US women are leading the global femtech movement
- The US has 50% of FemTech companies globally, far ahead of Europe (25%) and Asia (9%)
- The market is expected to surge at a CAGR of 17% and is anticipated to surpass USD$71 million in revenue by 2026
- Femtech services help women in multiple ways, including apps to help track menstrual cycles and ovulation in the workplace
The United States will continue to play a leading role in the global female technology (collectively known as FemTech) market, with the highest number of companies and investors, according to new research by TechSci Research.
The term “FemTech” was coined in 2014 by the period-tracking app Clue, Ida Tin, who explained that it refers to “digital technologies and digital startups created by women for women”.
The US shows the way
According to another report published by FemTech Analytics, a subsidiary of Deep Knowledge Group, the US has half of the FemTech companies globally, followed by Europe (25%) and Asia (9%). The market is expected to surge at a CAGR of 17% and is anticipated to surpass USD$ 71 million by 2026.
The report Global FemTech Market Forecast & Opportunities, 2019 to 2023 also finds that several other countries are expected to contribute significantly towards the growth of the global Femtech market during the forecast period.
Femtech services more than just wellness and beauty solutions
Female-oriented technological services and products are more than just wellness and beauty solutions. There’s been an explosion in FemTech over the last few years – there are now thousands of apps for mobile alone, that are on the market for women to use. Many of these startups use their products to address broader issues facing women in societies worldwide.
One example is Maven Clinic, an on-demand virtual clinic that assists women with pregnancy and postpartum care. Other top players in the market are LactApp, Aparito, SteadySense Bonzun, Elvie, NaturalCycles, Hera Med Ltd, and many more.
Femtech services supporting women in the workplace
As women become increasingly more visible in the workplace, they seek more convenient and discreet ways to manage their healthcare. This growing industry provides innovative services to support women’s sexual health, family planning needs, and fertility tracking.
Femtech services help women in several ways, including apps to help track menstrual cycles and ovulation in the workplace. This can be especially helpful for women who work in jobs, without control over their schedules.
These services are also helping with workplace productivity and encouraging a more gender-balanced workforce by making it easier for working mothers to juggle their careers while caring for their children.
One of the most popular products today is feminine pH testing strips, used by women to track their monthly menstrual cycles. These strips allow users to detect irregular hormones that indicate potential fertility issues or other conditions like pregnancy.
Advancing agendas in line with their women empowerment policies
“Over the past few years, we have witnessed a steep rise in FemTech solutions due to the adoption of modern technologies and new business models, transforming the way women access healthcare”, said Kate Batz, Director of FemTech Analytics.
“Several countries have been advancing their FemTech agendas in line with their women empowerment policies. The market is expected to grow significantly in the next few years, and our study provides valuable insights into this market to all stakeholders”, added Batz.
The movement has expanded from a niche market to one that is now regularly featured in mainstream media. The areas of pregnancy and nursing are driving these innovations, but other areas like sexual health, mental health, and beauty are also seeing advances. Whatever the purpose, Femtech has been steadily proving to improve the quality of life for women.