Femtech, which comes from “female technology”, is a term used since 2013 to define companies that develop solutions for problems related to female health and well-being through technology. The concept was created by danish entrepreneur Ida Tin, founder and CEO of one of the first and biggest femtechs in the world. Her sucess is a good example of what are femtech startups and why this is a promising market.
This specific market has evolved a lot since the term femtech started to be used in 2013. It is becoming bigger as new and innovative solutions that support women’s health and well-being continue to emerge. The services and products these companies offer come to help make women’s lives easier in many different areas, but one in particular stands out: Healthcare.
Femtechs and Healthcare
Even though healthcare is not an exclusive, nor the only, concern for women, it is in this industry that the majority of femtechs are established. A lot of the products that can be found are, for example, at-home fertility testing kits and feminine hygiene products. In addition, there are also services like apps for periods, pregnancy and breastfeeding monitoring, which represent 40.2% in the whole femtech industry.
The fact that these companies have found, and are still finding, a big gap to be filled in this particular area is not really surprising though. Women are known to pay more attention and care more for their health than men, so offering these specific products and services is kind of a natural step for femtech founders. Not surprisingly, basically all of these founders are women who have felt, or witnessed, firsthand the need for what they now offer into the market.
Another thing that helped boost this sector was the increased need, during this pandemic, for services or systems to help women access remote healthcare. Whether pregnant or not, looking for fertility options or not, the demand for femimine-specific remote healthcare was amplified, and technology helped.
The potential of femtech startups
Women are half of the world population, and a huge part of the working population as well. They hold a decisive economic power, which gives the femtech market an immense potential. Until 2027, the biggest portion of the demand is expected to keep coming from direct consumers, in a Business-to-Consumer (B2C) approach. But the expectation is that these technologies will start being implemented in hospitals and fertility clinics for example, causing a shift to a more Business-to-Business (B2B) approach.
Femtechs are mostly focused on female healthcare now, as previously mentioned, but this does not define what femtech startups are. These startups will definitely not be confined to only one industry, and there will be plenty of opportunities and growth in the next few years. As a company with a deep passion for technology and innovation, as well as a specialized Healthcare team, we are eager to be a part along with our clients on this certain growth.