Global FemTech Market valued at $22 billion is poised to grow at a healthy rate of 15% – Digital Revolution in Women’s Health
Brussels, Belgium, December 13, 2021: The Global FemTech Market valued at ~$22 billion (2020) is set to witness healthy growth rate of 15% in the next 5 years. Favorable investment environment, rising adoption of telehealth, increasing burden of chronic & infectious diseases, technological advancements, growing emphasis on reproductive health & sexual empowerment in developing economies and rising awareness amongst women related to detection & management of early illness are some of the key factors driving the Global FemTech Market.
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 key factors that are likely to hamper the growth of the market.
Women’s health is frequently side-lined as a niche market. Historically too, there has not been a specific women-oriented tech market. Also, the companies which manufactured and marketed products explicitly aimed at women consumers have failed. However, currents are changing and this can be attributed to the rise of the ‘she-conomy’. Women are now playing a pivotal role across the healthcare continuum as consumers, decision makers, healthcare professionals & caregivers. Many start-ups and companies have realized the gap left and this resulted in the emergence of FemTech.
FemTech is defined as software, diagnostics, products and services that leverage technology to improve women’s health. It involves the use of digital health to positively impact women’s health and wellbeing.
“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 Start-up
Personalization, In-Home Testing & Introduction of AI – Key Trends Defining the FemTech Market
Due to growing prominence of digital tools that aid users in understanding and managing their health data, there is surge in the number of personalized solutions targeted towards women to help them create health experiences that are more personal and meaningful to them and their families. Some of the personalized solutions offered by players include female-oriented approaches to health & disease management with a focus on heart health, pain management, and diabetes and weight management.
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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.
The introduction of artificial intelligence (AI) is also a noteworthy trend in the FemTech market. Artificial intelligence (AI) has touched upon several sub-categories of FemTech such as beauty, diagnostics, sexual and general healthcare and fertility solutions.
The future prospect of FemTech market looks promising. At present, majority of FemTech companies are focusing on the Fertility and Pregnancy space but in the coming 5-10 years this scenario is expected to change. Novel and promising areas such as Longevity, Menopause, SexTech and Breast Feeding are anticipated to witness rapid growth in the coming years.
Reproductive Health is expected 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 market will focus more on developing personalized solutions for women’s health issues. Untapped and underserved regions (less developed regions) where accessibility and affordability is a challenge are expected to be given high importance by FemTech stakeholders.
Sources: Medi-Tech Insights Analysis, Interviews, Company Websites
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Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry leading CXO, VPs and key demand/supply side decision-makers.