The feminized technology health sector is a relatively new one that is rapidly gaining traction in the medical industry. As a consequence of this, a great number of people are unaware of it, and there is a good chance that you are one of them.
One of the factors that has contributed to the rise in popularity of femtech health is the demand for a healthcare solution that is tailored to the requirements of a particular subset of the population, women. This article will explain what femtech health is, why you should care, and how you can get involved.
What Is Femtech?
Femtech is the word used to describe software, diagnostics, products, or services that utilize technology in addressing women’s healthcare needs. It involves the usage of innovative technology in developing solutions that help in solving health problems that may be facing the female gender.
The term can be dated back to 2016 when the CEO of period tracking app Clue came up with the idea of measuring the growth of Femtech startups that provide services at the intersection of Technology and women’s health.
While it was previously seen as a solution meant to cater to the reproductive aspect of female healthcare, the need for Femtech health is surging due to the increasing demand for good healthcare services for the female gender.
Therefore, it has grown beyond just reproductive healthcare to encompass a wider range of health, from fertility to cardiovascular disease, while increasing access to traditionally ignored health conditions such as menopause, mental health, and sexual health.
The Femtech Revolution
Over the years, Femtech and the female healthcare sector, in general, have experienced huge growth and undergone many revolutions before reaching their current state.
In 2013, the global investment in the female healthcare solution sector was barely $134 million per month. This period saw the creation of one of the first Femtech startups, Glow, which led to the development of an ovulation-tracking app.
In 2016, the focus of Femtech shifted from just babies and breasts to intimacy and sexual wellness. During this period, female entrepreneurs saw the business opportunity presented by the “uncomfortable talk,” which led to the creation of several Femtech applications. During this period, Ida Tin coined the term “Femtech,” and about $503 million was invested in the sector.
The Femtech market value increased to $18.7 billion in 2019, which can be credited to the improvement in basic research and clinical application of innovation in service development technology.
As of 2020, there are over 1000 startups in the femtech market, and females run a large percentage of the organizations. The sector’s main focus during this period was reproductive health, pregnancy, nursing, menstrual and sexual health.
According to a study, the global Femtech sector is worth about $22 billion as of December 2021.
Future Of Femtech
With the increasing adoption of the Femtech solution, there is no gainsaying in saying that the sector’s future is positive. It is worth investing in if you are interested in making money by building solutions that address health problems faced by women.
The Femtech market is growing rapidly, and there are projections that the industry will continue to experience a rise in market size. Statistics even show that the Femtech market size is expected to reach $75.1 billion by 2025, with the CAGR of the sector predicted to grow by 13.3% from 2020 to 2025.
Another data from Statista predicted that the global market size of Femtech products and services will increase to over 103 billion dollars by 2025.
The increasing demand caused by the rampant unhealthy lifestyle and healthcare needs of females indicates that investment in the Femtech sector is expected to grow. It is time to act if you are interested in cashing in on the industry.
Why Femtech Should Protect Data?
Femtech solutions have access to confidential patient information that may affect them when leaked out. This is why it is important to ensure that female healthcare solutions put measures in place to prevent the leakage of private data when developing a Femtech health solution.
Femtech health solutions have access to confidential information such as menstrual cycle, sexual activity, contraception, or even abortion. Leaking these may have a negative effect on the mental and emotional health of the user. Some of these information, such as abortion, may even incriminate women in countries where abortion is illegal.
Implementing this entails informing the patients about the information you will collect, what you intend to do with it, and ensuring that they agree to share the information for your usage.
Why Is Femtech Important?
Here are the benefits of femtech in the health care landscape.
1. Reduces Gender Inequality In Tech
The advent of Femtech has given room for females to venture into technology, allowing them to build solutions that cater to females’ healthcare needs.
According to statistics, about 71% of employees in the Femtech sector are females, proving that the industry allows females entry into the Tech industry.
2.Provides Personalized Healthcare Service
Being a sector focused on providing products and services for a specific audience, Femtech understands the pain-points of women and provides healthcare services that directly address those issues.
This will allow females to access services and products solely aimed at solving their healthcare problems.
3. Solve Ignored Problems
Some health problems are prevalent in women but are frequently stigmatized by general healthcare solutions. Femtech allows females to get solutions to those health issues they may find hard to disclose in a general setting.
4. Improves Healthcare Services
The integration of technology in healthcare services has helped enhance the ease of delivery and allows patients to access healthcare services easily. It also allows users to monitor their health and get notified of any abnormality.
Healthcare providers can now use femtech solutions to schedule online appointments and perform remote surgery and other healthcare delivery services.
Despite making up more than half of the global population and being responsible for spending about $500 billion on healthcare, only 4% of health solutions or research specifically addresses women’s health issues.
Taking this into account, it is obvious that you can cash in on the burgeoning market by creating a Femtech solution that solves a health problem rampant among women.