Femtech Market

Market Overview

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). Digital transformation is making a positive impact on healthcare globally, as companies respond to increasing consumer demands for information access. The popularity of wearable devices and the growing preference for health management through mobile apps contribute to rapid growth and revolutionize patient care.

Femtech or female technology comprises software, diagnostics devices, and products that use technology to target women's health. The major focus areas include reproductive health, pregnancy and nursing care, pelvic and uterine care, general healthcare, and more. Femtech businesses also offer solutions for basic health issues like osteoporosis, which impact women more frequently than males or differently. Femtech includes using digital health to motivate women to access and use applications for managing their health issues.

A digital category for women's health is a relatively new idea. Women may better control their health and health-related data with wearable technology, healthcare trackers, and at-home diagnostics offered by femtech companies. Women now have more flexible, consumer-friendly options for obtaining healthcare thanks to online clinics, firms that deliver prescriptions directly to consumers, and cutting-edge physical clinics. The term "femtech" was first used in 2016 by Ida Tin, a Danish businesswoman and the creator of the period- and fertility-tracking software Clue.

Market Dynamics

Global Femtech Market Drivers

Role of Women in Increasing Traction toward Femtech

Women are indirectly playing a major role that impacts the growth of the healthcare sector. Women account for 50% of healthcare customers across the globe. Around 90% of women are primary healthcare decision-makers in their households. Women are also 75% more likely to use digital healthcare tools than men. Women account for 80% of healthcare providers, the majority being nurses. The involvement of women in various sectors promoting healthcare can influence the adoption of femtech solutions.

Furthermore, women investing in femtech companies play an important role in promoting femtech. Women in leading positions at investment firms are increasingly vouching for founders that address problems disproportionately affecting women. They are excited to see more exits of femtech startups this year, a clearer path to creating successful solutions with high impact, and a well-oiled funding ecosystem. Such factors portray the women's part in influencing the growth of the femtech market.

Increasing Demand for Digital Health Solutions

Digital transformation is making a positive impact on healthcare. Consumers are increasingly demanding access to their healthcare information, thereby attracting healthcare companies on a global scale. Rapid growth has been witnessed through the increased popularity of wearable devices and the growing consumer demand for mobile and tablet apps, revolutionizing how patients wish to manage their health. In addition, telemedicine, artificial intelligence-enabled medical devices, and blockchain electronic health records are some examples of digital transformation in the healthcare sector that are reshaping how health professionals interact, share data among providers, and make decisions about treatment plans and health outcomes.

mHealth is revolutionizing healthcare, providing patients access to critical services, personal data tracking, and doctors, regardless of location. Mobile health is important as it helps patients take control of monitoring their health, which is crucial amid a growing shortage of healthcare workers. There is more to digital health technologies that one can witness, which are playing a major role in delivering healthcare in the best possible way. As most of these technologies are being implemented in femtech products, the rise in demand for these solutions can enhance market growth.

Global Femtech Market Restraint

Low Adoption of Digital Technologies in Rural Areas

The growing population, high birth rates, and stigma around infertility have led to a lack of awareness about fertility in remote and rural areas. Poor access to assisted reproductive procedures and social and emotional consequences act as barriers that prevent women from bearing children in many countries. In places with high fertility and infertility, fertility technology or femtech can be an initiating point for accessing reproductive health.

Compared to the urban population, rural areas have high poverty rates and large elderly populations with poorer health. Rural areas have few hospitals, physicians, and other healthcare delivery resources. Such socioeconomic and healthcare challenges have limited people's access to effective, safe, timely, equitable, and patient-centered care, restricting market growth.

Global Femtech Market Opportunities

Growing Interest of Venture Capitalists

Venture capital funding for femtech is set to rise as more businesses concentrate on cutting-edge health products for women. The approach of VCs and their attitude towards funding women's startups is changing. This trend is supported by highly successful companies such as Tania Boler's Elvie, which received a USD 42 million round of financing in 2019. With emerging startups entering the femtech industry, VCs will likely focus more on investing in startups with advanced and innovative products and services.

Priorly considered risky or too niche by the VC community, startups for women's health observed a boost in investments as the COVID-19 pandemic drove more online services. According to Rock Health, a San Francisco-based seed and early-stage venture fund, women-focused digital-health startups' funding rose 105% in 2020 to USD 418 million, nearly twice the number from 2019, spreading across 22 companies. These developments increased opportunities to focus on women's unique health needs, creating opportunities for market expansion.

Regional Analysis

Based on region, the global femtech market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America's femtech market is estimated to exhibit a CAGR of 12.03% over the forecast period. North America contributes the largest share of the global market 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. Furthermore, a large group of players has been in the region since the initiation of the femtech market. Most of these enterprises are led by women, thus playing a significant role in assisting women in managing their health. The development of period and fertility tracking apps, devices monitoring maternal health, and trackers for maintaining fitness and basic vital monitoring have largely contributed to adopting femtech products in this region. In addition, non-gendered products and fertility services for special groups of people have further contributed to the market growth in the region.

