Femtech a term coined by Danish entrepreneur Ida Tin in 2016 has become a revolutionary moment for women across the globe. Femtech as the term suggests focuses on using technology to solve health issues in females. Although women are the primary caregivers of families, they themselves are at the receiving end of not getting treated for the ailments they suffer. This is owing to multiple reasons that range from socio-economic conditions, lack of awareness regarding health issues and less or no access to proper healthcare. In addition, societal taboo related to women’s health is derailing the overall progress of women’s health issues.
Women, in comparison to men, face particular health issues that need specific medication, treatments and attention. This has led to the building of femtech start-ups around the world that are mostly developed and led by women. These femtech start-ups are focusing on using technology to diagnose, detect and help women to understand health issues at an early stage and help them cope with the same.
Future Market Insights states that the femtech market is expected to register a staggering double-digit CAGR of 15% by garnering a market value of US$ 3.8 billion by the end of 2031. Technological advancements in the healthcare sector are changing the landscape of treating women on a large scale. Apps built by femtech companies feature healthcare for reproductive systems, fertility tracking, pregnancy and nursing care and general and fertility monitoring devices. With the presence of a plethora of options, the growth of the femtech industry is expected to help women of all age groups.
Below we will how femtech companies are shaping healthcare systems with the use of digital transformation for women.
Period Tracking App – Helping Women in More Ways than One
Digitalization of the healthcare sector is paving ways for innovation in more ways than one. The penetration of digital technology has provided a pool of accessibility to women, especially with regard to healthcare. This, in turn, is changing the way they care for their bodies. Femtech companies are focusing on developing mobile applications that help women in tracking their menstrual cycle and body temperatures along with the effect it has on their overall body, cardiovascular diseases and even osteoporosis.
For instance, Clue, a period tracking app is combining science and technology to educate women regarding their menstrual cycle. The app is actively focusing on erasing misconceptions about periods and educating women about their bodies. Thus, the app is changing the way people perceive, learn, access and talk not only about menstrual health but also about reproductive health for women.
In December 2021, the company received clearance from Food and Drug Administration (FDA) for its digital contraceptive device and the same is now being rolled out in the U.S. Owing to the clearance, the company is now in the position of offering “high standard of care” for women. The digital contraceptive uses tracked period start dates that help women monitor their fertility. The app combines the user’s menstrual cycle data with a mathematical model sourced from clinical research data that predicts which days are high or low risk for pregnancy. The birth control algorithm is 97% effective if it is exactly used as the instructions given on the app. Thus, it provides the same level of effectiveness as other common contraceptive methods.
Femtech- Making IVF Treatment Virtual
World Health Organization states that 48 million couples face infertility problems. This has led to most women relying on in vitro fertilization (IVF) treatments for conceiving. Age-related fertility problems, miscarriages and polycystic ovary syndrome (PCOS) are some reasons for women opting for IVF treatments. The positive success rate of IVF treatments along with the advancement in healthcare technology is playing a key role in changing the dynamics of conceiving for women. Future Market Insights states that the digital transformation in the healthcare market is expected to register a CAGR of 14% by the end of 2031. Additionally, the penetration of mobile applications for IVF treatments that guide women in different stages of pregnancy is a game-changing feature in the IVF industry.
For instance, Apricity is a virtual fertility clinic, uses artificial intelligence to help women facing problems with conceiving. The virtual clinic offers a fertility care app that helps women in understanding the treatment along with posting reminders and guiding them consistently throughout their conceiving journey. The clinic also offers an artificial intelligence fertility predictor that helps women in understanding their chances of pregnancy while using different fertility treatments. Moreover, the clinic focuses on reducing the number of visits one has to make to the clinic by guiding them virtually.
In May 2022, Apricity acquired Woom, a leading international women’s health app. Through this acquisition, the company is planning to penetrate different geographical markets beyond France and the UK. The company will maximize artificial intelligence optimization as women will be able to track and understand the effect and results of the treatment. This, in turn, will help women to get better insights into body changes, stages of pregnancy and gain knowledge regarding issues with conceiving.
Femtech – Revolutionizing Women’s Healthcare Industry
Femtech companies are designing customizable and tailored products that will help women to determine and confirm the causes of health problems along with providing immediate solutions. This will pace up the speed of treatment and foster cure and development at an early stage. Here are some key aspects of femtech and how they are revolutionizing women’s health care.
Self-care at Fingertips – The main agenda of femtech is to give quick accessibility to women regarding their health. Thus, with the use of technological features such as mobile applications, wearable devices and healthcare trackers, self-care at fingertips has become possible.
Tailored Healthcare Services – As one treatment does not necessarily fit all, femtech is adding features to their digital tools as well as apps to provide customizable solutions that help women to feel better physically at an early stage. Moreover, femtech companies are offering solutions for women belonging to the LGBTQIA+ section and women belonging to different races. Thus, femtech is dwelling deep into the health problems faced by marginalized women too.
Making Taboo Conversations Mainstream – Women’s health problems have been ignored for a long time. The taboo related to discussing the menstrual cycle, period problems and menopause are being highlighted by femtech companies. This is not only changing the narrative for women’s health but also helping them to openly discuss the same.
Conclusion: The Reliable Future of Femtech
The femtech market currently is at a nascent and developing stage. This has given an opportunity to innovate, understand and provide better treatments for women’s health issues. Although most femtech companies started emerging after 2010, the drastic effect they are making on the world is appreciation-worthy. The promising results of the femtech industry are helping them gain investments and approvals from major technological-driven companies as well as government authorities of different countries.
Unhygienic conditions across the globe, lack of awareness of women’s health, HIV, late detection of cancer, menopause along with cardiovascular diseases are becoming a major concern for women. Thus, femtech is looking to reduce or erase health problems with the help of technology that will eventually help women in understanding the changes in their bodies.
In the upcoming years, the commercialization of mobile applications for overall healthcare of women is expected to change the course of diagnosis, treatment and medication. Women will have access to body functions and changes at their fingertips and can immediately reach out to healthcare professionals, thus, making it easier to detect health problems. Furthermore, with more femtech start-ups focusing on a solution-centric approach, the chances of women depending on technology for healthcare solutions are expected to increase.
Femtech owners are using artificial intelligence to change the rules of healthcare. Owing to this, the accuracy levels of prediction along with desirable results have increased. From regularizing periods to offering virtual IVF treatments, femtech is a dependable promise of tomorrow that is effectively delivering results today.
About Aditi Basu
Aditi is the Marketing Head at Future Market Insights (FMI), an ESOMAR-certified market research and consulting Market Research Company. The award-winning firm is headquartered in Dubai, with offices in the US, UK, and India. The award-winning firm is headquartered in Dubai, with offices in the US, UK, and India. MarketNgage is the Market Research Subscription Platform from FMI that assists stakeholders in obtaining in-depth research across industries, markets and niche segments.