Femtech Market Size to Worth Around USD 103 Billion by 2030

New York, Aug. 19, 2022 (GLOBE NEWSWIRE) -- The global femtech market size was valued at USD 51 billion in 2021. Due to an increased application of the femtech services the market is expected to grow well during the forecast period. These services provide effective treatment and diagnosis of various devices which shall be helpful in improving the opportunities for the market to grow.

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Key Takeaways:

• The U.K. femtech market is expected to hit at a CAGR of 14.3% between 2022 to 2030.
• North America region has garnered 38.5% revenue share in in the past do today increased digitalization in the healthcare sector.
• Based on product, the wearable devices segment accounted 79.8% market share in 2021.
• Based on end user, the diagnostic services segment is growing at a CAGR of 13.5% from 2022 to 2030.

Regional snapshots

As a high number of femtech organizations are present in the North American region the market is expected to grow well during the forecast period. North American region had the largest market share in the past and it is expected to dominate the market in the coming years. Increased use of smartphones and better connectivity has led to the growth of the market in this region. There is a growing demand for smart solutions. Increased use of the wearable devices and smart devices will lead to the growth of the market in the coming years period availability of various applications over the smartphones that help in tracking various aspects of the health shall be instrumental in the growth of the market in the coming years. Initiatives taken by the government are favorable and the increased spending on improving the healthcare infrastructure in this region shall drive the market growth in the coming years.

Asia Pacific region is also expected to grow well during the forecast. Due to the increased awareness regarding the options available in the market that ensure well-being of the women population. Increased use of smartphones and better Internet connectivity has led to the growth of the market even in the remote areas of the Asia Pacific region. Government in the Asia Pacific region is concentrating on providing advancements in the technology that is available in the Asia Pacific region which will be helpful in gaining more investments for the development.

Report Highlights

• On the basis of the product, the wearable devices market or the smart devices market is expected to have a larger market share during the forecast period due to an increased demand for these devices in the developed nations. These products are easily available in the developed nations and they provide many benefits. the femtech services or solutions have large application in the reproductive health.
• Increasing concerns and issues associated with the reproductive health shall lead the market growth during the forecast period. the validity of advanced software's which are helpful in suggesting better line of treatments for various infections and diseases associated with the gynecological and sexual health shall drive the market growth during the forecast period. Market players are constantly focusing on providing innovative products for the health of the women.
• Femtech solutions or services are used maximum in the diagnostic centers. Diagnostic centers help in the diagnosis of various diseases that women suffer with. This segment has grown well even during the pandemic due to the accessibility through the homes. these services provide better detection of chronic disorders as well as infectious diseases.
  
  

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Scope of the Report

Market Dynamics

Drivers

The firm tech market is expected to grow during the forecast period as 50% of the population is the women population which makes use of these technologies. Doesn't increase demand for the various devices and technologies used in its market for the tracking of the health of the women population. It is also beneficial in providing detection as well as treatment for various diseases. Digitalization of the healthcare sector has been instrumental in increasing the revenue generated through this market.

The market is expected to grow well during the forecast. Due to the increased use of smart devices which help in tracking the health continuously. The availability of the birth control devices on the digital platforms will also be instrumental in the growth of the market. The market is expected to grow well as it has application in various domains like the reproductive health, uterine health, pelvic health, pregnancy, general health. Due to the increased use of this technology in various aspects the market is expected to grow well in the coming years.

Restraints

One of the restraints in the growth of the market is the privacy. As personal data is shared and stored on the applications there may be privacy issues associated with the use of this technology. Also, that other large number of applications which are available on the play store which help in tracking the ovulation period, also the technology is available at a higher cost as different variable devices seem to be expensive which restrains the growth of the market

Opportunities

There are ample opportunities for the growth of the market due to a growing need for healthcare solutions that provide pregnancy care at affordable prices. Major opportunities are provided to the market in the remote locations or the developing nations. Due to increased number of startups entering the market more innovative products are introduced which shall provide better opportunities for growth.

Increased use of smartphones has provided access to various applications that help in tracking their health which was initially inaccessible and due to all of these reasons the market is expected to grow well during the forecast period.

Challenges

Even though these applications and devices are well accessible for the urban women the rural areas still do not receive these facilities. Due to the lack of education in many developing nations majority of the population across the globe have not accepted these changes. Existing taboos shall be the major challenge in the growth of the market during the forecast period.

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Recent Developments

• One of the leading organizations that provide various products that had made using the Natural raw materials which deals in sexual Wellness was acquired by Grove collaborative, in the year 2019 and this acquisition of Sustain Natural shall help the organization in improving the product portfolio and the position of the company in the market.
  
  

Market Segmentation

By Product

• Wearable Devices
• Mobile Applications
  • Fitness & Nutrition
  • Menstrual Health
  • Fertility Management/ Assisted Reproductive Technology Apps
  • Pregnancy Tracking & Postpartum Care
  • Menopause
  • Disease Management
  • Others
    
    

By Service

• Diagnostics
• Monitoring
• Therapeutic
  
  

By Application

• Reproductive health
• Pregnancy and nursing care
• General Healthcare
• Pelvic and uterine health care

By End User

• Diagnostic centers
• Surgical centers
• Hospitals
• Fertility clinics
• Direct to consumer
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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