Frost & Sullivan reported analysis on the global femtech solutions industry, which finds that the COVID-19 pandemic has led to a dramatic rise in women’s physical and mental health issues.
Frost & Sullivan continued:
While digital health solutions, now under the broader term of virtual care, received a boost, the sanitary crisis has laid bare the extent to which there is a dearth of solutions available for specific women’s health issues, such as fibroids, polycystic ovary syndrome (PCOS), thyroid issues, endometriosis, pelvic health, and pre-menopausal and menopausal care.
The global femtech solutions industry market is estimated to hit $1.15 billion by 2025 from $648 million in 2020, registering a compound annual growth rate (CAGR) of 12.2%. Market expansion is being boosted by the fertility, pregnancy, and menstrual care solutions segments, along with a surge in the menopausal solutions segment, which is gaining traction with new services and solutions. The study also details the femtech funding landscape and top femtech companies to watch.
“In an era of precision medicine and precision health, women deserve to receive gender-specific healthcare,” said Suchismita Das, Healthcare & Life Sciences Research Analyst at Frost & Sullivan. “Unaddressed avenues of femtech growth such as menopause, geriatric care, and mental health are expected to shift the focus of the sector to a certain extent from reproductive age issues toward old-age issues. Menopause (common in women over 40) will be the new driving strength for the industry.”
Das added, “Providing personalized holistic care for women’s health issues is an approach that is yet to be implemented on a broader scale. Many next-gen solution providers across different women’s health segments are increasingly entering the market, with a focus on competitive differentiation, by providing end-to-end disease management and treatment of chronic diseases. Also, governments in different countries across the world are introducing initiatives and reimbursement policies for women’s health to improve their quality of life.”
The development of affordable solutions and focus on the unexplored aspects of women’s health present the following growth opportunities for the femtech market:
· Affordable and Holistic Personalized Care for Women of All Ages Beyond Fertility and Pregnancy Care: Globally, only a handful of startups are introducing the concept with specialized femtech services for women. Providing holistic, personalized care will meet women’s health needs in different stages of her life.
· Reviewing Predictors of Future Health from Symptoms and Issues During Reproductive Phase: Health tech companies should use big data and analytics to identify women’s health trends and create databases. Enhanced with artificial intelligence (AI), these databases can be helpful for clinical decision support (CDS).
· Menopause Unveils Itself as the Next Big Opportunity: Healthcare companies, health information technology (HIT) companies, and pharma companies should consider entering this huge market. Femtech startups should address the symptoms of menopause in innovative ways to improve life for older women. As the menopause segment matures, product diversification is expected to be driven by mergers and acquisitions and partnerships.
· Innovative and AI-enabled Cancer Care Solutions for Early Diagnosis and to Address Issues Related to Survivors: Introduce advanced technologies like AI, machine learning, 3D printing, and 3D sensors to create innovative solutions for cancer patients and survivors. Medtech companies should enable early prediction of cancer and improve the clinical management of patients to include chemotherapy, surgery, or other interventional solutions.
· Targeting Employer Health Insurance Market to Improve Women Employees’ Health: Increased partnerships between femtech startups and employer health insurance providers can be a viable option to provide female employees with the healthcare they need. This will help companies address women’s healthcare needs and ensure higher productivity and retention.