Roland Berger and WKÖ: Health market defies the crisis

Sales will double by 2020

Healthcare has proven to be a crisis-proof topic: Due to advances in medical devices, demographic development and the rise in health consciousness, spending will double by 2020 to around EUR 70 billion. Privately financed products and services will account for some 40 percent of that figure. The greatest potential is in the segments fitness & wellness, healthy eating, living and tourism.

The findings of a survey on this topic confirmed that the current financial and economic crisis has no impact on private health spending. According to the survey, 86% of respondents stated that they did not change their consumption behavior in the health segment. Six percent spent more on health during times of crisis, while 8% spent less. The change in values ensures that the share of privately financed health spending in the consumer basket will grow continuously. In 2020, the privately financed secondary health market in Austria will have a volume of EUR 24 billion. The offers range from voluntary supplementary insurance and health-promoting food additives to organic cotton clothing and pulse frequency meters. The focus is on staying healthy and preventive care.

Food, living, tourism and wellness particularly attractive
For Austrian companies, especially food, living, tourism and fitness & wellness are particularly attractive. For example, the market for organic food, functional food and food supplements has grown more than 20% annually in recent years.

New jobs even in difficult times
Despite the economic crisis, healthcare and the associated industries are becoming the job engine of the economy. In recent years, employment in health and social services have grown more than 2% annually. In 2008, the number of people employed in this field surpassed 350,000 for the first time. But while the government’s solidarity-based financing of the primary healthcare market is increasingly reaching its limits, consultants in the secondary market continue to expect dynamic growth in sales and jobs.