THE RISE OF FEMTECH
It’s about time
In the past few years, the technology industry has seen an increase in health technology that focuses on women’s wellness. This growing intersection of health and technology is known as femtech.
What is Femtech?
We have Ida Tin, the founder of the period tracking app Clue, to thank for the term “femtech”. It stands for female technology and refers to tech solutions that enhance women’s health in areas such as pregnancy, sexual wellness, reproductive system, menstruation, and much more.
When the femtech industry first started taking off, it was mostly period and fertility apps and while they still account for more than 50% of the market today, the industry has since grown to include issues that deal with women’s general wellbeing.
How big is the Femtech industry?
There are currently a few hundred startups in the femtech market, and the femtech industry is primed to grow rapidly.
The future of femtech
While the femtech industry is burgeoning, it’s still very underfunded at the moment. The femtech industry generated $820.6 million in worldwide revenue in 2019 and received $592 million in venture capital investment. But in comparison, Uber raised $8.1 billion alone in an IPO that same year.
Nevertheless, the future of femtech is bright. The industry is predicted to grow significantly in the coming years. Women represent half of the population yet the number of apps, brands, and technology that cater to female health needs is currently only a small slice. The need is there, especially when you consider that women spend an estimated $500 billion annually on medical expenses. It’s estimated that by 2026, the fertility industry could reach $41 billion in sales. Experts predict that the femtech industry will continue to grow in size with more and more funding and investments.
But beyond that, femtech is more than just a market, it represents a movement, a shift in the status quo. The femtech industry leverages technology to help educate and destigmatize issues that were previously taboo to talk about for girls and women everywhere. And with this wave of femtech, more women are taking up tech and leadership roles that were traditionally held by men. In addition, female representation is also increasing in clinical trials, leading to more education and information around women’s physiology.
Femtech brands to check out
Clue allows women to track their periods, identify patterns, predict future symptoms, and much more.
Elvie uses smart technology to improve women’s lives. Their products include the first silent, wearable breast pump and pelvic exercise trainer and app.
A start-up based in Tel Aviv, MobileODT uses smartphones and AI (artificial intelligence) to screen for cervical cancer, reducing the time of diagnosis significantly.
Natural Cycles helps track and analyze your fertility cycle to let you know when you can or can’t get pregnant.
A full-scale digital health platform, Grace Health is a mobile app that features an intelligent chatbot for women in emerging markets to track and monitor their health.
A monthly subscription, Blushh is a sensual audio app with intimate and immersive audio stories, as well as tips and guides.
Representing the new wave of sexual wellness products, Dame Products designs innovative products that provide both education and pleasure in the bedroom.
Resource and digital community to empower women to understand and manage their hormone health and fertility.
Flushable, plastic-free, and biodegradable, Lia’s pregnancy tests address privacy, usability, and sustainability challenges with traditional options.
Used for both maternal and infant health, Mahmee helps provide new moms with data-driven care coordination and personalized support.
For more femtech and health tech start-ups, check out Forbes’ round-up.