Femtech Market drivers of growth analyzed in a new research report
Date: 2020-03-02   Author: Rahul Varpe  Category: #news

Femtech Market drivers of growth analyzed in a new research report

Femtech Market is expected to exceed USD 48 billion by 2025. Increasing prevalence of infectious disease among females in underdeveloped economies due to unhygienic environment will favor the business growth.

Some major findings of the femtech market report include:

Patient inclination towards technologically advanced treatment procedures will foster femtech market growth in the foreseeable future

Improved healthcare infrastructure and availability of proficient healthcare professionals in hospital settings will prove beneficial for market growth

Asia Pacific femtech devices market is estimated to witness robust CAGR over the forecast period attributable to large female patient pool in the region suffering from several infectious and chronic diseases

Companies are continuously focusing on expanding existing product portfolio and delivering high-value care, thereby transforming care delivery and digitalizing healthcare

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The increasing incidence of infectious and chronic diseases among the female population will increase the demand for effective treatment, thereby driving the market growth. The rising adoption of an unhealthy lifestyle and diet will increase the disease burden, thereby augmenting the femtech industry growth. Moreover, growing prevalence of infectious disease among females in low to middle-income countries due to an unhygienic environment will drive the business growth. According to the World Bank data, in South Africa, the prevalence of HIV among females aged between 15-24 years was estimated to be around 10.2% in 2017. Such factors will upsurge the demand for femtech, thus driving the industry growth during the forecast period.

Furthermore, various government initiatives are undertaken to increase the awareness regarding women's health. Technological advancement coupled with the availability of minimally invasive technologies will further spur the market.

Based on type, the global market is segmented as devices, software and services. The devices segment was valued more than USD 8.5 billion in 2018 and is anticipated to witness significant growth over the forecast period. Femtech devices provide digital assistance to women regarding pregnancy, fertility solutions, sexual wellness, period tracking, and reproductive system health care. Previously, there was no specific women-oriented tech device in the market. Also, the companies that manufactured products explicitly aimed at women consumers have failed. This, however, is changing in recent years. Several companies and startups are majorly focusing on reducing the gap left by major tech companies in producing digitally advanced femtech products specifically aimed at women's needs.

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The applications of femtech include reproductive health, pregnancy & nursing care, pelvic & uterine healthcare, and general healthcare & wellness. Reproductive health segment is anticipated to witness more than 15% growth throughout the analysis timeframe. Generally, there is a lot of stigma across a woman's menstruation and menstrual cycle. Women, especially in rural areas, are still unaware of sanitary options such as tampons and menstrual cups. Several companies have already manufactured such devices aimed specifically at women's health care system. Femtech is used to manufacture smart devices that can benefit women during menstrual pain. For instance, Livia is a wearable device manufactured by iPulse Medical Ltd. To relief menstrual pain. The device stimulates nerves to provide relief from menstrual cramps, thereby stimulating the segment growth.

Based on end-use, the market is bifurcated into individuals, hospitals, fertility clinics, surgical centers and diagnostic centers. The hospitals segment is anticipated to witness around 16% growth rate during the forecast period. The growth is attributable to the availability of emergency facilities, well-established healthcare infrastructure and availability of skilled healthcare technicians. Moreover, hospitals are equipped with highly advanced technology and equipment and serve as a base for most of the surgeries being carried out across the globe. Hospitals have high adoption rates for technologically advanced devices that are utilized for women's treatment. Furthermore, favorable reimbursement policies for the procedures performed in hospital settings will further surge patient visits, thus accelerating the business growth.

Asia Pacific femtech market accounted for more than 22% revenue share in 2018. This is majorly due to the large patient pool in countries such as India and China, that are prone to various chronic and infectious diseases. The growing government support and increasing awareness pertaining to women health will boost regional industry growth during the forthcoming years.

Some of the notable industry players operating in the femtech market are HeraMED, Totohealth, Sustain Natural, Nuvo, Athena Feminine Technologies, Minerva, iSono Health, Sera Prognostics, BioWink, and Elvie. These market players have undertaken various strategic initiatives such as mergers and acquisitions to enhance their financial stability that will enable them to grow as prominent industry players. For instance, in February 2018, Clue collaborated with Fitbit for providing better healthcare access to women. The collaboration enabled the company to capitalize on market opportunities and broaden its existing customer base.

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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for algosonline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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