 85% of healthcare costs. The rising prevalence of chronic diseases is driving demand for corporate wellness programs that can help employees manage their health and prevent or delay the onset of disease.
Corporate wellness programs in the ASEAN and US corporate wellness market typically include activities such as health education, screenings, fitness programs, and lifestyle coaching. These programs can help employees maintain a healthy weight, eat a healthy diet, quit smoking, and reduce stress. Corporate wellness programs can also help businesses save money on healthcare costs. Studies have shown that for every $1 invested in corporate wellness programs, companies save an average of $3 in healthcare costs. In addition, companies with strong wellness programs tend to have lower absenteeism rates and higher productivity levels. With the rising prevalence of chronic diseases and the many benefits of corporate wellness programs, it's no surprise that more and more businesses are investing in these initiatives.
There is a growing demand for corporate wellness programs in the US and across ASEAN. This demand pf the US corporate wellness market is driven by a variety of factors, including the rising cost of healthcare, the need to improve employee productivity, and the desire to create a healthier workforce. The rising cost of healthcare is one of the main drivers of demand for corporate wellness programs. Healthcare costs have been rising steadily for years, and employers are looking for ways to control these costs. Corporate wellness programs can help employers control healthcare costs by promoting healthy lifestyles and preventing chronic diseases.
The need to improve employee productivity is another factor driving demand for corporate wellness programs. Employers want to create a healthy and productive workforce, and corporate wellness programs can help employees achieve this goal. Corporate wellness programs can help employees manage stress, stay active and fit, and eat a healthy diet. The desire to create a healthier workforce is also driving demand for corporate wellness programs. Employers want to promote healthy lifestyles among their employees and reduce the risk of developing chronic diseases. Corporate wellness programs can help employees adopt healthy habits and avoid health risks.
It is no secret that the US has been struggling with rising healthcare costs for some time now. In fact, according to a recent study by the Commonwealth Fund, the US spends more on healthcare than any other developed country, yet has poorer health outcomes in the corporate wellness market. This is in part due to the high cost of insurance and the fact that many Americans are underinsured or have no insurance at all. While the Affordable Care Act has helped to improve access to health insurance, there are still many factors that hamper demand for corporate wellness programs in the US. For one, many companies are still unaware of the benefits of workplace wellness programs. Studies have shown that these programs can result in lower healthcare costs, fewer sick days, and increased productivity, but many employers remain unconvinced. In addition, there is a lack of incentive for companies to offer these programs.
With rising healthcare costs, employers in the corporate wellness market are often hesitant to invest in wellness programs when they may not see an immediate return on investment. Even when companies do offer these programs, employees may be reluctant to participate if they perceive them as being too time-consuming or inconvenient. These same factors also apply to the ASEAN region, where awareness of workplace wellness programs is low and there is little incentive for employers to offer them. However, there are some signs of change. In Singapore, for example, the government has started to offer subsidies for workplace wellness programs in an effort to encourage more companies to adopt them.
Based on the service, integrated health/ check assessments segment held over 22% share of the ASEAN and US corporate wellness market in 2021. Health/ check assessments are mainly adopted by the large enterprises and small and medium enterprises to offer employee wellbeing services are screening activities to detect health conditions and implementation of appropriate intervention measures to promote a healthy lifestyle of employees carried out by the enterprises. On the other hand, stress management segment is projected to grow at the highest CAGR of 6.35% over the forecast period 2022-2030.
By availability, on-site segment generated over 58.9% revenue of the ASEAN & US corporate wellness market in 2021 and is projected to retain its dominance during the forecast period. Factor driving the growth of the segment is the opportunity to exercise to meet individuals’ health needs and a personal touch to their wellbeing through on-site wellness initiatives under the guidance of fitness consultant and trainers is increasing. On-site fitness programs or classes are a great solution for the employer’s encouraging fitness during workday.
Based on the enterprise size, the large enterprises segment held 56.4% share of the ASEAN & US corporate wellness market in 2021.
