Global Femtech Market: Overview
Short for ‘female technology’, femtech involves products, services, and software targeting women’s health and wellbeing. Femtech can include medical treatments, wearable devices, female hygiene items, as well as apps and platforms that offer services such as psychological counseling. Fertility, pregnancy, nursing care, parenting, period-tracking apps, contraception, reproductive health, and emotional & mental health & wellbeing are some areas that are covered by femtech products and services.
Global Femtech Market: Growth Factors
With the dissolution of social stigma and misinformation regarding women’s health, coupled with the increasing degree of awareness and candid discussions related to the same being initiated, the global demand for femtech products is bound to achieve significant growth over the upcoming times. High prevalence of infectious and chronic diseases among women, coupled with increasing penetration of women care in rural and remote areas, is anticipated to be a key growth factor of the global femtech market.
Large-scale investments from private as well as the government sector will augment the demand for femtech. Numerous companies are conducting R&D in the area of femtech to offer unique and innovative femtech solutions to enrich women’s lives. Furthermore, as femtech apps and solutions enable early diagnosis of diseases, women can manage their physical and mental wellbeing more efficiently. This is one of the significant growth drivers of the femtech market. The advent of latest trends such as Internet of Things (IoT) and artificial intelligence (AI) is also providing substantial boost to the growth of the femtech market, thanks to the rising number of apps using these technologies.
However, one of the biggest challenges faced by the femtech industry is the lack of awareness about femtech, along with hesitation to use these products and services. Yet, the recent materialization of several femtech startups such as Apricity, Coroflo, Emjoy, Freda, Gazella, and Peanut is expected to support the advancement of the global femtech market.
Global Femtech Market: Segmentation
The global femtech market has been segmented on the basis of type, end-use, application, and region. Services, software, and devices are the three major segments by type. Femtech devices are likely to demonstrate remarkable growth, driven by continuous upgradation of technology involved in the development of femtech products. Devices such as breast pumps, ovulation tracker, and pelvic floor training tools are receiving escalating demand from the female population across the globe. Based on end-use, the global femtech market can be divided into fertility clinics, hospitals, direct-to-consumer, surgical centers, and so on. Hospitals might account for the largest amount of market share by the end of the forecast period, as women have been displaying an increased preference for hospital care due to the availability of skilled personnel and advanced equipment for their treatment. Pregnancy & nursing, reproductive health, mental health, and general health & wellness are the major application segments of the global femtech market. The pregnancy & nursing segment is expected to witness marked growth over the forthcoming times.
Global Femtech Market: Regional Analysis
Regionally, the Asia Pacific femtech market is anticipated to exhibit highest growth over the forthcoming period, supported by the existence of a gigantic patient pool in the region. Chronic diseases in China and India have been on an upsurge, and this might lead to an increased demand for femtech products and services through the coming years. The work of organizations such as non-profit organizations (NGOs) in India that deal with issues such as women’s health, hygiene, and sanitation facilities will also influence the growth of the market in a positive vein.
China might emerge as the dominant market segment, with India close at its heels. A large number of reforms in healthcare domain are responsible for the immense potential of China. Market players are focusing on product development in this region, leading to its growth. Moreover, the political scenario in the country has been hinting at female empowerment and women’s issues, thereby promising significant expansion of the China femtech market over the forecast period.
Global Femtech Market: Competitive Players
HeraMED, Nuvo, Sustain Natural, Athena Feminine Technologies, BioWink, iSono Health, Elvie, and Sera Prognostics are the leading competitive players in the global femtech market. They are attempting to lift their game via strategic acquisitions, partnerships, mergers, and product launches.
Global Femtech Market: Regional Segment Analysis
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