The Worldwide Femtech Industry is Expected to Reach $10.1 Billion by 2028 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Global Femtech Market Size, Share & Industry Trends Analysis Report By Product Type, By Mobile Apps Type, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Femtech Market size is expected to reach $10.1 billion by 2028, rising at a market growth of 10.6% CAGR during the forecast period.
Femtech, or women's health technology, is among the most rapidly growing and well-funded areas of digital health. Femtech is a broad term that refers to a variety of digital health applications and tech-enabled service providers that cater to women's biological needs.
These requirements range from general well-being through reproductive health, which includes fertility, pregnancy, and nursing care. Maternal and child care, family planning, fertility, and menstrual cycles are among the femtech sectors, but so are other biological devices and applications that deal with invasive reproductive health.
Companies of smart wearable gadgets and advanced mobile application developers are combining their unique product development tactics to better serve women's health demands. Female users can effortlessly track their health and wellbeing, obtain instructional content on a variety of health topics, and take an active role with female communities or healthcare experts using various applications and devices (wearable and non-wearable). Natural Cycles, for example, received FDA approval and authorization in July 2021 to use body temperature data acquired by smart wearables, such as the Oura smart ring, to assess a woman's fertility and manage pregnancy.
Virtual clinics like Tia, an innovative brick-and-mortar clinic like Kindbody, and direct-to-consumer prescription delivery services such as the Pill Club all make it easier for women to get care in a more convenient and consumer-centric way. Allowing for self-care: FemTech solutions such as Bloomlife's trackers and wearables, as well as Modern Fertility's at-home tests, are among some of the FemTech solutions which are helping women take control of their healthcare and health-related data.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has impacted every domain of the business world. The imposition of various regulations like partial or complete lockdown, temporary ban on manufacturing units, and restrictions on imports or exports has disrupted the operations of numerous verticals.
On the other hand, the digitalization across industries has witnessed a rapid pace, which is further contributing to the demand for numerous advanced solutions and applications like femtech. Pharmaceutical and biotech businesses, in collaboration with governments around the world, are working to combat the COVID-19 outbreak, from vaccine development to pharmaceutical supply chain planning.
Market Growth Factors
Growing cases of lifestyle diseases among women is expected to augment the market growth
COVID-19 has had a major positive impact on the Femtech market as a result of various lifestyle disorders affecting women's health. During the pandemic, women's health concerns grew, including reproductive disease, mental health, and a greater risk of acquiring metabolic syndrome and other chronic diseases as a result of changing lifestyle patterns. Miscarriages, stillbirths, and birth problems are common throughout pregnancy, leading to worry, melancholy, and hormone imbalance.
Increasing adoption of digital healthcare solutions
The increased demand for egg freezing, embryo screening, fertility, and other services has resulted from the breakthrough femtech solutions. In addition, the development of wearable gadgets to track and monitor patient well-being will boost usage in the future years. The availability of such technologically advanced gadgets is expected to compel key market players to introduce innovate solutions and applications in the market, which offers better care for women. Along with that, the growing investment by the governments across nations in the advancements of the healthcare system is expected to boost the demand for these solutions.
Marketing Restraining Factor:
Dearth of awareness about femtech products & solutions among women living in remote areas
Despite all of the advances achieved in the digital world, femtech still confronts numerous hurdles. In comparison to women living in rural & remote locations, women in metropolitan areas tend to have access to the internet and mobile phone coverage. It is far easier to reach educated people who are more open to change than it is to reach the bulk of population who lack access to education and hence are unable to accept the rapid changes that are occurring. New-age, female-oriented digital health enterprises must mobilise efforts to reach out to women in the general population.
Scope of the Study
Market Segments Covered in the Report:
By Product Type
- Mobile Apps
- North America
- Asia Pacific
Key Market Players
- Google LLC
- HeraMED Ltd.
- iSono Health, Inc.
- Clue by Biowink GmbH
- Chiaro Technology Ltd.
- Natural Cycles USA Corp.
- Flo Health UK Limited
- Glow, Inc.
- Withings France SA
For more information about this report visit https://www.researchandmarkets.com/r/bi6r9p
Laura Wood, Senior Press Manager
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