The large enterprises segment is the major consumer of corporate wellness programs in the United States and across ASEAN. This segment includes companies with more than 500 employees. Corporate wellness programs are designed to improve the health and well-being of employees. These programs can include fitness and nutrition programs, stress management programs, and health screenings. Corporate wellness programs offer a number of benefits to employees, including improved health, reduced stress, and improved productivity. These programs also help to lower healthcare costs for companies. In addition, corporate wellness programs help to create a healthier workplace environment. Large enterprises are increasingly recognizing the importance of corporate wellness programs and are making them a priority. In order to compete for top talent, companies need to offer employee-focused benefits like corporate wellness programs. Employees today are looking for employers who care about their wellbeing and offer benefits that support their health and well-being.
In terms of corporate wellness provider, the corporate wellness coach held a 38.1% share of the ASEAN and US corporate wellness market. As more and more companies invest in corporate wellness programs, the demand for qualified wellness coaches is on the rise. A corporate wellness coach helps employees adopt healthy lifestyle habits that improve their overall well-being and productivity. Wellness coaching is a relatively new field, and there is currently a shortage of qualified coaches.
More and more companies are recognizing the benefits of investing in their employees' health, and as a result, they are increasingly incorporating wellness coaching into their programs. A corporate wellness coach brings a unique set of skills to the table. They are experts in behavior change and have a deep understanding of how to help people adopt healthy habits. They also have experience working with groups, which makes them well-suited to leading corporate wellness programs. As a result, companies are spending heavily on getting quality coachers in their organizations.
To Understand More About this Research: Request A Free Sample
The U.S. accounted for 93.9% of the ASEAN & US corporate wellness market in 2021. Employee wellness programs at the workplace have become common, bringing benefits to both employees and employers. About 52% of U.S. companies have wellness programs. After implementing various wellness programs 72% of the employers have experienced a reduction in the healthcare costs. In the United States maximum number of firms offer wellness programs. Due to the increase in the working-age population and rising awareness of the need of employee health management ASEAN region is estimated to observe growth with the highest CAGR of 6.71% during the forecast period 2022-2030.
The corporate wellness market in the United States has seen strong demand in recent years. Companies are increasingly investing in programs and services to promote employee health and well-being. There are a number of factors driving this trend. First, employers are facing rising healthcare costs. They are looking for ways to control these costs and promote healthy behaviors among their employees. Second, companies are aware of the link between employee health and productivity. Healthy employees are more productive and less likely to miss work due to illness. Finally, companies want to attract and retain top talent. A strong corporate wellness program can be a valuable recruiting and retention tool. The corporate wellness industry is expected to continue to grow in the years ahead. This growth will be driven by the continued need for cost-effective solutions to rising healthcare costs and the need to promote employee health and productivity.
The ASEAN & US corporate wellness market is segmented as follows:
By Enterprise Size
ASEAN & US Corporate Wellness Market was valued at US$ 18.29 billion in 2021.
The ASEAN & US Corporate Wellness Market is expected to grow with a CAGR of 5.8% during the forecast period 2022-2030.
Factors driving the growth of the market are rising cases of chronic diseases and awareness regarding health and wellbeing.
Lack of awareness or interest in managing wellness and budgetary constraints are some key restraint factors that hamper the growth of the ASEAN & US corporate wellness market.
US is dominating the market by holding the largest share in 2021.
Malaysia is expected to grow with the highest CAGR during the forecast period.
Thailand holds the largest market share among the ASEAN countries.
The ASEAN & US corporate wellness market is segmented in by service, availability, enterprise size, and provider.
Favourable government policies for corporate wellness are providing growth opportunities in the market.
Service segment holds the largest share during the forecast period.
Integrated health check/ assessments hold the largest share in 2021 and stress management is expected to grow with the highest CAGR during the forecast period 2022-2030.
Aduro Inc., EXOS, Vitality Group, Privia Health, ComPsych, and Virgin Pulse among all others.
LOOKING FOR COMPREHENSIVE MARKET KNOWLEDGE? ENGAGE OUR EXPERT SPECIALISTS.SPEAK TO AN ANALYST