In 2024, technological advancements are changing the landscape of every industry. With increased tech adoption across the board, no business can forego the pressure to digitise.
One area that is being transformed by this surge of technological innovation is the market catering specifically towards women's daily needs. This market, often referred to as FemTech, is reshaping women’s understanding of their daily habits, bodies and health.
The latest report published by McKisney examining the $1.8 trillion global wellness market, highlights women’s health as a key area of growth for technological advancement. In fact, this market has already seen tremendous growth, with more than 60% of women’s health-focused companies founded in the six years leading up to 2022.
Despite challenges in securing funding, the FemTech space presents fertile ground for innovation and investment. Today, this area only receives a fraction of biopharma research and development funding, around 4%.
That is why this underserved market holds immense potential for transformative solutions.
FemTech Advancements: Empowering Women Through Data and Accessibility
As technology becomes more affordable and readily available, women are gaining access to valuable health data and tools that contribute to longer and healthier lives. From innovative apps to convenient at-home testing devices, and the rise of telehealth services, women are gaining greater clarity and control over their health.
Below we delve into a few of the amazing ways tech is helping women gain a better understanding of their bodies and health.
Remote Health Monitoring
The COVID-19 pandemic accelerated the adoption of remote healthcare, transforming how doctors engage with patients. Portable monitoring devices, including ultrasounds, facilitate easier communication between pregnant women and healthcare providers, offering cost-effective alternatives to traditional in-office visits.
Mobile applications further streamline access to remote consultations and appointment reminders, particularly benefiting women in rural and underserved areas. Real-time analytics provided by biometric technology offer invaluable insights into patients' vitals, especially for women managing chronic conditions.
Insight Into Menstrual Cycles
Cutting-edge apps like Clue, boasting over 10 million daily active users, gather crucial data on women's health, particularly menstrual cycles. These platforms provide unprecedented insights into hormonal patterns, empowering women with previously inaccessible knowledge.
Aiding Pregnancy and Fertility Journeys
Significant advancements have been made in the fertility and pregnancy sector, with applications like Natural Cycles using daily temperature tracking to help women understand their reproductive cycles. At-home test kits monitoring hormone levels can facilitate conception and aid in managing conditions like PCOS.
Promoting Healthy Living and Nutrition
The wellness market is experiencing a surge in interest, with a focus on preventative products promoting healthier lifestyles. Supplements, one of the key products within this market, have a market value of $177 billion in 2023.
While supplements tailored specifically for women remain underrepresented, companies like Needed are reshaping the landscape. Needed, a US-based supplement company dedicated to enhancing women's nutrition throughout their conception and pregnancy journey, secured an impressive $14 million in funding in 2023, reflecting investor enthusiasm for this underserved market.
The Future of Femtech: Anticipated Expansion
McKinsey's recent report predicts the FemTech market to range from $500 million to $1 billion, with forecasts indicating potential double-digit growth opportunities.
Within the realm of digital health, FemTech companies currently receive only 3% of total funding, highlighting significant potential for expansion and market penetration. Presently, these companies primarily concentrate on maternal health patient support, consumer menstrual products, gynaecological devices, and fertility solutions. However, numerous untapped areas exist where products tailored to women are lacking.
Innovative enterprises aiming to capitalise on this underserved market can seize opportunities to address gaps not yet covered by traditional biopharma and biotech solutions. McKinsey's illustrative chart (see below) highlights various sectors within FemTech that remain largely untapped.
The Future of FemTech
As FemTech continues to evolve, it's reshaping women's healthcare delivery. With unprecedented innovation on the horizon, what's next for FemTech?
Personalisation on the Rise
Similar to trends in other industries, the demand for personalised goods and services is growing. Advancements in Artificial Intelligence are set to provide women with tailored data and solutions for their health needs. With menstrual cycles and fertility apps already gathering vast amounts of data, the future promises even deeper insights into how women's unique cycles impact their daily lives.
Wearable Technology Trends
The popularity of wearable technology is on the rise, with a significant portion of US consumers using devices like smartwatches and fitness trackers to monitor health metrics. Innovations like Samphire Neurosciences' Nettle, designed to alleviate PMS symptoms, and Garmin's Lily 2 smartwatch, with features like menstrual cycle tracking, are catering specifically to women's health needs.
As wearable technology becomes more affordable and accessible, businesses entering this underserved market can expect significant returns on investment.
An Opportunity-Rich Landscape for Innovation
Examining the current FemTech market, it's evident that while this sector is gaining increasing attention, there remains vast potential for disruption and expansion.
At Deazy, we enable businesses to seize the opportunity for innovation in the FemTech sector. From initial scoping and discovery of product-market fit to the development of minimum viable products (MVPs) and ongoing technical support, our team is ready to collaborate with forward-thinking visionaries.
How do we accomplish this? Instead of relying on a freelance database, we've cultivated close relationships with over 85 vetted delivery partners, establishing a robust tech talent pool. Working in tandem with our in-house team, who have gained valuable insights from collaborating with leading brands in menstruation and hormonal health, we oversee every aspect of your digital product delivery.
Whether you're interested in building a dedicated development team specialising in FemTech or simply need additional developers to augment your existing team for faster results, we're here to help.
If you're aiming to shape the future of FemTech and dive into a market brimming with innovation opportunities, don't hesitate to schedule a call with one of our team members today!
