All of you would be familiar with the existence of fitness apps, trackers, and smartwatches designed to monitor various health metrics such as heart rate, steps taken, calories burned, stress levels, and sleep. Over time, this list has expanded, particularly for females.
With technological advancement females can now track their hormonal levels, period cycles, mood, as well as fertility. For instance, there’s a FemTech company called Clue which offers a female health application for tracking menstrual cycles. This app provides accurate predictions for periods as well as offers valuable insights into reproductive health. But what exactly is FemTech? It stands for female technology, encompassing software, diagnostics, products, and services that use technology to support women’s health and wellness.
The term ‘FemTech’ was coined in 2016 by Ida Tin, who is also the co-founder and CEO of Clue. The digital technologies and innovations that comprise FemTech cover the following broad areas: fertility, pregnancy, nursing care, sexual and gynaecological health, chronic disease, and lifestyle/wellness. These technologies offer diverse interventions, including self-monitoring and wearable devices equipped with biosensors; applications tracking the menstrual cycles, fertility, pregnancy, and mood swings, providing features such as period/pill reminders and self-care routines.
Other interventions involve online portals and private web-chat interfaces connecting patients with experts/healthcare providers/support groups. Additionally, FemTech incorporates artificial intelligence-enabled image assessment and computational pathology platforms for classifying bodily abnormalities like cervical or breast cancer in women. Is there an equivalent concept for men, referred to as ‘MenTech’? Unlike its female counterpart, there is no widely recognized concept of ‘MenTech’; though the term is occasionally used, it lacks a defined category.
While FemTech industry seeks to address women’s health in its totality, most solutions tend to focus on what is referred to as ‘bikini medicine.’ This overarching phrase denotes research and medical solutions primarily directed at the regions of the body covered by a bikini, predominantly focusing on reproductive and gynaecological aspects. Thus, tracking for menstruation, ovulation, and pregnancy remains the most commonly used FemTech service. In article titled ‘Dawn of Revolution,’ McKinsey also highlighted a concentration of FemTech companies in areas such as maternal health patient support, consumer menstrual products, gynaecological devices, and fertility solutions. While these companies are effectively addressing gaps not yet covered by biopharma and device incumbents, particularly in maternal health, there are other critical areas such as contraception, gyn infections, and menopause that also needs attention as shown in the chart.
FemTech entrepreneurs emphasize the necessity of their products and services by pointing out the historical exclusion of women from clinical trials, decision-making, and medical research. This exclusion has contributed to a bias towards male-centric health data, creating disparities in the available information. The current lack of available and analyzed women-specific health data hinders the understanding of various medical conditions. This deficiency in data also limits the opportunities to discover effective treatments for health issues that significantly impact women and are not adequately addressed at present. Therefore, these startups are established with the belief that recognizing the biological distinctions between men and women is vital for technology companies to effectively innovate in health technologies. This acknowledgment is intended to tackle longstanding disparities and improve the inclusivity of healthcare solutions.
FemTech startups are primarily concentrated in the USA and Europe, with limited representation elsewhere. Notable FemTech startups in these countries include Blue Box, an AI-powered biomedical device for in-home breast cancer testing, Elvie from the UK offering app-connected Kegel trainers and wearable breast pumps, and DotLab’s DotEndo blood test for diagnosing endometriosis. Natural Cycles, approved by the EU and FDA for contraception, aids fertility tracking. Finally, Bonzun, based in Sweden, supports IVF journeys with a dedicated app and offers a virtual midwife service, earning endorsement from the World Health Organization and UNICEF.
To provide a comprehensive overview of the FemTech market in this article, it is essential to reference a few key reports. The initial report from McKinsey indicates that the current FemTech market size ranges from $500 million to $1 billion, contingent on the scope considered. Additionally, the forecasts from McKinsey underscore substantial opportunities for double-digit revenue growth in the foreseeable future. The second report, conducted by Pitchbook, reveals that the global FemTech market generated a revenue exceeding $820 million, with projections pointing towards an anticipated surge to $3 billion by the end of 2030. Lastly, the third report, authored by Global Market Insights, forecasts a remarkable compound annual growth rate (CAGR) of 16.2% for the FemTech industry from 2021 to 2027.
FemTech is gaining ground as a budding industry in India. Recent developments suggest a surge in popularity and increased investment. According to a report from the Federation of Indian Chambers of Commerce & Industries (FICCI), the Indian FemTech market is anticipated to hit $4 billion by 2024, with an annual growth rate of 12.9%. Notably, the report highlights a noteworthy rise in the number of FemTech startups in India, that stands at 323 as per Tracxn. These startups are addressing various women’s health concerns such as menstrual health, fertility, maternal health, sexual wellness, and mental health. Now let’s look into some Indian FemTech startups – OoWomaniya.com by Impetus Wellness is a networking platform that connects women with doctors and counsellors to discuss health and emotional wellness concerns while ensuring safety and privacy.
Niramai is a medical device company offering a software-based solution for the early detection of breast cancer. The portable cancer screening tool attempts to replace traditional self-examination methods. Mind & Mom leverages AI technologies to enhance the healthcare experience in the infertility and pregnancy space. Carmesi offers the first homegrown range of premium, all-natural and bio-degradable hygiene products for women. Zealthy offers tailor-made solutions to aid couples during their infertility journey. This entails at-home infertility kits, fertility coaching, and guidance for procedures like IVF.
While FemTech firms play a crucial role in addressing female health issues, concerns about the sensitive data collection during consumer engagement with the product. The digital reproductive self-tracking practices are part of the global “quantified self-movement,” promoting self-knowledge through data. However, doubts have arisen about this approach to the reproductive body. Concerns include inaccurate predictions leading to unwanted pregnancies and challenges with data erasure. FemTech has also faced criticism for imposing arbitrary standards of “normalcy,” neglecting diverse sexual identities, and reinforcing gendered stereotypes.
Moreover, there’s growing anxiety about the increasing commodification and potential misuse of intimate data generated through the unpaid labor of users. Sharing such sensitive data without women’s “meaningful consent” with workplaces, insurance markets, credit score companies, internet service providers, and data brokers puts women in a highly disadvantaged position rather than empowering them. Addressing these concerns is crucial for the responsible development of FemTech and ensuring user trust and well-being.
Written by – Anadi Jain
Edited by – Lavanya Jain