Long gone are those days where speaking about menstruation was a taboo! We are all well past those days when women used to secretively ask their friends and family about any reproductive health relations questions. With technology occupying a significant role in our lives, it is hard to dismiss the role of technology from women’s health and healthcare related products.
Fast forward to the present day! We have an abundance of apps, products including wearable devices, solutions which are focusing on FemTech and are opening lots of opportunities for women to address their questions. Now a days, there is a lot of buzz going on around FemTech. But, if you are wondering what FemTech means, and how is the industry booming and shaping out to be, read on to find out more!
What is FemTech?
FemTech, which refers to Female Technology covers a range of technology-enables, women-centric products, or solutions. Such products and solutions cover the length and breadth of issues related to women’s health including- fertility solutions, pregnancy and post-pregnancy solutions, nursing care, menstrual solutions, women’s reproductive health-care solutions, and women’s mental healthcare solutions. Broadly, FemTech is now an all-encompassing term which cover diagnostic tools, women-centric products, services, wearable devices, software solutions that address and solve women’s health care problems. The birth of the term FemTech came into existence when a Danish women entrepreneur call Ida Tin coined the term in 2016. Ida went on to find Clue, a period and fertility track app. Further, Ida Tin went onto raise awareness and to encourage companies to customize solutions catering exclusively to women.
FemTech Market Size
FemTech market is likely to grow at rocket-speed. As per McKinsey, a strategy firm’s estimate, the FemTech market is currently estimated to be anywhere between $500 Million – $1 Billion. Further, the forecast seems to be highly optimistic, and the industry is poised for a double-digit growth. On a different note, another consulting and research firm has estimated the FemTech industry to display a growth rate of over 16% and has valued to industry to reach a staggering $97,000 Million by 2030.
FemTech Market Segmentation
The FemTech market is broadly sliced by different types, application, and by the end-use. In general, when we divide the market by the type, we can categorize them into software, products, and services. Further, products hold a significant market share while software also occupies a top-tier slot. Based on the end-users, the FemTech space can be broken down into surgical centers, fertility centers, D2C businesses, hospitals, diagnostic centers, private healthcare centers, among others. With an increase in fertility clinic, this space is also poised for a strong growth. Further, FemTech market is also split by process and can be broken into pelvic and uterine healthcare, feminine reproductive health, pregnancy and post pregnancy related care, mental wellbeing, and general health. Further, the entire market is touted to attract lots of eyeball and is likely to display a tremendous growth in the coming years. On the whole, if we round-up the FemTech market, we can find Diagnostics, Apps, Software, Wearable Devices, Consumer Products, Tele Health, FemTech Services, FemTech Digital Platform, Drugs including Vitamins and Supplements being a part of the ecosystem.
Drivers of the FemTech Industry
The industry seems to be driven by a host of factors. A combination of drivers are likely to trigger the growth of the industry. Some of the micro and macro-economic and social reasons include:
- Increasing adoption of smartphone:
It is hard to notice anyone without the use of smartphones. Smartphones are likely to play a pivotal role in driving the FemTech industry. With the onset of various women’s health application that offers several benefits, the role of smartphones cannot be discounted.
- Real-Time Data and Insights:
With the number of insights and relevant data that is generated from any FemTech wearable device, it becomes easy to address women’s health issue. Wearable devices, special application are being clubbed with technology enables features such as Predictive Analytics, Gamified Solutions, Cloud Synchronization to gather vital insights. This feature will also serve as a key-driver for the market growth.
- Market Integrators:
Now, with the market booming, there are several market integrators such as VCs, and Angels who are willing to invest in FemTech startups. The network and monetary benefits that the VCs and Angels bring, will also serve as a great driver of market growth.
A combination of other reasons such as increasing awareness, lowering taboo among women to discuss feminine hygiene, product innovations, strategic partnerships, also contribute to the growth of the industry.
Future Industry Outlook
The industry outlook seems fascinating. Currently, it is evident that FemTech companies are focusing on pregnancy, post pregnancy, and fertility space. However, this is likely to change by leaps and bounds. In the coming years, the scenario is expected to tilt towards niche areas of interest. Women’s reproductive healthcare is likely to remain a leading area of focus and will continue to attract focus from all major FemTech players. Further, it is estimated that Artificial Intelligence will also be a leverage for the FemTech players. Apart from women’s reproductive health, a holistic focus towards women’s mental well-being is also likely to take center-stage. Moreover, we can reasonably estimate that generic solutions will be replaced with personalized solutions for women’s health issues. Market and ideas which remain largely untapped, and niche areas will be explored. Accessibility, affordability will continue to be a key focus that will attract the attention of all key FemTech stakeholders.
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