Trends shaping women’s health technology in 2021
- The technological field has taken revolutionary steps to balance gender disparities, leading to the advent of a female-centric health technology market
- With the existence of a few hundred startups in the femtech marketplace, better policy formations, and collaborations among tech enterprises would shape the industry better
- There will also be the development of more apps and products due to an increase in research and funding towards general women’s health
The rising prevalence of infectious and chronic diseases amongst a large pool of female population has been offering a positive impetus to the demand for effective treatment. That has also paved the way for the development of the feminine technology (femtech) market with companies coming up with health technology and innovation to create products and solutions specific to women.
Daunting statistics have emerged on the pressing challenges involving the degrading health of women across various economies around the world, illustrating a clear demand for innovation-led devices and solutions that can help enhance the life cycle of women. That said, a report by Emergen Research pegs the estimated global market size for femtech to be around US$60.01 billion by 2027.
Another key factor is the growing attention being given to the reproductive health and sexual empowerment of women in developing economies. There is also the growing presence of the female workforce in the technical domain which is playing a key role in developing technologically innovative healthcare and hygiene solutions for women. As per The Entrepreneur report, there are more than 200 femtech startups globally and many of them are entirely or partly led by women.
To put it simply, the key focus areas targeted by femtech are menstruation, pregnancy, and infant care, sexual health, and hygiene. The trends and technological developments will in fact be a win-win scenario for all stakeholders in the post-pandemic world.
How women’s health technology grew this year?
Femtech devices offer digital assistance to women regarding fertility solutions, period tracking, pregnancy, and reproductive system health care. Looking into its rising popularity, the device segment has accounted for a share of US$8.5 billion in 2018 and is progressing toward a full-scale development.
This is given that various startups and companies are laying immense focus on bridging the gap left by major tech companies in introducing digitally advanced femtech products in the global markets that are particularly aimed at women’s health. Global news wire data suggests that the global femtech market is anticipated to surpass US$48.5 billion by 2025 and the increasing prevalence of infectious disease among females in underdeveloped economies due to an unhygienic environment will favor the business growth.
In terms of diverse regions making use of femtech devices, it is noteworthy to state that the Asia Pacific has emerged as a remunerative growth ground for the overall femtech market over the recent years, mainly due to the large patient pool in nations like China, India, and Japan. The region accounted for a revenue share of 22% in 2018. The growth predominantly comes from expanding government support and elevating awareness regarding women’s health across the above-mentioned economies.
There is also the growing presence of the female workforce in the technical domain which is playing a key role in developing technologically innovative healthcare and hygiene solutions for women. While the majority of femtech products have traditionally focused on reproductive health, perhaps we can anticipate new approaches to women’s health research will help open the door to new products and services.
Other growth drivers could come from a conducive regulatory environment; a rise in preventative medicine & holistic health; and advancements in health technology that have made personalized products more accessible and affordable, such as AI and cloud-based informatics.