The corporate health and wellness service provider, Spectrum Life, has said it's confident the industry can withstand a recession or shock to the economy as it launches into the UK market.

Stephen Costello, Managing Director and a co-founder of the recently re-branded Spectrum Life, said employers were increasingly of the view that wellness services are a 'must-have' for employees.

"Three quarters of employers say there's a positive link between employee programmes that they roll out and productivity. There's a strong link established now that this isn't just a fad or a 'nice to have' service.

Mr Costello said the move into the UK market made sense from a strategic point of view but he was aware of the risks associated with the potential fallout from Brexit on the British economy.

"We've de-risked somewhat by moving forward our Australia, New Zealand launch from next year to the end of this year. This is a $45 billion industry globally and it's set to grow to $85 billion by 2023. 

"Only 11% of workers have access to any corporate health and wellness programme. There is a huge opportunity for growth. The first step is into the UK," he said.

Spectrum Wellness looks after about a thousand clients and around half a millions users.

The majority of clients are in the 500 plus range of employees in the pharma, IT and tech sectors, but there has been strong growth in SMEs seeking to take part in workplace wellness.

"We combine on-site wellness, digital wellness, employee assistance programmes and health screening. Our new platform combines them onto one platform which employers and their employees can then access."

"The service provides employers with an online platform that gives employees access to an app where they track fitness, nutrition and well being. Employers can also access a market place where they can source locally vetted and accredited wellness providers such as physiotherapy, mental health services and fitness," he explained.