FemTech Market Projected to Exceed USD 127.1 Billion by 2033, Driven by the increasing focus on women’s health
The FemTech market, a sector focused on technology-driven solutions, products, and services addressing women’s health needs, has been experiencing significant growth. This expansion is attributed to various factors, including increased awareness of women’s health issues, technological advancements, and rising healthcare expenditure.
New York, Jan. 29, 2024 (GLOBE NEWSWIRE) — According to Market.us, the Global FemTech Market size is projected to surpass around USD 127.1 Billion by 2033, and it is poised to reach a CAGR of 7.9% from 2024 to 2033.
A technology focusing on development of innovative products, services and softwares to specify women’s specific health and wellness needs, is known as FemTech or Female Technology. It encircles wide variety of areas such as menstrual care, pregnancy, nursing care, women’s sexual health and reproductive health. The changing cultural attitude is one of the major contributor to the growth of the FemTech market.
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- Based on type analysis, the product segment holds a huge market revenue with the increase in usage of women healthcare products.
- The maternal health awareness leads the pregnancy and nursing care segment to enlarge the FemTech market size.
- The accessibility of consumers through online platforms, allows the FemTech companies to grasp the sky reaching growth.
- Artificial intelligence and data analytics played a signigicant role in driving the FemTech market in recent times.
- Privacy and security concern remain a major obstacle for expansion of the FemTech companies worldwide.
Factors affecting the growth of the FemTech Market
Several factors can affect the growth of the FemTech market. Some of these factors include:
- Increasing Consumer demand: The increase in consumer demand is one of the major factor affecting the growth of FemTech market. More the need of the products to maintain women health, more will be the demand and hence there is rise in the FemTech market revenue.
- Advancement in Technology: Technological advancements within the Femtech industry have led to the emergence of more efficient and sustainable production methods, further enhancing market growth.
- Shifting consumer preferences: The changing consumer needs allow the FemTech companies to make desired changes in the women health care products, hence the consumer receive broad area of choice for maintaining the health.
- Substantial Investments: Key players in the industry are making substantial investments, which are anticipated to drive innovation and fuel market expansion.
Top Trends in Global FemTech Market
The newly innovated women health care products by the major key players allow women population to maintain and track their health condition at the comfort of their homes. The invention of apps to track the menstrual cycle and ovulation provides better insights regarding reproductive health. FemTech companies are more into developing innovative solutions in order to focus on sexual health and wellness. For example, sexual wellness apps, sexual and intimacy satisfaction products and devices for strengthening pelvic floor are the major innovations helping with women’s sexual life. This integration of innovative product design strategies by application developers and smart wearables device manufacturers are providing great benefits, boosting the market rapidly.
The utility of FemTech is increasing, as the women’s health issue continue to gain prominence globally. Menstruation is being discussed freely, as women’s health issues are no longer stigmatized. Thus, developed countires are gaining wider product options by FemTech market for maintaining health of women. Unfortunately, the technology faces issues as the social stigmas encircles the women’s health in underdeveloped countries. The access towards technology by women, aid the growth of FemTech market. With the proliferation of computers and mobiles at homes, women received greater access to technology. Hence, this shows a prominent growth of the femTech industry in the upcoming period.
North America is at the forefront of global FemTech market growth. The region is accounted to hold a large market share of 29.7%, dominating the FemTech market in 2023. The conductive environment for the growth of FemTech companies in the region is by virtue of advanced technology and innovation coupled with developed healthcare infrastructure.
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Scope of the Report
|Market Value (2023)
|US$ 59.4 Billion
|Forecast Revenue 2033
|US$ 127.1 Billion
|CAGR (2024 to 2033)
|North America Revenue Share
|2018 to 2022
|2024 to 2033
The societal support and recognition towards womens health has led to a positive shift in cultural attitudes. The governmental support, initiatives from policy makers and healthcare organizations revulotionised the market creating a conductive ecosystem for the FemTech companies to thrive. Additionally, the enhancing demand for women centric healthcare products and services is a major driver for FemTech market growth. With the aid of technology and innovation, women are becoming much aware about health management and personalized care, leading to seek the technology driven ideas for maintainance of health. Thus, the growth of the FemTech market is driven by these valuable factors in recent times.
