Technology has marked its presence in the medical and health care industry a long time back. The introduction of mobiles has led to the development of apps accessed via these handheld devices to avail information services and offerings from industries. Following the mobile app revolution, People like to have apps that help them track their health and other body vitals. Technology has transfigured the way people perceive health and its tracking. It is in general, but the gender female has a specific set of health conditions that they alone have to deal with. Only in the late 2000s did these aspects get the attention of app developers, and since then, many apps that answer female medical issues and conditions have rolled out. Femtech is the collective name for all such apps and technical assistance that help women track their health conditions. Period tracking to menopause, these apps are doing a great job guiding and assisting women.
- What is Femtech?
- Femtech: Market Analysis
- Femtech Opportunities:
- The Significance of Femtech
- Femtech Companies and Startups:
- (a) Femtech companies offering personal hygiene products:
- (b) Femtech companies for menstrual cycle monitoring:
- (c) Femtech companies offering Cancer diagnoses:
- (d) Femtech companies that help monitor pregnancy:
- (e) Femtech companies that help deal with post-partum issues:
- (f) Femtech companies that help improve pelvic health:
What is Femtech?
Femtech was introduced by Ida Tin, founder of the first-period tracking app, to revolutionize the female health sector. Ida Tin created the term femtech to describe the innovation in the female health sector. It refers to the various technologies and health care facilities used to improve women’s quality of life. Periods, pregnancy, delivery, postpartum, menopause, and other related issues all are factors that need to be addressed. The technical incorporation of these issues was impossible until the first app was launched.
Since the term femtech has gained widespread recognition, the app developers are now working on how they can use mobile app technology in the apps for women’s health.
Femtech: Market Analysis
The global femtech market is expected to reach over $23 billion by 2027. The increasing number of clinical and research applications of femtech is expected to drive the market’s growth. The market is predicted to thrive during the next few years. The increasing number of mobile applications of femtech in diagnosing and treating diseases will boost the market’s growth.
Some of the factors that are driving the femtech growth.
- The world nations are taking rising initiatives to raise awareness of women’s health and develop advanced technological solutions.
- Major healthcare companies are also focusing on developing new products through digital technology.
- Because of the rise in the number of lifestyle illnesses affecting women’s health, some of these include diabetes, cancer, and mental health conditions.
- Women are more vulnerable to lifestyle diseases and at a high risk of chronic diseases.
- Multiple complications such as miscarriages and stillbirths can lead to hormonal imbalance and anxiety during pregnancy.
- An increased number of Post Covid health concerns in women.
- The global healthcare industry’s shift to new digital technology-based products and services. Remote healthcare providers made more accessible for effective and timely services to their patients.
- Reliance of various healthcare facilities such as hospitals and fertility clinics on femtech and related technologies.
All these factors are expected to have a major share in the growth of the global femtech market in the next few years.
The rise in technology and digitalization has changed the way the world work. The investors and MNCs are spending their significant share on technical collaboration and R&D. the healthcare industry, pharma industry, and related services are all-embracing technology for market advancement.
The femtech industries have gained popularity quickly as the technical development firms and even women product manufacturers are all entering the market, offering numerous products and services. So, what exactly are the femtech services providing? How good are the opportunities in femtech?
With most of the world population being women, the products and services offered to cater to this market category are innumerable. The beauty and therapeutic industries have been catering to the need of women for ages now. The time has changed such that incorporating technology into these sectors is inevitable. Any technology, service, or product that cater to the differential need of women comes under femtech. And the opportunities to cater to this segment are vast. Let’s take a quick glimpse into a few:
(a) Online medical support:
The pandemic has changed the way the world work. It has led to increased reliance on technology for meeting daily requirements, including medical services. An app that helps people control and monitor their health is highly appreciated. Online appointments for specialist doctors, dieticians, nutritionists, and gynecologists have eased the process of getting medical assistance. Prescriptions are provided online, which helps patients contact and consult their doctors from around the globe.
(b) Online medicine delivery:
Recently, we have seen many apps offering door delivery of medicines and related medical supplies. From masks to sanitary pads and tampons, anything and everything can be ordered online with a prescription and proper medical assistance. Femtech has led the firms to offer their services and products online. Social media sites and other platforms also show increased engagement in feminine products and technology.
(c) Beauty services online:
Femtech apps that offer salons and other beauty services are greatly preferred. The work from home and the impact of the pandemic have made people shift to technological services. Booking appointments and services via these femtech apps is easy. The customers could avail the services in the comfort of home. It can be considered one of the main advantages of femtech industries.
(d) Online health monitoring:
Many femtech apps offer ways and methods to monitor your health online. The apps help track your sleep, the number of steps taken in a day, your heartbeat, BMI, and even your menstrual cycle. The apps help you keep track of your body cycles at your fingertip.
