Femtech is a term used for female technology which involves the use of digital health tools including software, diagnostics, products, and services that are targeted at women’s health. According to a recent Future Market Insights (FMI) report, the global femtech market is estimated to hit a valuation of US$ 948.1 Mn in 2021, with a market CAGR of 15.0% during the forecast period (2021-2031).
Market demand is set to rise at a steady pace throughout the forecast period, majorly favoured by investments outside the boundaries of healthcare towards a branched approach involving domains such as workplace regulations, financial equity, and state legislation.
The primary factor supporting the femtech market to positive expansion in terms of growth and stability is the advent of digitalization and artificial intelligence. Technological advancements such as cloud-based informatics allow personalized solutions, driven by consumer input. This has given rise to affordable and accessible analysis in terms of personal health monitoring and diagnosis.
Key market players have pushed for innovation and accessibility into customized digital solutions. This also includes the introduction of hands-free wearables which are assistive with the regular, day-to-day life of women across the globe.
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Additionally, leading product developers in the femtech market work through commercial partners such as department stores, big-box retailers, hospitals, clinics, insurance companies, pharmacies and drugstores, private medical practices and e-commerce platforms to expand product sales prospects.
Key Takeaways from Femtech Market Study
- Menstrual health applications will drive market growth holding around a third of the market, supported by growing purchases from the working women demographic.
- Diagnostic services are projected to cover about 45% of the global market by 2031. This is aided by the growing accessibility of digital health services
- The U.S. holds a dominant share, valuing at over US$ 357.1 Mn by the end of 2021, supported by the presence of leading players and higher consumer acceptance.
- The U.K. and Germany dominate the Europe market, cumulatively accounting for more than 25% of the regional revenue.
- China is a leading market in East Asia, and is forecast to account for more than 50% of the regional value share owing to a vast consumer base.
Some of the leading companies operating in the femtech market are focusing on collaborations with leading institutions for increasing awareness among the population about the adoption of digital health services. Collaborations with key pharmaceutical companies to launch customized products and services for the growing consumer base has led key players to retain their position in the market while expanding their product portfolio.
Key market players covered by FMI include Clue, Aparito Limited, Bloomlife, Bonzun Health Information AB, Elvie, Ava Science Inc., Grace Health, iBreve, LactApp, Natural Cycles Nordic AB, Hera Med Ltd., Niramai Health, NURX Inc., SteadySense GmbH, Pregnolia AG, Willow, WOOM and B-wom.
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