New York, United States, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Femtech or female technology consists of software, diagnostic devices, and products that target women's health using technology. The primary areas of emphasis include reproductive health, pregnancy and lactation care, pelvic and uterine care, and more. Additionally, femtech companies provide remedies for fundamental health problems, such as osteoporosis, that affect women more frequently or differently than men. Femtech encompasses using digital health to encourage women to access and utilize applications for managing their health concerns. Ida Tin, a Danish entrepreneur and the creator of the period and fertility-tracking software Clue coined the term "femtech" in 2016.
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Role of Women in Increasing Traction toward Femtech Drives the Global Market
According to Straits Research, “The global femtech market size was valued at USD 45.75 billion in 2022. It is estimated to reach USD 139.51 billion by 2031, growing at a CAGR of 13.12% during the forecast period (2023–2031).” Indirectly, women significantly impact the expansion of the healthcare industry. Women constitute fifty percent of healthcare consumers worldwide. Approximately ninety percent of women are the primary healthcare decision-makers in their homes. Additionally, women are 75% more likely than males to utilize digital healthcare tools. 80% of healthcare providers are female, with the preponderance being nurses. Women's participation in various sectors promoting healthcare can impact the adoption of femtech solutions.
In addition, feminine investors in femtech companies play a crucial role in advancing the field. Women in executive positions at investment firms increasingly endorse founders addressing issues that disproportionately affect women. They are thrilled to see more exits of femtech startups in 2019, a clearer path to developing high-impact, successful solutions, and a well-oiled funding ecosystem. These factors demonstrate the influence of women on the expansion of the femtech market.
Growing Interest of Venture Capitalists Creates Tremendous Opportunities
As more companies concentrate on developing modern health aids for women, venture capital funding for femtech will likely rise. The approach and attitude of venture capitalists towards funding women-led enterprises are evolving. This trend is supported by highly successful companies like Tania Boler's Elvie, which raised USD 42 million in 2019. As new entrants enter the femtech industry, venture capitalists will likely invest more in enterprises with advanced and innovative products and services. According to Rock Health, a seed and early-stage venture fund based in San Francisco, funding for digital-health enterprises focusing on women increased by 105% in 2020 to USD 418 million, nearly doubling from 2019, and is distributed across 22 companies. These developments increased opportunities to focus on the unique health needs of women, thereby generating market expansion opportunities.
Regional Analysis
North America femtech market share is estimated to exhibit a CAGR of 12.03% over the forecast period. Due to the rise in female-specific chronic and infectious diseases, which may have increased the demand for more effective diagnostic and treatment solutions based on digital technologies, North America holds the largest share of the global femtech market. Since the inception of the femtech market, many participants have been present in the region. Most of these businesses are led by women, thereby significantly assisting women with health management. Furthermore, the adoption of femtech products in this region is largely attributable to the development of period and fertility tracking apps, devices monitoring maternal health, and trackers for sustaining fitness and basic vital monitoring. Non-gendered products and fertility services for special populations have also expanded the regional market.
Europe is anticipated to exhibit a CAGR of 13.48% over the forecast period. The prevalence of chronic diseases in women has increased the demand for products that monitor and measure these conditions. This increased awareness of women's health and increased demand for products that manage various health issues. The increasing adoption of eHealth and mHealth is one of the key factors that will drive the European market during the forecast period. In addition, regulatory agencies have supported the development of contemporary digital applications for treating women's health issues. Governments are also more receptive to partnering with less-established and less-established providers. For instance, the NHS partnered with Elvie to provide prescriptions for their pelvic trainer to patients with stress urinary incontinence.
Key Highlights
- Based on product type, the global femtech market is bifurcated into devices and software. The device segment dominates the market and is projected to grow at a CAGR of 12.08% over the forecast period.
- Based on indication, the global femtech market is segmented into maternal health, fertility, menstruation, sexual wellness, and others. The maternal health segment dominates the global market and is predicted to exhibit a CAGR of 11.70% during the forecast period.
- Based on application, the global femtech market is bifurcated into treatment, diagnosis, and general wellness. The treatment segment owns the highest market share and is predicted to exhibit a CAGR of 11.08% over the forecast period.
- Based on end-user, the global femtech market is divided into hospitals and surgical centers, diagnostic centers, fertility clinics, and direct-to-consumer. The hospitals and surgical centers segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 12.39% over the forecast period.
- North America is the most significant global femtech market shareholder and is estimated to exhibit a CAGR of 12.03% over the forecast period.
Competitive Players
The key players in the global femtech market are Bloomlife, Daye, Bloomer Tech, Clue, Elvie, Fizimed, Glow, Thinx, Flo Health, Inne, NaturalCycles, Nurx, Aspivix, Peanut, Tempdrop, Totohealth, WOOM, Kasha, LactApp, Minerva Surgical, Moody Month NUVO, NVision Medical, Univfy, Willow, and others.
Market News
- In April 2023, Establishment Labs Holdings Inc., an international medical technology company committed to enhancing women's health and wellness, primarily in breast aesthetics and reconstruction, announced the launch of Mia FemtechTM ("Mia®") in Japan today, heralding a new era in breast aesthetics.
- In April 2023, ASKA Pharmaceutical Co., Ltd., an ASKA Pharmaceutical Holdings Co., Ltd. subsidiary, announced that ASKA has engaged in a comprehensive business alliance agreement regarding Femtech with LIFEM Inc. on LIFEM's corporate Femtech service "LunaLuna Office" that promotes health management and women's advancement.
Global Femtech Market: Segmentation
By Product Type
- Device
- Software
By Indication
- Maternal Health
- Fertility
- Menstruation
- Sexual Wellness
- Others
By Applications
- Treatment
- Diagnosis
- General Wellness
By End-User
- Hospitals and Surgical Centers
- Diagnostic Centers
- Fertility Clinics
- Direct to Consumer
By Regions
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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