Femtech, or women’s health technology, is among the most rapidly growing and well-funded areas of digital health. Femtech is a broad term that refers to a variety of digital health applications and tech-enabled service providers that cater to women’s biological needs.
New York, July 01, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Femtech Market Size, Share & Industry Trends Analysis Report By Product Type, By Mobile Apps Type, By Regional Outlook and Forecast, 2022 – 2028" - https://www.reportlinker.com/p06289245/?utm_source=GNW
These requirements range from general well-being through reproductive health, which includes fertility, pregnancy, and nursing care. Maternal and child care, family planning, fertility, and menstrual cycles are among the femtech sectors, but so are other biological devices and applications that deal with invasive reproductive health.
Companies of smart wearable gadgets and advanced mobile application developers are combining their unique product development tactics to better serve women’s health demands. Female users can effortlessly track their health and wellbeing, obtain instructional content on a variety of health topics, and take an active role with female communities or healthcare experts using various applications and devices (wearable and non-wearable). Natural Cycles, for example, received FDA approval and authorization in July 2021 to use body temperature data acquired by smart wearables, such as the Oura smart ring, to assess a woman’s fertility and manage pregnancy.
Virtual clinics like Tia, an innovative brick-and-mortar clinic like Kindbody, and direct-to-consumer prescription delivery services such as the Pill Club all make it easier for women to get care in a more convenient and consumer-centric way. Allowing for self-care: FemTech solutions such as Bloomlife’s trackers and wearables, as well as Modern Fertility’s at-home tests, are among some of the FemTech solutions which are helping women take control of their healthcare and health-related data.
The outbreak of the COVID-19 pandemic has impacted every domain of the business world. The imposition of various regulations like partial or complete lockdown, temporary ban on manufacturing units, and restrictions on imports or exports has disrupted the operations of numerous verticals. On the other hand, the digitalization across industries has witnessed a rapid pace, which is further contributing to the demand for numerous advanced solutions and applications like femtech. Pharmaceutical and biotech businesses, in collaboration with governments around the world, are working to combat the COVID-19 outbreak, from vaccine development to pharmaceutical supply chain planning.
Market Growth Factors
Growing cases of lifestyle diseases among women would augment the market growth
COVID-19 has had a major positive impact on the Femtech market as a result of various lifestyle disorders affecting women’s health. During the pandemic, women’s health concerns grew, including reproductive disease, mental health, and a greater risk of acquiring metabolic syndrome and other chronic diseases as a result of changing lifestyle patterns. Miscarriages, stillbirths, and birth problems are common throughout pregnancy, leading to worry, melancholy, and hormone imbalance.
Increasing adoption of digital healthcare solutions
The increased demand for egg freezing, embryo screening, fertility, and other services has resulted from the breakthrough femtech solutions. In addition, the development of wearable gadgets to track and monitor patient well-being will boost usage in the future years. The availability of such technologically advanced gadgets would compel key market players to introduce innovate solutions and applications in the market, which offers better care for women. Along with that, the growing investment by the governments across nations in the advancements of the healthcare system would boost the demand for these solutions.
Market Restraining Factors
Dearth of awareness about femtech products & solutions among women living in remote areas
Despite all of the advances achieved in the digital world, femtech still confronts numerous hurdles. In comparison to women living in rural & remote locations, women in metropolitan areas tend to have access to the internet and mobile phone coverage. It is far easier to reach educated people who are more open to change than it is to reach the bulk of population who lack access to education and hence are unable to accept the rapid changes that are occurring. New-age, female-oriented digital health enterprises must mobilise efforts to reach out to women in the general population.
Product Type Outlook
Based on Product Type, the market is segmented into Wearables and Mobile Apps. Based on Mobile Apps Type, the market is segmented into Fitness & Nutrition, Menstrual Health, Fertility Management/ Assisted Reproductive Technology Apps, Pregnancy Tracking & Postpartum Care, Menopause, Disease Management, and Others. The wearables segment recorded the highest revenue share in the femtech market in 2021. It is due to the increasing health awareness among women and the rising cases of women’s health condition. In addition, the growth of this segment is being fueled by a shift toward value-based care and a consumer-driven paradigm. Furthermore, as the population focuses more and more on self-health care, wellness, and digitalization, wearable technologies are evolving and serving as a crucial tool. Wearables are projected to grow in popularity due to rapid developments in design. Some of the biggest advancements in wearable technology include cloud synchronisation, predictive analytics, and gamification.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America emerged as the leading region in the femtech market with the maximum revenue share in 2021. It is owing to the swift pace of digitalization of healthcare products and solutions across various nations of the region. The expansion of the North American femtech market is predicted to be driven by increasing usage of smart wearable devices and mobile health applications for health tracking, as well as rising health consciousness and awareness and a shift toward preventive care. Furthermore, favourable government initiatives, rising healthcare IT investment, and the advancement of digital health infrastructure are all boosting market expansion
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC, HeraMED Ltd., iSono Health, Inc., Clue by Biowink GmbH, Chiaro Technology Ltd., Natural Cycles USA Corp., Flo Health UK Limited, Glow, Inc., and Withings France SA.
