Femtech is short for female technology, and it refers to any type of technology that is designed to improve the health and wellbeing of women. This can include everything from fertility tracking apps to period tracking apps and even breast pumps.
Demand from the Femtech industry is growing globally as women are increasingly taking control of their health and wellbeing. The industry is expected to be worth $60 billion by 2027 according to a report by Emergen Research.
The femtech industry has seen a lot of growth in recent years, thanks in part to the rise of digital health and the increasing focus on women’s health. And it’s not just startups that are getting involved; big tech companies like Apple and Google are also making moves into the femtech space.
According to a report by the World Health Organization (WHO), around 830 women died every day from preventable causes related to pregnancy and childbirth in 2017. Maternal mortality is one of the key indicators of the health status of women. The high maternal mortality rate is a major concern for policy-makers and healthcare providers across the globe.
According to the Centers for Disease Control and Prevention (CDC), around 700 women in the US die from pregnancy-related complications every year. This is one of the key factors driving the growth of the femtech market in North America.
The lack of awareness about femtech products and solutions is a key challenge faced by players operating in the femtech market. The lack of awareness is especially a challenge for players operating in developing countries.
Athena Feminine Technologies, Sustain Natural, Sera Prognostics, HeraMED, iSono Health, Totohealth, Minerva, Nuvo, Elvie, and BioWink are a few of the major participants.
There are a number of factors driving the growth of the femtech industry, including:
• An increasing focus on women’s health: Women are increasingly taking control of their own health and wellbeing, and they’re demanding products and services that cater to their specific needs.
• The rise of digital health: Technology is playing an increasingly important role in healthcare, and femtech is benefiting from this trend.
• The growth of the wellness industry: Wellness is a booming industry, and femtech products are well-positioned to tap into this market.
• The increasing prevalence of chronic conditions: Conditions like endometriosis and PCOS are becoming more common, and femtech products can help women manage these conditions.
If you’re looking to enter the femtech space, there are a few things you should keep in mind.
First, it’s important to have a deep understanding of the needs of your target market. What problems are they trying to solve? What do they need help with?
Second, it’s important to have a strong understanding of the latest trends in digital health. What technologies are being used? What’s new and exciting?
And finally, it’s important to partner with the right people. Look for companies that share your vision and that have the resources to help you succeed.
The femtech industry is growing rapidly, and there’s a lot of opportunity for startups to make an impact. If you have a great idea and the right team in place, you could be well on your way to success.
Femtech Market Key Factor Driving Growth:
The increase in the number of awareness programs and initiatives by government organizations and non-profit organizations is a key factor driving the growth of this segment.
For instance, in May 2019, Merck KGaA launched an initiative named “Empowering the Future of Women’s Health” in collaboration with Nestlé Health Science and Pfizer Inc. This initiative is aimed at improving the lives of women by addressing the most pressing issues in women’s health.
The increase in the number of mergers and acquisitions is a key trend observed in the femtech market.
For instance, in October 2018, Procter & Gamble (P&G) acquired First Response, a provider of fertility and pregnancy tests. This acquisition will help P&G to expand its product portfolio in the femtech market.
The increase in venture capital funding is also a key trend observed in the femtech market.
For instance, in September 2018, Elvie raised $42 million in Series B funding led by Octopus Ventures. This funding will help the company to expand its product portfolio and business operations.
The increase in the number of partnerships and collaborations is also a key trend observed in the femtech market.
For instance, in March 2019, Ovia Health, a provider of fertility and pregnancy solutions, entered into a partnership with Cigna Corporation, a leading health insurance company. Under this partnership, Cigna’s customers will have access to Ovia Health’s products and services.
In conclusion, the femtech market is growing rapidly and presents a great opportunity for businesses to provide products and services that appeal to women. There are many different subcategories within the femtech industry, each with its own unique needs and requirements. Businesses that can identify these needs and target their products accordingly will be well-positioned to succeed in this rapidly growing market.
Looking for most relevant report on Femtech market@ Click Here