Europe's market growth rate is anticipated to exhibit at 13.48% over the forecast period. Europe holds great growth potential for the femtech market during the forecast period. The prevalence of chronic illnesses in women has increased the demand for products that track and monitor such conditions. This resulted in a rise in awareness of women's health and demand for products that can help to manage various health issues. The growing adoption of eHealth and mHealth is one of the major factors that will lead the market in Europe during the forecast period. In addition, regulatory agencies have supported modern digital applications for treating women's health issues. Governments are also more conducive to partnering with new and less proven providers. For instance, the NHS partnered with Elvie to offer their pelvic trainer on prescription to patients with stress urinary incontinence.

The Asia-Pacific is anticipated to witness the most significant growth over the forecast period, with a growing focus on female health issues and emerging startups that will promote the adoption of digital health technologies among young women. Population dimensions are a major contributing factor to the regional market's growth. Countries in this region are deprived of basic hygiene and general needs for women, which is the major reason for the need to deliver high-quality, reliable, and user-friendly products and services that could enhance women's lives and support its global expansion. In addition, many femtech startups established in China and Japan promote female-centric products and services. Some popular companies include iXensor, FamiOne, Sutelura, Fermata, HERBIO, Ava, Celes Care, No Grey, Modibodi, Wanngi, Dansaek, etc. The market in this region is likely to witness the highest growth compared to other regions across the globe.

Latin America accounted for a minimal share of the global market and is anticipated to witness constant growth due to a lack of proper awareness regarding healthcare IT services. Women's adoption of digital technology for health and education is estimated to grow during the forecast period. The Latin America region is anticipated to witness significant demand for femtech services due to regional government initiatives in Brazil and Mexico. In addition, Mamotest is the first femtech company in Latin America that universalizes access to breast studies to reduce deaths due to breast cancer drastically. Brazil, Mexico, and Argentina are major contributors to the market in the Latin American region.

In the Middle East and Africa, the femtech market is expected to develop slower than other regions during the forecast period. Several countries in the region are lagging in establishing favorable policies and regulations that allow healthcare providers to communicate with patients. The growing female population and prevalence of chronic diseases are increasing the demand for female-centric health products and services. The shortage of physicians also provides an opportunity for growth in the Middle East and Africa region.

Segmental Analysis

The global femtech market is bifurcated into product type, indication, application, and end-user.

Based on product type, the global 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. Since many women have started investing in their well-being and overall health, the demand for female-focused health technology has increased. This has led to the innovation of devices addressing women's health issues. These largely consist of wearable devices, smartphone interfaces, and interconnected medical devices. Much attention has been drawn to technology-integrated products such as wearable devices that track fertility, vaginally-insertable pelvic floor exercisers paired with apps, automatic hands-free breast pumps, vibrators, etc. In addition, devices have been developed to manage menopausal symptoms, heart rate, oxygen saturation, and hormonal changes. Apart from menstrual and general health monitoring devices, some apps can aid during pregnancy and motherhood. Pregnancy trackers and wearables for women and babies have also been developed.

Based on indication, the global 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. Maternal health has become a major health concern for women. Maternal mortality rates have increased exponentially. In 2017, there were almost 810 unnecessary deaths of women daily connected to pregnancy and delivery. Across the globe, 94% of all maternal deaths have occurred in low and lower-middle-income countries. Such statistics have raised the bar for women-focused healthcare technologies. In maternal health, the conversation revolves mostly around pregnancy and motherhood. Femtech assists women during pre-pregnancy, during pregnancy, and the post-pregnancy stage. Several products and software have been developed to guide women during their pregnancy and give prenatal care. These include wearable trackers and apps that can monitor bodily changes during pregnancy. The latest femtech solutions can help with baby health monitoring and nursing care.

Based on application, the global 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. Research suggests that healthcare solutions should be gender-specific, as women and men have several physiological differences. Women-specific solutions are necessary to manage chronic diseases, create awareness, and follow preventative measures. Furthermore, women are less likely to receive aggressive treatment and are easily prone to various diseases compared to men. The abovementioned factors have increased the need to develop healthcare technology solutions for women.

Digital health is focused on addressing diseases that are the prominent cause of death in women. Healthcare technology can help women detect early signs of diabetes, infertility, PCOS, breast cancer, and cardiovascular diseases. Technological advancements can keep women informed about their health issues. Femtech is one such sector that is helping women to spread awareness about health issues through health articles and gain access to applications for detecting risks or tracking a condition.

Based on end-user, the global 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. Hospitals and surgical centers accounted for a major share of the global femtech market. This was due to advancements in Information and Communication Technologies (ICTs). ICTs in healthcare led to the development of various digital technologies that helped to reduce the burden on patients and provide better healthcare.

The market's growth is also attributable to well-established healthcare infrastructure, accessibility to emergency services, and the presence of skilled healthcare technicians. In hospitals and surgical centers, highly advanced equipment and technology are bases for most surgeries being carried out globally. Hospitals have high adoption rates for technologically advanced devices for women's treatment. Medical professionals increasingly rely on these cutting-edge advanced medical products to tackle women's health issues.

Recent Developments

• 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.
• 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.