- Wellteq Digital Health Inc. (CSE: WTEQ) (OTCQB: WTEQF) has deployed the Company's sleep program in partnership with WTW (NASDAQ:WTW) to improve the sleep of employees within a large financial institution with operations in over 13 countries.
- The Wellteq sleep program resulted in an improvement in sleep duration of an average of 38 minutes per night, as published in the Journal of Community Medicine & Public Health Care in the United States1.
- McKinsey estimates that the cost of sleep deprivation towards burnout, exhaustion and depression is $680 billion per year in just five OECD countries, in the U.S. alone, 70M people are plagued with chronic insomnia2 (McKinsey, 2021).
- Wellteq offers its corporate and insurance customers digital solutions across the four pillars of wellbeing - activity, nutrition, mental health and sleep. These evidence-based solutions are generating health outcomes and journal publications from the sub-clinical domain as the Company advances its digital solutions toward clinical settings.
- Digital Health is a fast-growing market with projected CAGR of 25% to reach $660 billion by 20253 (Statistica, 2021).
Vancouver, British Columbia--(Newsfile Corp. - February 8, 2022) - Wellteq Digital Health Inc. (CSE: WTEQ) (OTCQB: WTEQF) (the "Company" or Wellteq"), which supplies digital health and wellness solutions to customers in 12 languages across 30 countries is pleased to announce the publication of "The Hidden Public Health Problem of Inadequate Sleep: Deploying Digital Mobile Technology to Improve Employee Sleep Hygiene in Asia" in the Journal of Community Medicine & Public Health Care published in the United States. The article was co-authored by WTW (NASDAQ:WTW) Regional Senior Consultant of Workplace Health and Wellbeing, Ms. Pheona Chua.
The results were drawn from across 13 nations, 8 enterprise markets and 529 participants and demonstrate a substantial and clinically meaningful improvement in nightly sleep duration achieved by 59% of employee participants. The weighted average sleep duration increase was 38 minutes of nightly additional sleep achieved. Based on an initial average sleep duration of 7 hours, this represents a 9% increase in weighted average nightly sleep duration. To view the study, visit:
Senior Consultant, Corporate Health & Wellbeing, Asia, WTW, Ms Pheona Chua shares "A benefit trends survey we conducted recently shows that two-thirds of employers in Asia Pacific are greatly concerned about employee stress, burnout and mental health issues - it is by far the leading concern they have for their workforce. One way to support employees is to help them have better quality and quantity of sleep. Multiple research has shown that sleep deprivation significantly affects our health, work performance, safety and overall wellbeing4. It is therefore beneficial that employers find ways to support employees in prioritising quality sleep in their daily lives so that they can perform their best at work. These do not need to be sophisticated. A simple sleep campaign can help employees to improve their sleeping habits. The focus here is to protect employees' wellbeing in whatever ways it takes".
Wellteq Medical Advisor and lead author Dr George Gellert stated, "The study findings demonstrate empirically and validate the ability of Wellteq's technology platform to effectively engage employees, and help them make the behavioral changes needed to reduce the contribution of inadequate sleep duration and hygiene to poor physical and mental health, and to inferior work performance and low job satisfaction. This sleep wellness capability5 will be integrated seamlessly with remote sleep monitoring and telemedicine capabilities the Company will release to market in 2022, enabling Wellteq to provide an unparalleled comprehensive sleep health solution to employers, providers and payers. In addition, the B2B and strategic partnering opportunities with existing manufacturers of sleep apnea and related sleep disorder technology will positively disrupt the current market, greatly benefiting employees and patients, and those who seek to maximize their health and well-being."
Wellteq CEO, Scott Montgomery states, "Sleep sits upstream to having the clarity and energy to make other lifestyle changes around mindset, then diet and exercise. It is hard for anyone to get their head right and to get their body right if they are not sleeping well. We are delighted to see Wellteq's sleep program and technological capabilities achieve these outcomes across large employee populations in multiple countries. In 2021, we began and in 2022 will continue a focus on expanding our existing mobile capabilities into telemedical health improvement and wellness across the full lifecycle of health care, health promotion and disease prevention. This will differentiate us in the corporate wellness marketplace and builds on our 2021 initiatives and momentum."
