Wearables and mobile health drive femtech growth
- October 29, 2024
- Steve Rogerson
The femtech market is set to expand from $55.6bn in 2023 to $125.35bn by 2032, with a CAGR of 9.47%, according to SNS Insider, mostly due to the soaring adoption of mobile health applications and wearable devices.
Femtech refers to the entire spectrum of technologies that seek to serve the health needs of women, from issues about reproductive health to management during pregnancy and menstrual health. Demand for femtech is increasing because women are, says the report, becoming increasingly health conscious about issues uniquely affecting them, and the awareness is driving demand for technology for health monitoring and wellness.
Mobile health applications, wearable devices and digital platforms are being developed at a fast pace to drive this market. Furthermore, there has been increased spending on research and development in women-centric healthcare.
Key femtech market players include Chiaro Technology, HeraMed, Natural Cycles, Bloomlife, ISono Health, Allara Health, Syrona Health, Sirona Hygiene, Flo Health, Glow, Samplytics Technologies, Nuvo and Athena Feminine Technologies.
Devices account for 33.2% of the revenues generated during 2023, and are likely to grow at the highest rate in the forecast period. The advantage of wearable devices is they make it easier and flexible for women to manage their health through smartphones. Enhanced appealability comes with features such as wireless connectivity and the fact that they last longer. This popularity might continue, as growth in the use of fitness trackers and smartwatches is expected.
The software segment also holds promise and is expected to achieve significant growth within the next couple of years, primarily due to the growth in preventive healthcare and a high penetration of smartphones. Novel applications are being designed that will assist a woman in navigating her healthcare journey effectively. For example, Guidea introduced Femovate, a UX design programme for early-stage femtech start-ups to help build products that are more usable and accessible for women’s health.
Companies are focused on developing applications that support women during pregnancy and postpartum stages, including mobile applications that track pregnancy progress and provide mental health resources. An example is the Janam app that launched in October 2023 and supports south Asian women through multilingual pregnancy care.
The coming years will witness the fastest growth in the menstrual health area based on the increased attention from women seeking tools for menstrual hygiene management and awareness about reproductive health.
North America holds the largest share of the femtech market with a strong focus on the innovation and investments put into the development of women’s health technologies. Femtech has a major chunk of companies located in the USA, with thousands of start-ups and established companies operating in this space with good venture capital investments. Examples include Clue, which is a menstrual tracking application, and Modern Fertility, offering hormone testing for fertility at home.
The fastest growth is happening in the Asia-Pacific region, with a growing aware and middle-class population. Issues related to women’s health are also surfacing in countries such as India and China. Support is provided by rising smartphone penetration and improved internet connectivity.
More on the report can be found at www.snsinsider.com/checkout/2691.