FemTech Industry is Making Headway through Innovations
Entrepreneur Ida Tin was the one who originally used the term "FemTech" in 2016. The sector has expanded over the course of just a few years to include a variety of technologically enabled, consumer-focused products and solutions for women. FemTech offers a variety of solutions to enhance healthcare for women across a variety of female-specific conditions, such as fertility, menopause, pregnancy prevention, and maternal, menstruation, pelvic, and sexually transmitted diseases.
FemTech also addresses a number of broad-sense medical problems that disproportionately or significantly affect women these include osteoporosis or cardiovascular disease. Better outcomes for female patients and customers, investors, and other participants in the production process are made possible by women's healthcare.
Products and Solutions Available:
There are significant products available for fertility and ovulation management difficulties, prenatal care, and maternity care. The primary source of income in the femtech market is the need for services like genetic screening, ovary freezing, and embryo testing. Because smart wearables are used in order to track and monitor female patients, the demand for these goods and services may increase over the coming years. Enhancements to personal care goods like tampons, breast pumps, and exercises for the pelvic floor may also contribute to higher sales and revenue for the feminization of the technology sector.
Increased Technological Advancements:
In recent years, technological developments have gained pace, including the creation of software, applications, and devices whose sole function is to help the customer base control their fertility and ovulation and maintain their reproductive health. With the increasing acceptance of diagnostics and tailored care across the globe, it is anticipated that the accuracy of these solutions will increase over the course of the next ten years.
Globally, there has been an increase in post-delivery and skilled nursing product development. The femtech market is seeing more entrepreneurs emerge, which could result in the release of more advanced designs and more growth potential.
Companies Having Large Presence in The Femtech Sector:
Some of the major companies in the market are BioWink GmbH, Athena Feminine Technologies, Conceivable, Inc., Nuvo Cares, Elvie, Minerva Surgical, HeraMED, Sustain Natural, Prelude, Univfy, Sera Prognostics, and Totohealth. Most leading firms are looking into merger and acquisition opportunities to increase their market share. Although the market is still in its infancy, it has the potential to grow into a very competitive area in the years to come.
Increasing Financial Support May Boost Market Growth:
Recently, Progyny, which handles fertility tracking for expecting parents, went public in 2019 at a price in excess of $1 billion with a current market capitalization of about $4 billion. Additionally, a recent Series D investment valued Maven Clinic, a virtual clinic for women's and family health, at more than $1 billion. Opportunities exist for a variety of actors, including investors, researchers, providers, payers, and established pharmaceutical and medical device businesses. Such deals and investments are hopefully providing a boost to the femtech market.
Governmental Support and Assistance is Also Enabling Growth:
Several nations around the globe are supporting the development of the femtech sector and the field of women's health. The development of Femtech services, which are already accessible to a wide number of women, is a priority for the governments of Japan and the UK. This could help to draw in more funding for the creation of flexible goods and services.
FemTech is making a mark on more and more industries, and many companies are working to get regulatory permission and funding as they develop better solutions based on their knowledge and real-world data.
Major Opportunities and Segments:
The market is expanding as a result of rising awareness of general wellness, an increase in the prevalence of infectious diseases among women, and the availability of creative solutions for de-stigmatizing and educating about women's health issues. Growth prospects are probably going to be favorable for the near future, helped along by a rising percentage of working women.
The demand for femtech products and services has increased as a result of this, along with greater knowledge of women's reproductive potential and sexual empowerment. The femtech industry has grown as a result of frequent maternal deaths and injuries.
The most prevalent infectious diseases are sexually transmitted infections. HIV, Chlamydia, trichomoniasis, gonorrhea, and syphilis are among the illnesses that can spread from mother to child during pregnancy and childbirth.
The goal of FemTech products and solutions is to improve the market's growth prospects by integrating specific modules for the screening and diagnosis of such disorders. Yet, along with inadequate funding for R&D and a lack of public backing, a lack of resources continues to be a major obstacle to the growth of FemTech. About 3 percent of financing for digital health is presently allocated to femTech startups. Higher taxes and the adverse effects of the economic slowdown on femtech industry may gradually impede product development.