what is femtech, femtech

What is FemTech? Exploring the Revolution and Impact

The term “FemTech” emerged in 2016, co-founded by Danish entrepreneur Ida Tin, the mind behind the women’s menstruation tracking app, Clue. This term quickly gained popularity in the healthcare industry, evolving over the years to encompass a broad range of technology-based products and solutions tailored for female consumers. Let’s delve into the women’s health and technology revolution, its driving forces, and its transformative impact on women’s health.

What Sets It Apart?

FemTech companies are primarily technology-driven and consumer-centric entities, offering solutions to issues related to women’s health, excluding biopharma and incumbent medical devices. Recognising the immense business potential in women’s health, with around 80% of health and wellness product consumers being women, FemTech focuses on empowering women as primary healthcare decision-makers for themselves and their families.

Areas of Focus for FemTech Companies

The core mission of FemTech companies is to develop innovative solutions for diverse areas, including fertility, maternal health, menopause, menstrual health, pelvic and sexual health, and contraception. Additionally, these companies address conditions that affect women differently than men, such as osteoporosis and cardiovascular disease.

what is femtech, femtech,
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Market Size and Growth Predictions

McKinsey & Company estimates the current FemTech market size to be between $500 million and $1 billion, with projections for further growth. Factors such as increased public awareness, the emergence of new companies, regulatory supportive services and fund availability contribute to the surge in healthcare product production, particularly those designed for women.

Impact on Healthcare: Disrupting the Norm

While the FemTech revolution is in its early stages, it has the much needed potential to disrupt the healthcare industry. Companies like Tia and The Pill Club leverage technology to provide consumer-centric access to care, breaking the stigma surrounding menstrual and sexual health and promoting open discussions on less-discussed topics.

Leading FemTech Companies: Pioneers of Change

PitchBook Data Inc. reveals that over 70% of FemTech companies are founded by women. As of January 2022, 821 companies lead the FemTech space, attracting around $16.24 billion in investment from 2,819 investors. Notable FemTech leaders include Flo Health, Clue, Progyny, Natural Cycles, and Maven Clinic.

what is femtech, femtech,
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What is FemTech? A Closer Look at Key Players

  • Flo Health: A menstrual tracking app with over 200 million users, integrating machine learning for accurate period prediction.
  • Clue: A mobile fertility tracking app with over 12 million users globally. Recently partnering with L’Oréal to explore the connection between skin health and menstrual cycles.
  • Progyny: The first fertility benefits company collaborating with employers to provide fertility benefits to employees. Serving women and LGBTQ+ community members.
  • Natural Cycles: The first FDA-approved birth control app providing tailored insights based on an individual’s unique menstrual cycle pattern.
  • Maven Clinic: A virtual clinic offering services to women and families. Extending its support beyond maternity care to meet women’s needs at different reproductive stages.

As the FemTech industry continues to evolve, it shapes a more inclusive and gender-aware healthcare system. The new women’s health and technology industry offers innovative solutions and works to transform societal perspectives on women’s health, opening up the landscape for innovation and entrepreneurship.