Why will Asia-Pacific Corporate Wellness Market Boom in Upcoming Years?

The surging focus of enterprises on employee wellbeing and health, on account of the increasing incidence of chronic diseases and the sedentary character of various jobs, is driving the growth of the global corporate wellness market. According to the estimates of the market research company, P&S Intelligence, the market revenue will rise from $51 billion in 2020 to more than $100 billion by 2030. Additionally, the burgeoning requirement for employee wellness perks is also fueling the expansion of the market.

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Besides the aforementioned factor, the increasing awareness about health and wellbeing among young individuals and millennials is also driving the demand for corporate wellness. Due to these reasons, many businesses are launching employee wellness programs including mental wellness programs at workplaces. As per the Royal College of Psychiatrists, one out of every six individuals suffers from some kind of mental health problem at workplaces. This is why many companies are introducing mental wellbeing programs that focus on helping employees manage stress and work-life balance.

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For example, Google LLC launched a program called the TEA Check-ins in July 2020, as part of its employee training program. It is basically an acronym for energy, attention, and thoughts and it was launched to address workplace-related exhaustion and stress. Depending on service type, the corporate wellness market is divided into fitness, health risk assessment, smoking cessation, nutrition & weight management, stress management, and health screening. Out of these, the health risk assessment category contributed the highest revenue to the market in 2020.

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