Femtech Market is expected to reach US$ 22.29 Billion by 2028

Advanced Technological Solutions For Precise Treatment is Catalyzing Growth of Femtech Market

According to our latest market study on "Femtech Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and End User," the market is expected to grow from US$ 12.65 billion in 2022 to US$ 22.29 billion by 2028, with an estimated CAGR of 9.9% from 2022 to 2028.

Femtech is a terminology that includes diagnostic tools, products, services, wearables, and software that use technology to address women's health issues, including menstrual health, reproductive health, sexual health, maternal health, and menopause. Advancements in product development technologies have improved its potential in basic research and clinical applications. Moreover, a number of femtech services are available with numerous applications. With effectiveness in disease diagnosis and treatment, the market will witness lucrative growth during the forecast timeframe. Initiatives taken by governments to increase awareness about women’s health and advanced technological solutions for precise treatment will impel the market expansion. In addition, major healthcare players are emphasizing on creating product pipelines using digital technology. Also, companies are majorly investing in R&D to develop innovative products for providing better solutions to women. These above-mentioned factors are catalyzing the Femtech market growth in the current times and are also foreseen to drive the Femtech market through 2028.

Growing health consciousness among the female population and normalizing and proactively addressing women’s health issues are contributing to the market growth. Increase in disposable income, digital literacy, smartphone penetration, internet connectivity, digital health infrastructure, and the emergence of startups focusing on women’s health present lucrative opportunities to new and existing market participants. The growing availability of smart wearable devices is contributing to market growth.

Health tech developers and investors are capitalizing on untapped opportunities and funding innovative product development strategies to address women’s health issues. For instance, in 2020 HeraMED announced a partnership with eCare21, a leading virtual care platform, to integrate its heartCARE & heartBEAT products with the eCare21 platform. This has enhanced the product portfolio and development capabilities of the firm. In addition, In 2020, according to McKinsey Insights, around 45 to 50 new women’s  health start-ups were founded, and these start-ups raised approximately US$ 2.5 billion in 2020–-2021. This signifies growth in the FemTech market, thereby presenting potential growth opportunities for businesses in the coming years.

Manufacturers of smart wearable devices and developers of advanced mobile applications are integrating their innovative product development strategies to efficiently utilize resources serving women's health needs. Through these applications and devices (wearable and non-wearable), female users can easily track their health & wellbeing, receive informational content on multiple health queries, and actively engage with female communities or healthcare professionals. For instance, in July 2021, the U.S. FDA approved and gave clearance to Natural Cycles to use body temperature data readings collected by smart wearables, such as Oura smart ring, for assessing a woman’s fertility and managing pregnancy. Thus, this parameter has been bolstering the growth of the Femtech market in the current scenario.

Players that are integrating the period and fertility tracking mobile apps and devices are Natural Cycles & Oura smart ring, AVA Fertility Tracker wearable and AVA Fertility Tracker application, Google, and Fitbit, among others. App and device combination is mainly offering period cycle tracking, fertility & ovulation management, menstrual health management, and pregnancy care management solutions. Through these innovative solutions, the market players focus on improving user engagement and desired outcomes among female users. The societal shift toward normalizing women’s health issues and actively addressing them through different digital health technologies is boosting the market growth. Customized health approaches allow women users to better understand their bodies and prioritize their health issues in an appropriate manner.

The Femtech market experienced a significant positive impact of COVID-19 as several lifestyle diseases affected women's health. During the pandemic, women faced the increasing concern of health conditions such as reproductive disease due to changed lifestyle habits, mental health, high risk of developing metabolic syndrome, and other chronic diseases. In pregnancy, mainly miscarriages, stillbirths, and birth complications arose, leading to anxiety, depression, and hormonal imbalance. Thus, with growing health concerns, coupled with restrictive guidelines during the pandemic, industry leaders developed innovative software, services, and products with the use of digital technology to reach remote areas across the world. The new generation services provide remote healthcare services to healthcare professionals in hospitals, fertility clinics, and diagnostic centers, as well as to patients remotely.

The Femtech market report summarizes detailed information by top players such as Athena Feminine Technologies, Inc., NUVO Inc., Sera Prognostics, Inc., HeraMED, iSono Health, Inc., Babyscripts, Chiaro Technology Ltd and Elvie, Lattice Medical, Thinx, Inc., and Minerva Surgical, Inc. Several other major companies were studied and analyzed during this research study to get a holistic view of the Femtech market and its ecosystem.

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