Femtech Market - Forecasts from 2023 to 2028

The Femtech Market was valued at US$25.321 billion in 2021 and is expected to grow at a CAGR of 11.89% during the forecast period.

The FemTech market is projected to grow at a rapid CAGR during the forecast period. The industry for technology-based goods and services created exclusively for women's health and well-being is known as FemTech. Mobile applications, wearable technology, digital health platforms, telehealth services, and other innovations are all included in it. As awareness and demand for healthcare solutions tailored specifically for women are projected to rise, the FemTech sector has attracted considerable attention and growth. The FemTech market is continuously evolving owing to advancements in technology, changing healthcare needs, and growing recognition of women's health issues.

Market Drivers:

There has been a significant increase in awareness about women-centric healthcare solutions. Women are seeking more personalized and convenient options for managing their health and well-being driven by various factors such as:

Technological Advancements

Technology is advancing, and platforms for telemedicine, wearables, artificial intelligence, and mobile apps have made it possible for companies in the FemTech sector to create and offer cutting-edge goods and services. Better tracking, monitoring, and treatment of women's health concerns are made possible by these technologies, giving women more control over their health. For instance, the integration of connectivity and IoT technologies has made FemTech solutions more effective and efficient, enabling real-time monitoring, remote communication, and synchronized data processing. Hence, due to the introduction of new technology, business models, and channels, FemTech solutions have dramatically increased over recent years.

Rising investments and the emergence of start-ups

Venture capital firms, investors, and healthcare organizations have recognized the potential of the FemTech market and are providing financial support to innovative startups in this niche market. This has resulted in more funding and assistance being provided to femtech firms with a focus on women's health. Further, the development of the FemTech industry has been greatly aided by cooperation between industrial players, healthcare providers, academic institutions, and startup companies in the field. Collaboration also fosters information sharing, investigation, and the creation of FemTech solutions that are supported by data.

Market Restraints:

Lack of scientific study and evidence

Being a niche market, it has trouble supporting claims with data. There is a lack of scientific study and evidence to support the effectiveness and safety of many FemTech solutions as they are new. Healthcare practitioners may find it difficult to fully support and incorporate FemTech solutions into regular care practices due to the absence of solid data, which might hinder market growth in certain applications.

Privacy Concerns

FemTech solutions frequently entail gathering and storing private medical information. It is crucial to ensure strong privacy safeguards and put in place reliable data security procedures. The necessity for strict privacy regulations is highlighted by concerns about data breaches and unauthorized access to sensitive health information, which might restrain its adoption.

Vendor analysis

• Ava Science, Inc. is well-known for its Ava bracelet, a wearable gadget that monitors a variety of physiological indicators to assist women in tracking their menstrual cycle and fertility. It offers knowledge on ovulation, fertile times, and general reproductive health.
• One of the most widely used period monitoring and menstrual health applications is called the Flo app, which was developed by Flo Health, Inc. The app provides insights and health information while also assisting women in tracking their menstrual cycles and ovulation.
• Clue is a top supplier of apps for tracking menstruation health. Women may track their periods, PMS symptoms, and fertility with the use of their app.
• Maven Clinic is a virtual healthcare provider for women and a digital health platform. Through this website, ladies can get in touch with medical professionals who focus on obstetrics, gynecology, fertility, mental health, and breastfeeding assistance.

FemTech for pregnancy and nursing care

The pregnancy and nursing care segment is expected to acquire a major share of the global FemTech market. FemTech apps provide pregnancy tracking, week-by-week development updates, and tools for monitoring the health of expectant mothers and their children. They offer information on prenatal care, nutrition, and exercise and provide support during the postpartum period. Ava and Ovia Health are pregnancy femtech solutions in the market. Additionally, according to a report in 2021 published in the Maternal and Child Health Journal, around 77.9% of females started using pregnancy care management apps in 2020 during the pandemic.

Regional Insights North America is a major shareholder of the femtech market due to expanding demand for smart health and tech solutions. Moreover, the United States has been a leading market for FemTech owing to a strong ecosystem for innovation, supportive regulatory frameworks, and a high level of awareness and demand for women's health solutions. Both the USA and Canada have seen a rapid digitalization of healthcare. The North American femtech market is anticipated to expand as a result of rising preventative care use, rising health consciousness and awareness, and rising usage of smart wearables and mobile health applications.

Further, the FemTech market has grown significantly in the Asia-Pacific region, driven by a high female population, growing awareness of women's health, and technical improvements. FemTech ecosystems are developing in nations including China, India, Japan, South Korea, and Australia. The market is concentrated on topics including menstruation health, fertility control, prenatal care, and telemedicine services designed specifically for women's health requirements.

Trends and developments in the FemTech Market

• Enhancement in care delivery- Online clinics like Tia, direct-to-consumer prescription delivery models like The Pill Club, and innovative brick-and-mortar clinics like Kindbody make it easier for women to obtain care in a way that prioritizes the needs of the consumer.
• Highlighting stigmatized notions: Business organizations such as Thinx, Rosy Wellness, Elvie, and others are taking on issues like menstruation health, sexual health, pelvic care, and menopause that were once stigmatized.
• Precision care and medicine: Providing culturally appropriate and specialized care, for example, Subpopulation-specific solutions are being developed for Black women, LGBTQ+ people, and women in low-income countries by companies such as Kasha, Health in Her HUE, etc.

Such trends are expected to change the healthcare industry in several ways. Further, to increase their commercial reach, key participants are concentrating on mergers and acquisitions and technology partnership methods. For example,

Clue gained approval from the U.S. FDA in February 2021 to release Clue Birth Control, a built-in digital contraception that uses a birth control method to statistically predict ovulation.

Ovia Health was acquired by Labcorp in August 2021. Through this acquisition, Labcorp expanded its reach as a go-to resource for information on women's health and forayed into new directions for individual care.

Segmentation:

BY TYPE

• Software
• Service

BY APPLICATION

• Menstruation Care and Fertility Tracking
• Pregnancy and Nursing Care
• Menopausal Health
• General Health and Wellness

BY GEOGRAPHY

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• The Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others