Data breaches, unauthorized access or misuse of the data is a very boorich problem related to women’s personal information. The FemTech industry can see a decline in their growth with such privacy and security concerns, as the FemTech solution deals with sensitive and personal health data. So a hesitation factors comes across by women to share their personal data deliberately, deterring the growth of the FemTech Market.
The alliances between FemTech companies, research institutions and healthcare providers results in bolstering the innovation, improving the quality and supply of healthcare products. In addition to this, the increasing awareness regarding the critical health issues affecting women has an enlarged focus on women’s health and well being. The awareness created among women provides a positive ultimatum to the FemTech companies to innovate new women healthcare products and services. This creates an opportunistic environment for the growth of FemTech companies during the forecast period.
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Report Segmentation of the FemTech Market
By Type Analysis
Based on type analysis. The FemTech market is fragmented into products, software and services. Amongst these segments, the largest revenue share of the FemTech market is currently held by the Product segment. This prominence owes to the provision of tangible health solutions and wellness needs by the FemTech companies. The innovative and user friendly products like menstrual cups, preganancy monitoring devices, menstrual care products, fertility trackers and sexual wellness products makes this segment dominant in 2023, by holding a large market share of 62.4%.
By Application Analysis
The market has wider applications in reproductive health, pregnancy and nursing, general health and wellness and pelvic and uterine care. The pregnancy and nursing care proves to be the most dominant segment of FemTech market holding a large market share of 49.5%, catering to the needs of maternal health worldwide. Fetal development tracking, vital sign monitoring, breastfeeding support, and postpartum recovery management are the areas of major focus by the FemTech companies in order to address the specific needs of expectant and new mothers.
End User Analysis
Based on end use, the market is broadly categorized into direct-to-consumer(DTC), hospitals, fertility clinics, surgical and diagnostic centres. The Direct-to –Consumer segment is anticipated to be the most dominant segment, holding a large market share of 56.4%. This dominance owes to the fact of DTC models offering enhanced accessibility, which allows the FemTech companies to reach the consumers directly aided by online platforms. This approach empowers women to take health decisions due to direct communication and trust. In addition to this, purchasing of intimate or sensitive FemTech products has become possible due to privacy and discretion factor of DTC channels which allow women to browse, research and buy the required material.
Impact of Macroeconomic factor
While pandemic hampered access to healthcare services, it has also led to accelerated demand for digital health technologies. This enabled women to access remote care and use wearable technologies to monitor their symptoms at home during lockdowns. In global data survey with 80 physicians from countries like Germany, Japan and US, 86% of the repondents stated their female patients used technology to address health conditions. This concluded that the FemTech industry grew rapidly during pandemic with the aid of online platfroms and websites, where women were much into buying the female health products at the comfort of their homes.
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Recent Development of the FemTech Market
- In December 2023, L3 Technologies Inc. made a big move by snagging Invicti Security, a top-notch app security software provider, for a cool $400 million. This not only pumped up L3’s cybersecurity game but also brought in solutions specially crafted for women’s health and safety.
- In November 2023, Nutech Company Limited rolled out “Nutech Mama,” a handy mobile app tailored for moms in rural India. Packed with AI-powered health tips, virtual doctor chats, and community forums, it’s like a personalized guide for pregnancy and childcare.
- In October 2023, and Westminster Group Plc teamed up with the femtech wizards at “Fertility Circle.” Now, they’re offering fertility preservation and egg freezing services at a discount in their clinic network. It’s a game-changer, giving more women access to vital fertility treatments.
- In September 2023, “Guardian Angel” from OD Security – a wearable panic button and GPS tracker designed with women’s safety in mind. With just one press, it hooks you up with emergency services and your trusted contacts, stepping up the game for personal security.
- Reproductive health
- Pregnancy and nursing
- General health and wellness
- Pelvic and uterine care.
By End User
- Fertility clinics
- Surgical Centres
- Diagnostic centres
- North America
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- New Zealand
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of MEA
The FemTech market is fragmented with the presence of many local and regional market players. There is intense competition among the strong market players having a brand recognition and high distribution networks.
Some of the major market key players of the FemTech industry:
- Flo Health Inc.
- Natural Cycles USA Corp
- Glow Inc.
- Clue by Biowink GmbH
- Google Inc.
- Apple Inc.
- Fitbit Inc.
- Other Key Players
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