Everything You Need to Know About FemTech
FemTech is a space targeting women’s needs. This can be easily established from how it is coined. It can be construed to mean female technology and was coined by Ida Tin, a Danish entrepreneur, in 2016. It has revolutionized medicine and technology, which were mainly focused on men’s needs while ignoring women and expecting them to adapt.
You could see this from simple things, such as fitness trackers which use men’s averages for comparison, completely ignoring women. It was a wave that saw the investing in healthcare solutions targeting women and taking account of their needs.
Therefore, FemTech is concerned with creating beneficial tools for women and innovating products that practically meet women’s needs.
Areas Addressed by FemTech
FemTech primarily addresses women’s health and therefore revolves around fertility solutions, period-tracking apps, pregnancy, nursing care, reproductive system health care, and overall women’s sexual wellness.
FemTech is made up of any digital or standard health tools that are aimed at enhancing women’s health. These range from wearables, mobile apps, digitally connected devices, hygiene products, and period trackers.
FemTech. is not just an app or software but also a movement. Various perspectives have supported the growth of FemTech. As more women held tech roles that are usually held by men, awareness of health issues that principally touch women is enhanced. The focus of global healthcare providers has always been to expand tactics that improve penetration into middle and low-income countries.
FemTech Companies and Their Contributions
It is worth noting that several FemTech companies have come up over time to help transform women’s healthcare and make it more accessible. They offer a variety of products all over the world with that similar aim.
These include companies that develop period and fertility trackings apps such as Clue, Glow, Cycles, My Calendar, Life, Forte Medical, Lady Cycle, Flo, and others. It is also made up of companies that offer services such as egg freezing, IVF, and medical treatments. These include Univfy, Apricity, Prelude Fertility, and Progyny.
Others include Nurx, which offers a telemedicine service aimed at prescribing birth control for women via an app to prevent long journeys to the doctor. The pills are delivered at the comfort of their home.
Twentyeight health also operates under the same framework but improves it even further by giving resources to underserved women and Medicaid individuals. Another critical company is Gennev, which is concerned with menopause issues in women.
Other players produce internet-connected medical devices paired with mobile apps to track different data. A good example is Elvie and Willow, which came up with the wearable breast pump. This Elvie breast pump connects to an app. Other related inventions from this company include a Kegel tracking device.
Through different players’ efforts, a 2-in-1 fertility tracker was launched recently, which senses electrolyte levels of cervical fluids and thus assists in pelvic floor exercises. Lioness, a key player of FemTech, recently unveiled a smart vibrator that uses biofeedback to help people learn more about their bodies.
Other significant members include JoyLux, a company that creates medical and feminine wellness devices. L and Flex offer better alternatives to standard tampon and condom products. Thinx came up with reusable underwear that absorbs menstrual blood, therefore keeping women comfortable during their cycle.
We have to mention Natural Cycles, which was the first company to officially market its app as digital contraception in the European Nation and the United States shortly. FemTech companies are making great strides at revolutionizing healthcare and general welfare for women.
FemTech Growth and Evolution
FemTech is a billion-dollar industry, which is impressive given that it has not been around for long. However, there has been an ensuing debate over time about what is included in the term FemTech. Shouldn’t it go beyond ordinary reproductive health and try to be more inclusive?
All in all, you have to accept that this terminology has offered the level of visibility desired for concepts and issues that have been overlooked over time. It has created the best reference for a company that purely deals with women’s health and wellness thanks to software, diagnostics, products, and tech-enabled services.
FemTech companies have started entering different domains, expanding beyond the standard healthcare niche. Some of these new fields include workplace regulations, fighting against gender biases, and pushing for state regulation.
You should also expect FemTech companies’ increased involvement in the LGBT Space in a bid to enhance inclusivity. A good example is Queerly Health, a digital health company fighting for access to LGBTQ+ health services. It was first launched in NYC to link LGBTQ+ providers with gay women, trans, and other sexually enlightened individuals.
FemTech has managed to grow thanks to unwavering support by given founders, investors, and leaders. Frost and Sullivan estimate that FemTech will be a consolidated $50 Billion industry by 2025. This will, in return, improve the life and welfare of millions of women worldwide. One of the areas that FemTech deals in is the Fertility space, which Data Bridge predicts will clock $41 billion in sales by 2026. This is a rise of $16 billion from 2019.
With more investors injecting funds into different products, you can be assured that this industry will grow tenfold. These include Peanut, a social network for mothers, which injected a tune of $5 million and launched a site primarily designed for women trying to conceive.
FemTech companies have also managed to create a perfect menstrual wellness management system that keeps growing, thanks to different inventions such as the reusable underwear that absorbs menstrual blood, keeping women comfortable during their periods.
In 2019, FemTech hit and surpassed a total of $1 Billion funding in a record four years. This should serve as a prophecy on how big this space will grow shortly. With most companies joining the space and coming up with inventions targeting women’s health, you can rest assured that FemTech will forever be on an upward spiral.
FemTech has recorded impressive growth over the years. It still shows great potential thanks to the multitude of investors injecting funds and companies joining the space.