Global healthcare spending is at record levels, driven by the cost of an aging population and the associated long-term care for chronic conditions like heart disease, diabetes, and obesity. Employers are facing these healthcare burdens as well. Unwell employees cost employers more through increased health insurance plan costs and on average have decreased productivity and increased absenteeism. This challenge is pushing employers and the healthcare industry as a whole to innovate and develop new products and solutions that can improve the health of individuals worldwide.
Over the past several years, employers have begun integrating wearable wireless devices into their own wellness programs. These devices have brought a new level of activity management and analysis to corporate wellness programs. These devices have also increased employee participation rates and have driven preventative programs of those covered by corporate wellness programs.
This research analysis examines the increasingly important role that wearable devices have in corporate wellness programs, the challenges that insurance companies and device manufacturers face in this market, and what will drive success and competition in this market over the next 5 years.