As we celebrate International Women’s Day and this year’s theme #ChooseToChallenge, Frost & Sullivan acknowledges the critical role of technology, such as artificial intelligence and big data analytics, in improving women’s lives and empowering them.
Femtech (female technology) is an emerging term and is poorly understood, as is the case with most new concepts. While some relate femtech only with products unique to reproductive health (including consumer products), others dismiss it as just another term for a group of existing solutions. Our experts believe it is a unique space and a place for new growth opportunities.
The global femtech market was valued at $487 million in 2020 and is expected to reach $522 million by the end of 2021. Fertility solutions will drive the industry’s expansion, reaching $217 million by the end of 2021, followed by menstrual care solutions hitting $168 million by the end of this year. Both segments will be powered by increased adoption and implementation of telehealth and mhealth for next-gen femtech solutions.
Frost & Sullivan’s upcoming research, Growth Opportunities in the Global Post-COVID-19 Femtech Industry, 2021, provides a 360-degree analysis of diverse factors impacting women’s healthcare needs during and after the pandemic, as well as the untapped opportunities that can be targeted for growth in this market.
“The COVID-19 pandemic has exposed the challenges women face, and many new products and technologies have grown out of this pandemic. The time has come for female technology to become mainstream, as so far, women’s health is still in the shadows,” says Reenita Das, Partner and Global Client Leader, Healthcare & Life Sciences at Frost & Sullivan. “Femtech still continues to be the stepchild for digital health, as there are very few femtech products catering to tracking and monitoring these diseases. Discouragingly, the maximum funding for femtech is only 6.64% of the total digital health funding for the year. There is no doubt that the road ahead for femtech is a holistic approach, the ‘one-for-all’ should transform to a ‘one-to-one’ personalized care.”
Suchismita Das, Industry Analyst, Healthcare & Life Sciences at Frost & Sullivan, adds: “Service providers should start focusing on unaddressed women health areas such as endometriosis, polycystic ovary syndrome (PCOS) and mental health. Menopause is another open growth opportunity area in the femtech market, with few solutions tackling obstacles in this space.”
Frost & Sullivan identifies five critical success factors for the femtech market to thrive:
1.Accessibility with respect to cost and outreach programs in developing countries would increase the customer base.
2. Driving adoption and adherence through government policies and insurance or reimbursement agencies.
3. B2B partnering with large public hospitals, healthcare companies, public health entities, and NGOs, which have deeper distribution channels for mass screening and awareness campaigns.
4. Customized revenue models based on the application of femtech solutions, like renting devices for a limited period of use.
5. Developing affordable solutions and focusing on the least explored aspects of women’s health.
Courtesy: Frost & Sullivan, a global strategy consulting and market intelligence firm with a long-standing presence in Africa.