PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1176536
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1176536
Femtech Market is expected to witness massive growth during 2023-2032. The growth can be attributed to improved access to women care in remote areas. Notably, health issues amongst women are increasing at an alarming rate. The governments of several nations are taking numerous initiatives to spread awareness regarding women wellness and hygiene in rural areas. Moreover, promoting the availability of innovative technology for disease diagnosis and treatment will further support market expansion in the coming years.
The transforming healthcare industry and importance of precision medicine is anticipated to further boost the demand for femtech worldwide. Besides, several leading companies are emphasizing on promoting various technologically advanced products to track and monitor health periodically for preventive care and to ensure early disease diagnosis and effective and timely treatment.
The key players and start-ups in femtech industry are incorporating strategic initiatives such as acquisitions and mergers, partnerships, hefty investments, and new product launches. For instance, in April 2019, NextGen Jane secured $9 million in Series A funding for a smart tampon that can be used in the lab to test the early signs of endometriosis. In addition, the strong foothold of several leading market giants which aim to improve women's quality of life, is expected to positively impact business growth during 2023-2032.
Overall, the femtech market is segregated in terms of type, application, end-use, and region.
Based on type, the software segment held over USD 5.2 billion market share in 2022 and is expected to grow exponentially through 2032. The innovations and updates in smartphone-based software solutions to trace women's health issues will support the segment expansion.
Considering the application, the general healthcare and wellness segment will demonstrate massive growth owing to the initiatives taken by the government to spread awareness regarding women's health and well-being. In addition, the availability of innovative technological solutions for precise treatment will positively influence segment growth.
By end-use, the direct-to-consumer segment is expected to grow significantly in the overall market. In 2022, the segment captured over 25% market share. The segment comprises of individuals who buy products directly without any middlemen, third-party retailers, wholesalers, or others. Besides, the rising prevalence regarding the availability of technologically advanced feminine products, including menstrual cups over conventional sanitary napkins and tampons, will further drive segment growth.
Regionally, the North America femtech market is expected to hold a considerable share due to the highly developed healthcare systems in the U.S. and Canada and the availability of advanced products. The rising prevalence of women's health-related diseases will also be a major factor contributing to regional revenue.