The Significance of Femtech
Improve Self Care – Femtech firms offer wearable gadgets, healthcare trackers, Apps, Devices, and at-home diagnostics to assist women to gain control of their own wellness, health, and nutrition-related data.
Improving Healthcare Delivery: Digital clinics like Tia, unique clinics like Kindbody, and D2C prescription delivery businesses like The Pill Club all make it easier for women to get the care they need.
Better Diagnoses: Clinical diagnostics businesses are extending the scientific horizon to fulfill gaps in care in fields like endometriosis and premature delivery (DotLab) (Sera Prognostics).
Address Classified Health Issues: Companies are tackling what were formerly stigmatized issues front-on, such as menstruation health (Thinx), Breast Care, pelvic care (Elvie), menopause (Menopause) (Elektra Health), sexual health (Rosy Wellness).
Culturally and racially sensitive care: For Black women (such as Health in Her HUE), LGBTQ+ groups (FOLX Health), and women in low- and middle-income regions, solutions targeted for population groups are appearing (Kasha).
Understanding the needs of women – Femtech firms are better able to comprehend women’s demands and issues since they are mostly founded and led by women. They may also meet the requirements of both groups and individuals.
Femtech Companies and Startups:
The number of firms offering different services and products related to women is increasing quickly. The companies provide a variety of services, from medical care to beauty-related. The femtech industry comprises hundreds of companies globally, most of which are led by women. Some of the most popular categories of products and services this sector offers include sexual wellbeing, pregnancy care, period tracking, beauty services, and medical assistance.
The growth of the femtech industry is expected to be driven by the increasing number of innovations and the use of artificial intelligence (AI) and the internet of things (IoT). It will allow organizers to deliver new and innovative services and treatments.
(a) Femtech companies offering personal hygiene products:
The last decade has seen a boom in firms offering unique hygiene-related products for women. Intimate wash, biodegradable sanitary pads, and menstrual cups, to name a few. These femtech firms have changed the way women consider and think about personal hygiene. Using biodegradable and eco-friendly products has also led to a change in perspective. Cora and Carmesi are a few femtech companies that offer hygiene products.
(b) Femtech companies for menstrual cycle monitoring:
These firms have developed apps and gadgets that help women track their menstrual cycles. This help in monitoring the fertility days and also tracking the periods. The apps track periods and inform women of the possible dates of periods. Some femtech firms have developed gadgets that can be worn all day and help women know when they are ovulating and fertile: clue, Ava, Flo Health, and Grace Health are a few femtech firms offering these services and products.
(c) Femtech companies offering Cancer diagnoses:
The medical technology is so advanced that the service-providing firms, with the help of specific medical assistance, can help women monitor their uterine health and other body parts. The apps and services provided by these femtech companies help women in the early diagnosis of cervical cancer, fibroids, and breast cancer. The app uses biometrical data for early diagnosis of fertility-related issues, endometriosis, cancers, and fibroids. Woom, mobile ODT, Kheiron, and Avrios are femtech firms that offer these services and apps.
(d) Femtech companies that help monitor pregnancy:
To clarify doubts about pregnancy and related issues. The femtech apps help in monitoring your health and body conditions during pregnancy. These apps give you an idea about your baby’s growth, foods, and nutrients you should take for healthy birth weight, water intake monitoring, exercises, and prepping the hospital bags. The femtech apps come in handy when you are a newbie mom-to-be. Bloomlife and Kindbody are a few pregnancy apps that help you understand the changes in your body during each stage of pregnancy. Femtech apps will also help you deal with certain complications during pregnancy and provide information to reduce pregnancy pain and cramps.
(e) Femtech companies that help deal with post-partum issues:
Postpartum is also a confusing stage for women. Like the endless questions and doubts during pregnancy, the woman’s mind is flooded with queries and doubts after delivery. It may be related to lactation, sore breasts, first period after delivery, or sex after delivery. These femtech apps help women connect with experts and medical assistants to help them deal with all the issues. Lactapp and Bonzun are a few femtech firms that offer these services and products.
(f) Femtech companies that help improve pelvic health:
The exercises you do for your body might significantly affect your pelvic muscles. There should be a separate set of activities that you should follow to improve your pelvic health and muscle strengths. Femtech firms like Elvie provide information about floor exercises and stretches that should be followed to improve pelvic muscle strength and enhance your sex life.
The services and products offered by Femtech companies are numerous. The introduction of technology to improve women’s health has changed the way women perceive and think about themselves. Sexual health, mental health, physical health, and other medical issues are managed and monitored by the femtech products and services, and this help women get an early relief and solution to all their body-related matters that others don’t understand otherwise.