How will women’s health technology grow in 2021
- There has been a massive growth in the female-centric health technology market as revolutionary steps are being taken to balance gender disparities.
- There are a few hundred startups in the femtech marketplace and 2021 will see better policy formations and collaborations among tech enterprises.
Femtech is a term that is generally given to products, software, and technologies that look toward enhancing the health and wellbeing of women worldwide. Since there has been a rise in infectious and chronic diseases amongst the female population, the demand for more effective treatment has also been on the rise. The health technology for women, with the help of affordable and accessible technology, is speculated to expand.
A report by Emergen Research pegs the estimated global market size for femtech to be around US$60.01 billion by 2027. There has been 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.
Another report by The Entrepreneur indicated that there are more than 200 femtech startups globally and many of them are entirely or partly led by women. 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 will women’s health technology grow 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 illnesses 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.