What if a woman’s monthly menstrual cycle could be turned into a diagnostic tool that warns of potential medical problems or fatal diseases? Many young company is trying to prove. It is Many of the next generation “femtech” companies that finally attracts serious attention.
The economic burden for women’s diseases is predicted to surpass +$500 billion. Most women’s healthcare products are packaged and advertised as beauty products.
These attribute as pivotal growth opportunities for the global femtech market. The market is thus estimated to reach a market value of USD 53.2 billion by 2027.
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As digital convergence increases, the overlap between women’s health and digital health is increasing day by day, and leveraging this strategic advantage is essential. Frost and Sullivan recognizes the tremendous Femtech Market potential of Femtech (or women’s technology), which refers to software, diagnostics, products and services that use technology to improve women’s health in this field. Femtech uses Digital Health to motivate patients to access and use the app for managing women’s health issues. Women’s health issues are emerging as women’s health issues no longer fit into the male health framework, focusing on the differentiated treatment that women’s health issues are no longer provided.
The lack of innovation in the medical sector has resulted in a $ 1 million company with women in mind, with solutions that change the game. The recent emergence of ‘fem-tech’ or women-oriented technology companies is shaking up various industries in the same context that Google, Uber and Amazon did in their respective fields.
One of the key highlights of 2018 Europe’s health tech innovation festival- Giant Health Event, was the supreme growth in online apps designed to uplift women’s health, which thus insinuates on awareness and prominence of an affirmative growing interest in Femtech. UK’s National Health Services have also shown keen interest in embracing technology advancements. For instance, the NHS has established a partnership with femtech company Elvie to help develop support for women with stress urinary incontinence (SUI). Although the device costs around £169, through the NHS supply chain, the product will be available free of costs to patients. Such initiatives are seen as positive Femtech Market growth attributes.
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The femtech market in developing region, for instance in Asia Pacific have also shown considerable technology prominence and awareness. GE Healthcare’s Vscan with Dual Probe has gained widespread use in Africa and India to manage pregnancy. iBreastExam, a low cost, battery powered machine developed by Mumbai based UE Life sciences has found feet in Africa, ASEAN, in addition to India. Other Indian companies that are leveraging science and technology are AIndra for AI based cervical screening and Niramai, another low-cost, automated portable to detect breast cancer.
Although growing AI inventions and partnerships with government healthcare providers are factors that can be stated as major market propellers, urban-rural divide, fluctuating socio-economic status of population, and demographics can be seen as strong market restraints. Moreover, several issues related to women health, especially the ones owing to menstruation, fertility, sexual wellness, and birth control will curb femtech market growth.
Based on solution, the market is segmented into Diagnostics, Therapeutics and Digital Health. Largest market revenue was estimated in Digital Health. Ranging from the digital birth control to wearable breast pumps, an unprecedented market growth is hence witnessed in digital innovative femtech market.
Based on application, the femtech market is segmented into reproductive health, pelvic and uterine care, pregnancy & nursing care and general wellness, among others. Increasingly, there is a general trend of restricting women’s health to fertility, maternal and child care, family planning, etc, thus fuelling the Reproductive Health segment. Moreover, pelvic floor disorders are common among 25 percent of adult women in the United States, for instance, which will fuel the segment across the forecast period.
Owning to end users, the femtech market segment is divided into individuals, hospitals and diagnostic centers. The technology friendly applications, in addition to its portability and convenience has especially gained preference among female users. Moreover, the femtech applications also make the process of diagnosis more private and in some cases less awkward.
The detailed research study provides qualitative and quantitative analysis of the global femtech market. The market has been analyzed from the scope of demand as well as supply. The geographical analysis emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
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Global Femtech Market by(US$ Million) 2015-2027, By Solution
Key findings of the report:
- Breakthrough technology invention has led women healthcare to become more practical, extremely invasive, and less intrusive, an underlying trend that has defined the growth of femtech industry. This trend has directly result in rapid uptake of various diagnostics devices, resulting in robust market growth of femtech diagnostic products
- Pregnancy screening has been a part of women healthcare for a long time, resulting in capturing large market share; however, with escalating awareness about reproductive system health care, the market for the same will witness fastest CAGR over the forecast timeframe.
- Sensing lucrative growth opportunities in femtech market, compelling male-led venture capital firms are increasingly directing attention to women-oriented products.
- Major industry participants in the global femtech market include Aparito, Ava Science Inc., Bloomlife, Inc., Bonzun, Elvie, Grace.health, Hera Med Ltd., iBreve Ltd, LactApp, NaturalCycles Nordic AB, Niramai Health Analytix Pvt Ltd, Nurx, Pregnolia, SteadySense GmbH, The Birthplace, Willow, Woom, among others.
- New product launches, geographical expansion are some of the major strategies adopted by these players to gain a competitive edge.
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Femtech Market Key Segmentations:
- Digital health
- Reproductive Health
- Period tracking
- At home fertility tracking and monitoring
- Pelvic and Uterine care
- Pelvic wellness
- Uterine health
- Menstrual health
- Pregnancy and nursing care
- Prenatal screening
- Postnatal care
- General wellness
- Nutrition and fitness
- Mental health
- Sexual wellness
- Chronic disease management
- Reproductive Health
- End User
- Diagnostics Centers
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- North America
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