Industry Analysis & Industry Trends
After enjoying a long run of health during the early to mid-2000s, the Corporate Wellness Services industry has fallen ill during the past five years. A housing crash, financial crisis and two recessions since 2008-09 have seen employers cut back on non-core spending and slash jobs, constraining demand for health and wellbeing services. The downturn has proved particularly pronounced for corporate health providers as key customers like banks and accounting firms downsized and prioritised spending elsewhere.
During the past decade, academic research and media attention has focused on the costs imposed on business by illness and injury. As a result, companies have come to view corporate wellness services as an effective way of reducing costs and boosting productivity... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Corporate Wellness Services industry is in the growth phase of its life cycle. During the 10 years through 2017-18, industry value added is forecast to grow at a compound annual rate of 1.9%, compared with forecast growth in GDP of 1.0% over the same period.
During the past five years, the industry has endured a challenging period as the economic downturn forced companies to trim non-core spending such as corporate wellness.
Despite this, the industry is well placed for growth over the next five years and beyond. Demographic and social trends are expected to result in the costs of poor health borne by business rising sharply. Consequently, businesses and governments are expected to continue investing in wellness services... purchase to read more