The impact of poor sleep hygiene on employee performance is costly for employers and insurers. Inadequate sleep and/or disrupted sleep are also one of the modifiable predictors of and contributors to chronic health problems among employees, generating significant avoidable costs for employers. Sleep impacts mental health, incidence of fatigue, burnout and exhaustion, and decreases workplace productivity by $1,300 to $3,000 per employee2. Work-from-home (WFH) has also created conditions that make the identification of employees at risk or suffering from these conditions much more difficult for management teams and colleagues, as well as far more challenging to support and remediate.
The future of sleep health and hygiene management is rapidly integrating digital tools and home-based solutions in a full lifecycle continuum with workplace efforts. Wellteq is positioned at the forefront of sleep disorder diagnosis, management and wellness coaching through its technology evolution and recent partnership with Monash University, a globally leading research and care delivery institution. Wellteq's ability to assess and achieve better sleep among large employee populations through a scalable digital platform is a key contributor to the Company's growth. Revenue from the global sleep market is projected to reach USD $137 billion by 2026, presenting a substantial and compelling opportunity for digital sleep health and wellness solution providers6.
References
- https://www.heraldopenaccess.us/openaccess/the-hidden-public-health-problem-of-inadequate-sleep-deploying-digital-mobile-technology-to-improve-employee-sleep-hygiene-in-asia
- https://www.mckinsey.com/industries/life-sciences/our-insights/sleep-on-it-addressing-the-sleep-loss-epidemic-through-technology
- https://www.statista.com/statistics/1092869/global-digital-health-market-size-forecast/
- https://www.wtwco.com/en-SG/Insights/2022/01/a-purposeful-employee-experience-is-driving-asia-pacific-employers-benefit-strategies
- https://www.businesswire.com/news/home/20211026005728/en/Wellteq-Digital-Health-Inc.-Partners-With-Top-Global-University-to-Commercialise-Sleep-Research
- https://www.arizton.com/market-reports/sleep-market-size-analysis
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success-and provide perspective that moves you. Learn more at wtwco.com.
About Wellteq Digital Health Inc.
Wellteq Digital Health Inc. is a leading global provider of personalized digital health and wellness solutions across the continuum of care. To learn more, visit http://www.wellteq.co.
Download the Wellteq Corporate Presentation: https://wellteq.co/about/investors/
Wellteq Investor Contact:
Glen Akselrod
Bristol Investor Relations
E: glen@bristolir.com
T: (905) 326-1888
Cautionary Note Regarding Forward-Looking Statements:
This news release contains information or statements that constitute "forward-looking statements." Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Forward looking information may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, milestones, strategies and outlook of Wellteq, and includes statements about, among other things, future developments and the future operations, strengths and strategies of Wellteq. Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements should not be read as guarantees of future performance or results.
The forward-looking statements made in this news release are based on management's assumptions and analysis and other factors that may be drawn upon by management to form conclusions and make forecasts or projections, including management's experience and assessments of historical trends, current conditions and expected future developments. Although management believes that these assumptions, analyses and assessments are reasonable at the time the statements contained in this news release are made, actual results may differ materially from those projected in any forward-looking statements. Examples of risks and factors that could cause actual results to materially differ from forward-looking statements may include: the timing and unpredictability of regulatory actions; regulatory, legislative, legal or other developments with respect to its operations or business; limited marketing and sales capabilities; early stage of the industry and product development; limited products; reliance on third parties; unfavourable publicity or consumer perception; general economic conditions and financial markets; the impact of increasing competition; the loss of key management personnel; capital requirements and liquidity; access to capital; the timing and amount of capital expenditures; the impact of COVID-19; shifts in the demand for Wellteq's products and the size of the market; patent law reform; patent litigation and intellectual property; conflicts of interest; and general market and economic conditions.
The forward-looking information contained in this news release represents the expectations of Wellteq as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Wellteq undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The CSE has neither approved nor disapproved the contents of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113128
