ASEAN & US Corporate Wellness Market to Hit Sales of US$ 30.82 Million by 2030
ASEAN & US corporate wellness market is anticipated to reach valuation of US$ 30.82 Mn in 2030 from US$ 18.29 Mn in 2021. The market is expected to register healthy growth at a CAGR of 5.88 % during the forecast period 2022–2030.
Astute Analytica’s analysis of the ASEAN and US corporate wellness market shows that the market is growing rapidly, with companies spending an average of $350 per employee on wellness programs per annum. This growth is driven by a belief that these programs can improve employee health and productivity, as well as by a desire to control healthcare costs.
Our research indicates that there are four key trends driving the growth of the corporate wellness market:
- The increasing prevalence of chronic disease: Chronic diseases like obesity, diabetes, and heart disease are becoming more common, and they are costly to treat. Employers believe that wellness programs can help prevent these conditions from developing in the first place, or at least help manage them better to control costs.
- The aging of the workforce: An aging workforce is another trend driving demand for corporate wellness programs. As baby boomers reach retirement age, companies are worried about losing their knowledge and experience. Wellness programs can help keep older workers healthy and productive for longer.
- The rising cost of healthcare: The cost of healthcare is rising rapidly in the corporate wellness market, which is putting pressure on companies’ bottom lines. Wellness programs can help control these costs by promoting preventive care and early detection of health problems.
- Changing attitudes towards health and wellness: There is a growing awareness of the importance of healthy lifestyles, and employees are demanding more workplace support for their wellness goals.
Astute Analytica’s Survey Reveals There is Room For Providing Comprehensive Corporate Wellness Program
In its annual survey of ASEAN and US corporate wellness market, Astute Analytica found that most organizations have wellness programs in place, but few are effective in improving employee health and well-being. The survey found that only 19% of organizations have comprehensive wellness programs that address all aspects of health and well-being, including physical, mental, social, and financial wellbeing. Most organizations (52%) have wellness programs that focus on physical health only, while another 29% have programs that address multiple dimensions of health but are not comprehensive. We also found that organizations are not doing enough to engage employees in their wellness programs. Only 30% of respondents said their organization’s wellness program was very effective in engaging employees, while another 24% said it was somewhat effective.
Just over one-third (36%) said their program was not effective at all in engaging employees in the ASEAN and US corporate wellness market. When it comes to measuring the success of corporate wellness programs, the survey found that most organizations are relying on traditional metrics such as absenteeism (53%) and health care costs (50%). However, only a minority of organizations are using more holistic measures such as employee engagement (28%), productivity (24%), or retention (21%). To be successful, corporate wellness programs need to be comprehensive, engaging, and measurable. Most organizations still have a long way to go to meet these criteria.
Astute Analytica’s survey of corporate wellness market found that the majority of respondents (64%) view their company’s wellness program as important or very important. Additionally, nearly 51% of those surveyed believe their wellness program has a moderate or significant impact on improving health outcomes and reducing healthcare costs. This suggests that there is room for improvement in the way many corporates approach employee wellness. One way to improve corporate wellness programs is to make them more comprehensive. A comprehensive wellness program should address physical, mental, and emotional health. It should also provide support for healthy lifestyle choices, including nutrition and exercise. Additionally, it should address stress management and offer employees ways to manage their work-life balance.
Employee Engagement and High Cost to Remain Key Challenges in ASEAN and US Corporate Wellness Market
Corporate wellness programs are designed to improve the health and well-being of employees, but they can be difficult to implement and manage. Here are some of the top challenges faced by corporate wellness professionals:
1. Employee Engagement: One of the biggest challenges is getting employees to participate in wellness programs. Even if employees are interested in improving their health, they may not want to take part in activities or use services that are offered through a corporate wellness program. There are many reasons why employees may not engage with wellness programs, including lack of time, perceived cost, or feeling like the program is not relevant to them in the ASEAN and US corporate wellness market.
2. Program Effectiveness: Another challenge is ensuring that corporate wellness programs are actually effective. There is no one-size-fits-all approach to wellness, so it can be difficult to design programs that meet the needs of all employees. Additionally, it can be hard to measure the success of wellness programs, since there are many factors that can affect an individual’s health.
3. Limited Resources: Corporate wellness programs can be expensive to implement and maintain. Many companies do not have the budget to invest in comprehensive wellness initiatives, and even when they do, there may not be enough resources to support all employees. This can make it difficult to provide high-quality services and programming. Additionally, companies may not have the internal staff needed to manage a corporate wellness program effectively.
Top 4 Players Generate Over 40% Revenue of ASEAN and US Corporate Wellness Market
According to Astute Analytica’s analysis, the top four players in the corporate wellness market are EXOS, Vitality Group, ADURO, INC., and ComPsych and are holding over 40% market share. These companies have been successful in creating and sustaining a corporate culture of health and wellness, which has resulted in improved employee productivity and engagement, lower healthcare costs, and reduced absenteeism.
EXOS is a global leader in human performance with a comprehensive approach to wellness that empowers people to reach their potential. The company held over 11% market share in 2021.
EXOS is a leading provider of corporate wellness solutions, with a comprehensive offering that includes fitness center management, on-site fitness programs, health coaching, and digital health tools. The company has a strong track record of partnering with large employers to drive engagement and improve outcomes. Our analysis shows that EXOS is well-positioned to capitalize on the growth of the corporate wellness market. The company’s comprehensive offerings, track record of success, and reputation for innovation make it an attractive partner for large employers looking to invest in employee health and wellness.
Apart from this, EXOS has a strong value proposition for employers. Their services can help organizations reduce health care costs, improve employee productivity, and attract and retain top talent. EXOS has a broad portfolio of services that helps them address the needs of a wide range of employers. EXOS has a strong team of experts who are passionate about helping people optimize their health and performance. The company has a clear vision for the future of workplace wellness, and they are investing in the technologies and capabilities that will help them realize this vision.
The ASEAN and US corporate wellness market is on the rise, with more companies looking to promote employee health and well-being. Here are some of the top trends in these markets:
1. Corporate wellness programs are becoming more comprehensive. Companies are increasingly offering comprehensive wellness programs that address physical, mental, and emotional health. These programs may include on-site clinics and fitness centers, mental health support, stress management resources, and more.
2. Technology is playing a bigger role in wellness programs. Today, companies in the corporate wellness market are using technology to make their wellness programs more engaging and effective. Fitness tracking devices, apps, and online platforms are being used to motivate employees and help them track their progress.
3. Wellness programs are becoming more personalized. Companies are tailoring their wellness programs to the needs of their employees. This may include offering targeted programs for specific demographics, such as new parents or those with chronic health conditions.
4. Companies are focused on preventing illness and promoting healthy behavior change. Preventative care is a key focus for many companies, as it can help reduce healthcare costs and absenteeism. Employers are also working to promote healthy lifestyle choices, such as quitting smoking or eating healthier foods.
5. There is a growing emphasis on mental health in the workplace. Mental health issues can lead to absenteeism, decreased productivity, and increased healthcare costs. As such, many companies in the corporate wellness market are increasingly focusing on improving productivity and overall output.
Top Players in the ASEAN & US Corporate Wellness Market
- ADURO, INC
- Beacon Health Options
- Central Corporate Wellness
- Marino Wellness
- Privia Health
- Provant Health Solutions
- SOL Wellness
- Truworth Wellness
- Virgin Pulse
- Vitality Group
- Well Nation and Fitbit, Inc.
- Wellness Corporate Solutions
- Wellsource, Inc
- Other Prominent Players
About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.