More than ever before, health and wellness have become top priorities for companies. After all, “There has always been a strong correlation between wellness in the workplace and an employee’s wellbeing, especially considering the fact that adults spend most of the better part of the day working,” said Angela Franco, President & CEO, D.C. Chamber of Commerce, as quoted by WDVM. “The current public health crisis continues to challenge our day-to-day lives and our worksites—whether they are virtual or in-person. That’s a strong catalyst for companies like Wellteq Digital Health (CSE:WTEQ)(OTC:WTEQF), Teladoc Health (NYSE:TDOC), MindBeacon Holdings (TSX:MBCN), DarioHealth Corp. (NASDAQ:DRIO), and Nautilus (NYSE:NLS).
With health and wellness becoming a bigger part of our work lives, the market could be worth up to $84.5 billion by 20267, growing at a CAGR of about 8.5%, according to Acumen Research and Consulting. “The United States accounted for the largest market share in the North American region, as stress is a major health concern affecting the US population. According to Gallup's 2019 data on emotional states, more than half of the American population experiences stress during the day, which is 20% higher than the global average of 35%,” they added.
Look at Wellteq Digital Health Inc. (CSE:WTEQ)(OTC:WTEQF) for example
Wellteq Digital Health Inc . is a corporate wellness platform paid for by employers, insurers, and health providers. It also provides employers and employees with actionable health recommendations, ongoing support and coaching with medical professionals.
In addition, the company just announced it launched a partnership with ClassPass, the leading global fitness and wellness marketplace.
Offering the Latest Revolution in Fitness and Wellness
Founded in 2013, ClassPass is a membership that provides access to the world’s largest network of fitness and wellness providers. ClassPass partners with more than 30,000 pre-vetted exercise studios, health clubs and wellness providers to offer a broad range of digital and in-person classes including yoga, Pilates, strength training, boxing and more. Members can also instantly book inspiring wellness experiences, such as massages, acupuncture, and spa treatments from more than 11,500 bookable wellness and beauty venues. Through current Corporate Wellness offerings, ClassPass partners with more than 2,000 corporate and enterprise employers to provide easy access to digital and in-person fitness benefits and wellness activities for teams.
Integrated Solution Supports End Users Reaching Recommended Fitness Standards
Roughly one third of the global adult population is not meeting the minimum weekly level of physical activity recommended by the World Health Organisation. ClassPass’s localised fitness classes and online in-home workouts, combined with Wellteq’s current physical activity, coaching functionalities and wearable data tracking, will bring unrivalled precision wellness to end users. For both employers and insurance providers, this innovative data-driven wellness solution ensures safe and expert guidance to employees and policy holders alike.
How Businesses can use this New Solution
For employers, this partnership offers an online-offline solution for their workforce that spans the full wellness spectrum, including easy, localised access to gyms and studios as well as home-based health monitoring. The combined solution provides employees with the right tools to stay active and maintain their activity level during periods of lockdown or work-from-home mandates during the ongoing health crisis:
- More accurate employee profiling allows employees to understand exactly what they need to work on, when and for how long.
- Safe and secure digital environment for employees ensures that users who are not able to leave home can still benefit from challenging physical workouts.
- A dedicated solution that improves the lives of the workforce irrespective of location.
This combined enterprise solution will initially be made available in Australia, New Zealand, Singapore, Hong Kong, Thailand, Philippines and India, with plans to extend into other regions.
Sam Canavan, Managing Director (APAC) of ClassPass said, “Since our founder grew frustrated trying to book a dance class in New York City more than eight years ago and decided to fix the problem by creating ClassPass, our mission has been to make discovery and booking frictionless for fitness and wellness experiences. This new partnership with Wellteq allows us to continue on this mission, unlocking a suite of in-person and online experiences to cover all health and wellness bases, with precious few barriers to entry. Our APAC data shows us fitness and wellness is going to be a larger part of more people's routines in this region than it was pre-pandemic, and our team is continuously growing our network of venue partners beyond 3,000 in APAC alone - encompassing everything from meditation in Melbourne, to a sauna or spas in Singapore to Barre in Bangkok - giving users ever-increasing optionality, knowing everyone's fitness and wellness journey is different.”
Olly Bridge, Chief Growth Officer of Wellteq, said, “Meeting people where they are on their health journey is critical for behaviour change and we are thrilled to be growing Wellteq’s ability to do just that with the world class offering from ClassPass. No matter if a person is just beginning their health improvement journey or well entrenched in it, this partnership brings real value to users both inside and outside of their home. This partnership is also holistic in nature, as it offers both mental health benefits as well as physical health, and that demonstrates Wellteq’s commitment to strengthening and growing our broad partnership network.”
Other related developments from around the markets include:
T eladoc Health Inc., the global leader in whole-person virtual care, has named Claus Jensen as chief innovation officer to lead the research and development team. With more than 20 years of experience leading digital transformation at enterprise healthcare and technology organizations, Jensen has successfully built and scaled teams across product innovation, information systems, health informatics and data products.
MindBeacon Holdings Inc., a leading provider of digital mental and behavioural health therapy, unveiled its 8-Step Pandemic Mental Health Recovery Plan , a comprehensive, self-care resource created by MindBeacon’s mental health professionals and available free of charge to all Canadians. Launching to coincide with Mental Health Week , the 8-Step Pandemic Mental Health Recovery Plan is designed to help anyone struggling to cope amidst the pandemic. Isolation, uncertainty and various forms of loss have caused Canadians to experience a variety of emotions, including, grief, anxiety, stress, anger, frustration and more. With recovery on the horizon, some Canadians will face additional mental health challenges including increased or new social anxiety due to time spent in isolation, coping with possible increased alcohol use, and healing from symptoms of post-traumatic stress and grief from experiencing severe illness, treating and caregiving for others and also losing loved ones.
DarioHealth Corp., a pioneer in the global digital therapeutics market, reported financial results for the fourth quarter and full year 2020 and provided a corporate and commercial update. "The year 2020 was transformational for our company, as we made significant progress across all three pillars of growth: our transformation to a software as a service (SaaS) business model with high margin recurring revenues; our transition to a Business-to-Business-to-Consumer (B2B2C) focused digital therapeutics provider with larger member pools and lower customer acquisition costs; and the ongoing expansion of our product offering to manage multiple chronic conditions," stated Erez Raphael, Chief Executive Officer of Dario. "We won multiple contracts during the year that I believe validate our transition to B2B2C and provide a foundation for meaningful growth in 2021. We believe that our successful implementation and penetration of these contracts will contribute to growing revenue throughout 2021.
Nautilus Inc.’s Bowflex brand, one of the most well-respected, digitally connected fitness brands offering innovative fitness products and experiences, and Tuff Shed, Inc., the premier provider of quality storage buildings, announced a joint-effort designed to inspire consumers to reimagine where they can work out at home . “Our Bowflex customers have been creating and sharing images of their imaginative workout spaces within their homes — sometimes in very unconventional places,” said Becky Alseth, CMO of Nautilus, Inc.’s Bowflex brand. “We know the importance of how dedicating a physical space can provide inspiration and motivation for them on their fitness journey. We hope through joining forces with Tuff Shed, we’ll inspire even more people to create home gyms or revamp their existing ones.”
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