The health of women is typically ignored as a niche market. Also historically, there hasn’t been a distinct market for women in tech. Additionally, companies that manufactured and marketed goods specifically for female consumers have failed. However, currents are changing and this can be attributed to the rise of the ‘she-conomy’. As consumers, decision-makers, healthcare professionals, and caregivers, women are now playing a crucial role along the whole healthcare continuum. Many startups and companies have realized the gap left and this resulted in the emergence of FemTech.
The Global FemTech Market valued at ~$22 billion (2020) is set to witness healthy growth rate of 15% in the next 5 years. The Global FemTech Market is primarily driven by a favorable investment environment, rising telehealth adoption, rising chronic and infectious disease burden, technological advancements, growing emphasis on reproductive health & sexual empowerment in developing economies, and rising awareness among women regarding early illness detection & management.
However, strict policies related to advertising of products, inadequate understanding of women’s health issues by investors, female underrepresentation in the investment community and adverse impact of covid-19 on clinical trial enrolment are some of main factors that are likely to hamper the growth of the market.
FemTech is a term used to describe software, diagnostics, products, and services that use technology to enhance the health of women. It includes utilizing digital health to improve the health and wellbeing of women.
“We are currently observing that the FemTech market is maturing, as there are more and bigger funding rounds. We’ve also noticed the signs of upcoming consolidations and M&A deals, so there will be more public companies that will integrate various sub-domains. On top of that, I also feel there will appear more products for the audiences whose needs are underserved at present, such as menopausing women. There will also be more top of the funnel market growth as founders and VCs will see successful examples in the industry.”- CEO and Co-founder, British FemTech Startup
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Personalization, In-Home Testing & Introduction of AI – Key Trends Defining the FemTech Market
There has been an increase in the number of personalised solutions geared toward women to help them create health experiences that are more personal and meaningful to them and their families as a result of the growing popularity of digital tools that assist users in understanding and managing their health data. Female-oriented approaches to managing health & diseases with a focus on heart health, pain management, diabetes, and weight management are some of the personalised solutions provided by companies.
Due to rising women’s healthcare awareness, there is an increasing demand for early disease detection. Introduction of portable devices that can be used at home and software to carry out analysis of health indicators is a key trend defining the FemTech market.
In the FemTech market, the emergence of artificial intelligence (AI) is another noteworthy trend. Artificial intelligence (AI) has touched upon several sub-categories of FemTech such as beauty, diagnostics, sexual and general healthcare and fertility solutions.
Future Outlook of FemTech Market
The future prospect of Femetch market looks promising. The bulk of femitech companies now concentrate on the area of fertility and pregnancy, but this is projected to change over the next 5-10 years. Noval and promising areas such as Longevity, Menopause, SexTech and Breast Feeding are anticipated to witness rapid growth in the coming years.
Reproductive Health is anticipated to retain its leading position as it is one of the most vital segments for women. Penetration of AI in all subsectors and product types of FemTech is likely to increase. Women’s health from a psychological perspective is expected to become mainstream.
Companies operating in the FemTech market will focus more on developing personalized solutions for women’s health issues. Untapped and underserved regions (less developed regions) where accessibility and affordability are a challenge are expected to be given high importance by FemTech stakeholders.
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