Strategies Deployed in Femtech Market
Mar-2022: Elvie, a subsidiary of Chiaro Technology Ltd., introduced Elvie Stride Plus, featuring a new breast pump, Elvie Stride, along with a 3-in-1 Carry Bag. Elvie Stride Plus would offer more women access to its advanced breast pumping solutions.
Jan-2022: Withings launched its Body Scan in-home connected health station smart scale platform. The Body Scan include various things beyond weight management to provide a way for customers to take proactive control over their health with segmental body composition, heart rate, and vascular age monitoring.
Aug-2021: Clue formed a partnership with L’Oréal, a French personal care company. This partnership aimed to strengthen knowledge of the relationship between skin health and the menstrual cycle. This collaboration bridges L’Oréal’s historic skincare expertise and beauty-tech ambitions with Clue’s leadership in reproductive health and data-driven technology.
Jul-2021: Natural Cycles received approval from FDA to combine third-party thermometers including consumer wearables into its app to assist pinpoint a customer’s fertility status. Body temperature would be a component of Natural Cycles’ calculations from the beginning of its launch in the market.
Jun-2021: Glow unveiled its erotic app for Android and Apple devices. Through this app, Glow would seek to improve sexual wellness via guided meditation soundscapes developed to ignite the imagination.
Mar-2021: Clue got clearance from the Food and Drug Administration for a digital birth control function. This function would assist users to prevent pregnancy based only on the start date of a user’s period. It also evaluates the window where someone would get pregnant based on statistical modeling.
Dec-2020: HeraMED came into a partnership with Teleperinatal, a maternity telehealth service. This partnership aimed to implement the HeraCARE mobile maternal care app and the HeraBEAT smart fetal HR monitor, within an initial paid pilot for six months.
Jul-2020: HeraMED extended its collaboration with Mayo Clinic, a nonprofit American academic medical center. The extended collaboration would provide patients utilizing the HeraMED platform access to Mayo’s library of educational content while Mayo’s clinicians study the deployment of its HeraCARE platform.
May-2020: Fitbit, a Google company, acquired Twine Health, an innovative, proven health coaching platform. This acquisition aimed to expand the reach of Fitbit into healthcare and lay the foundation to expand its portfolio to health plans, health systems, and self-insured employers, along with opening the opportunities to boost subscription-based revenue.
May-2019: HeraMED signed a Memorandum of Understanding (MOU) with IBL Holding, an Israel-based company with established retail partners in Mexico. This MoU aimed to progress a pilot trial to sell HeraBEAT medical grade fetal heart rate monitors in Mexico.
Aug-2018: Natural Cycles received approval from FDA for its Natural Cycles, an app that claims to be able to help prevent pregnancy. Through this approval, the government agency would establish criteria and guidelines, which would pave the way for a new category of apps that are utilized as digital contraception.
Aug-2018: Elvie, a subsidiary of Chiaro Technology Ltd., entered into a partnership with the UK’s National Health Service. Through this partnership, Elvie’s device would be available across the nation via the country’s free-at-the-point-of-use healthcare service so at no direct cost to the patient.
Mar-2018: Fitbit, a Google company, introduced the Versa, a woman-focused smartwatch. The waterproof Versa would calculate heart rate, carry on the usual fitness tracking metrics, and allow women to monitor their menstrual cycle.
Scope of the Study
Market Segments covered in the Report:
By Product Type
• Mobile Apps
o Fitness & Nutrition
o Menstrual Health
o Fertility Management/ Assisted Reproductive Technology Apps
o Pregnancy Tracking & Postpartum Care
o Disease Management
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Google LLC
• HeraMED Ltd.
• iSono Health, Inc.
• Clue by Biowink GmbH
• Chiaro Technology Ltd.
• Natural Cycles USA Corp.
• Flo Health UK Limited
• Glow, Inc.
• Withings France SA
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