The femtech 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.
The demand for medical devices used in the female health industry has been flourishing rapidly. The demand for technologically advanced femtech products has been substantially growing. The global femtech industry players are experiencing higher demand for medical devices post-pandemic. Growing availability of smart wearable devices and rising government initiatives to raise awareness about women's health will foster the global femtech market growth through 2028.
Health tech developers and investors are capitalizing on untapped opportunities and funding innovative product development strategies to address women's health issues.
Key Development Trends:
- 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 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.
- Digital health start-ups focused on women observed an increase in funding by around 105% in 2020. This signifies growth in the FemTech market, thereby presenting potential growth opportunities for businesses in the coming years.
- In 2019, Grove collaborative acquired Sustain Natural, a leading company in natural sexual wellness products. This strategy fortified the firm's product portfolio and market position.
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 nonwearable), 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 US 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.
MARKET DYNAMICS
Demand for femtech products owing to the high prevalence of chronic and infectious diseases among women for precise diagnostics and treatment spurs the market growth. Advancements in women's health products such as fitness trackers, wearables, exercise products, and women's hygiene products will influence the market expansion. Innovation through smart medical products is driving the market. The companies are mainly focusing on the development of ground-breaking solutions for female health and wellness. The products assist women's health during pregnancy by using technological solutions. Competitive leaders investing iadvanced technology are offering diverse products for major applications.
MARKET SCOPE
The "Global Femtech Market Analysis to 2028" is a specialized and in-depth study of the Femtech market with a special focus on the global market trend analysis. The report aims to provide an overview of the Femtech market with detailed market segmentation by type, application, and end user. The global Femtech market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading market players and offers key trends and opportunities in the femtech market.
Strategic Insights
MARKET SEGMENTATION
The global Femtech market is segmented based on type, procedure, and application. Based on type, the market is segmented into devices, software, and services. In terms of application, the market is segmented into reproductive health, pregnancy and nursing care, pelvic and uterine healthcare, and general healthcare & wellness. Further, based on end user, the market is segmented into hospitals and fertility clinics, diagnostic centers, homecare settings, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It provides overview and forecast of the global Femtech market based on various segments. It also provides market size and forecast estimates from 2020 to 2028 with respect to five major regions—North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA). Each region's Femtech market is later subsegmented into respective countries and segments. The report covers analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in all the region.
From the regional perspective, North America dominated the Femtech market with ~40.5% market share in 2021. The dominance can be attributed to the growing availability of smart wearable devices. Key femtech product manufacturers in the region include 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. These suppliers witness constant demand from hospitals & fertility clinics, diagnostic centers, and homecare settings. The below figure showcases the revenue growth trend in the global femtech market:
Source: The Insight Partners Analysis
The report analyzes factors affecting Femtech market from both demand and supply side and further evaluates market dynamics, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive Porter's five forces analysis highlighting the factors affecting the Femtech market in all the global regions.
IMPACT OF COVID-19 PANDEMIC
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.
MARKET PLAYERS
The reports cover key developments in the Femtech market into organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and patents and events. Inorganic growth strategies witnessed in the market were acquisitions and partnerships & collaborations. These activities have paved the way for the expansion of business and the customer base of market players. The market players in the Femtech market are anticipated to have lucrative growth opportunities in the future with the rising demand for femtech products and services. Below is a list of a few companies engaged in the femtech market.
The report also includes the profiles of key femtech market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years.
- Athena Feminine Technologies, Inc.
- NUVO Inc.
- Sera Prognostics, Inc.
- HeraMED
- iSono Health, Inc.
- Babyscripts
- Chiaro Technology Ltd and Elvie
- Lattice Medical
- Thinx, Inc.
- Minerva Surgical, Inc.
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.