The pandemic has revealed the glaring gaps in women’s healthcare and emphasized the need to build a more equitable system. This International Women’s Day, Frost & Sullivan acknowledges the role played by female technology (femtech) solutions in eliminating the differential access to healthcare and helping to #BreaktheBias.
The global femtech market reached $707.6 million in 2021 and is expected to hit $1.15 billion by 2025, driven mainly by the demand from fertility, menopause and geriatric care. While the older demographic will be the largest market for this segment, the younger population is expected to drive the general health & wellness segment and embrace new technologies more enthusiastically.
Frost & Sullivan’s research, The COVID-19 Pandemic and a Rising Focus on Women’s Untapped Healthcare Needs are Transforming the Global Femtech Solutions Industry, provides a comprehensive analysis of the factors impacting women’s healthcare in a post-COVID world.
“The push toward personal health and wellness has opened up the market to tech giants such as Apple and Fitbit that introduced menstrual cycle tracking solutions. There will also be a significant market for medtech companies that can offer solutions for under-addressed health issues related to fibroids, thyroid, and endometriosis,” explained Suchismita Das, Industry Analyst, Healthcare & Life Sciences at Frost & Sullivan. “With more women entering the workforce, there has been a clear focus on advancing femtech. Over the next two to four years, there will be a rapid increase in government initiatives and reimbursement policies aimed at this demographic.”
Das added: “Meanwhile, emerging technologies such as AI, machine learning, 3D printing, 3D sensors, enhanced imaging, and screening solutions are expected to accelerate the use of telehealth and remote monitoring solutions. Innovations in solutions, devices, and services will prompt further advances in the femtech industry and support the delivery of convenient, hyper-personalized care.”
Overall, to thrive in a post-pandemic marketplace and offer women superior healthcare, solution providers need to harness the following growth opportunities:
- Offer affordable and personalized care: Holistic, personalized care, curated programs, specialized services, and personalized plans will help women better handle under-addressed chronic health conditions.
- Review predictors of future health: Health tech companies can leverage big data and analytics to identify women’s health trends and create databases. By adopting precision health, they can ensure better disease prediction, prevention, treatment, and management.
- Create greater awareness around menopause: Femtech companies should start addressing the symptoms of menopause in innovative ways to assure an improved quality of life for older women.
- Develop AI-enabled cancer care solutions: Medtech companies can aid early prediction of cancer and clinical management through chemotherapy, surgery, or other interventional solutions.
- Target the employer health insurance market: Partnerships between femtech start-ups and employer health insurance providers can be a viable option to address the needs of female employees.
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