Femtech Market Size, Share & COVID-19 Impact Analysis, By Type (Products and Mobile Applications), By Application (Menstruation Care & Fertility Tracking, Pregnancy & Nursing Care, Menopausal Health, and General Health & Wellness), and Regional Forecast, 2023-2030

The global femtech market size was valued at USD 5.79 billion in 2022. The market is projected to grow from USD 6.69 billion in 2023 to USD 20.59 billion by 2030, exhibiting a CAGR of 17.4% during the forecast period.

Femtech refers to female technology products, software, and services that enable the use of digital health to manage women’s health issues. Ida Tin, the founder of women menstruation tracking app, Clue, in 2016, first coined the word.

The primary focus of femtech is to develop products, software, and tech-enabled solutions to cater to the unmet rising need for women’s health. The products and solutions are aimed to manage health disorders that specifically affect women’s health.

The rising prevalence of women’s health disorders including reproductive health, menopausal health, general health, and others among the general population globally and the awareness about these disorders through various initiatives are some of the major factors that are anticipated to drive the femtech market growth during the forecast period.

Also, the rising funding and investment coupled with an increasing number of startups with novel femtech solutions to cater to women’s health demands are other contributing factors for the market growth during the forecast period. However, limited accessibility of the internet and tech-driven products in emerging countries and privacy data concerns among the population are expected to hinder the market growth during the forecast period.

COVID-19 IMPACT

Increased Adoption of Digital Health Applications and Products During Pandemic Fueled Market Growth

The COVID-19 impact on the market growth was positive during the forecast period. The temporary shutdown of the healthcare centers for general health & wellness during the pandemic due to the shifted focus on COVID-19 management was one of the major reasons for the increased use of digital health applications and products.

Similarly, the increased concern among the general population toward their health led to increased downloads of mobile applications related to various health conditions and the use of wearables and devices that enabled remote monitoring of the parameters.

The increased adoption and use of these digital solutions resulted in a rising number of R&D activities to develop and introduce various health apps that resulted in the market growth during the pandemic.

• According to a 2021 article published by the Open COVID Journal, the general public's adoption of digital health solutions during the COVID-19 pandemic increased, resulting in a 25% increase in the number of health downloads and around 50% increase in the number of downloads in fitness applications.

With the increasing number of startups globally focused on introducing applications and health products, especially for health conditions proportionately affecting women, rising funding is expected to propel the market growth in the future.

LATEST TRENDS

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Rising Use of Artificial Intelligence and Technological Advancements to Offer Market Opportunities 

The rising prevalence of women’s health disorders globally is leading to an increasing focus of market players especially emerging startups to cater to the rising demand of health solutions.

The increasing number of users of digital wearables and mobile applications and growing competition among the market players are leading to a focus shift toward using artificial intelligence, machine learning, and various technological developments to introduce innovative and customized products.

The continuous efforts of start-ups to develop and introduce technologically advanced products is a rising trend in the market, fostering the growing demand and adoption of these products among the general female population.

• In December 2022, Movano Health announced the company’s plans to file FDA clearance for its smart ring, Evie, explicitly designed for women to provide health data through a mobile application.

The market becomes a very exciting industry that shows promise to meet specific women’s healthcare needs.

DRIVING FACTORS

Rising Funding for R&D Activities by Investors and Organizations to Fuel the Service Demand

increasing technological advancements among the players result in the rising adoption of technology-enabled women’s health products and solutions among the female population.

The rising awareness regarding these products in developed countries is another primary reason for the increasing adoption of the products in the market. The market players are constantly focusing on research & development activities to develop innovative digital products and platforms. 

All these factors, along with rising support from government authorities, and other market players are leading to increasing R&D funding for the development of technology enabled products, including wearable devices, mobile applications, and others.

• In August 2022, Materna Medical raised a funding of USD 20.0 million in their Series B funding, an investment led by InnovaHealth Partners, LP. The company is currently focused on developing a device that strengthens the pelvic floor and reduces pelvic floor injuries for first-time pregnant women.

The continuous efforts of the start-ups to gain approvals for their products and to receive funding from various investors is one of the crucial reasons that is expected to spur market growth.

• For instance, in 2019, Renovia Inc., received the U.S. FDA approval for its Leva Digital Therapeutic pelvic floor exercise tool. The company raised USD 17 million in a Series C funding in 2021, following Series B funding of USD 42.3 million in 2018.

Hence, the increasing demand of these digital products and solutions along with the rising accessibility of smartphones in the developed and developing countries, the market is expected to grow during the forecast period.

RESTRAINING FACTORS

Limited Access to High-tech Products and Services in Emerging Markets to Limit Market Growth

The adoption of digital products, mobile applications, and other technology-enabled solutions in developed countries has risen. However, there is still a massive gap in developing countries’ adoption of these products. The limited access to the internet and tech-enabled devices in China, India, African countries, and others is one of the major reasons to limit adoption in emerging markets.

The high cost of high-tech products, devices, and software, limited availability, and lack of awareness among the general population are some of the other factors that are anticipated to hinder the adoption of these products in these regions.

The cultural and societal differences in the developed and developing countries regarding the concept of menstruation, fertility, and other women’s health is another major factor that is anticipated to hamper the adoption of these products in the countries.

Also, the lower investment in women’s health, and digital health compared to other healthcare sectors is another crucial factor anticipated to limit the market growth.

• According to a 2023 article published by PitchBook, women make up around 50% of the global population but the healthcare R&D targeted toward women’s health specifically is just around 4%, which demonstrates a huge gap between the demand and supply of products and services targeting women’s health.

All these factors mentioned above and limited penetration of awareness programs regarding women’s health issues in developing countries are expected to hamper the global market growth in the future.

SEGMENTATION

By Type Analysis

Mobile Applications Dominated Owing to Rising Penetration Among General Population

On the basis of type, the market is segmented into products and mobile applications. The mobile applications segment held the dominating the market share in 2022.

The rising focus of startups and other established market players to cater to the growing demand of the female population regarding women’s health disorders and rising funding by investors, governments, and other agencies for technological advancements are some of the major factors contributing to the growth of the segment.

The increasing number of mobile applications for menstruation, period tracking, and several others and the growing number of users of these applications are other factors contributing to the segment's growth.

• There are more than 24 million users of Glow, a family of four applications ranging from period to parenting. Similarly, there are around 11 million users of Clue, a period tracking application in over 190 countries

On the other hand, the products segment is expected to grow at a considerable CAGR during the forecast period. The rising awareness regarding the products and their technological advancements to monitor and improve women’s health is one of the major reasons contributing to the increasing penetration of these products globally. The rising number of healthcare startups focused on catering to the rising demand for women’s health issues and their focus on receiving approvals. Introduction of new products is another important factor fueling the segment's growth.

By Application Analysis

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Pregnancy & Nursing Care to Govern Owing to Rising Awareness of Wearables and Devices

On the basis of application, the market is segmented into menstruation care & fertility tracking, pregnancy & nursing care, menopausal health, and general health & wellness. The pregnancy & nursing care segment dominated the market size in 2022. The major factors responsible for the segment's dominance are the rising awareness about wearables and devices for remote monitoring of women’s health.

Increasing penetration of wearable devices is leading to increasing R&D activities by market players, startups, and research institutes for developing and introducing new products to cater to the unmet need of women’s health issues.

• In 2022, Samueli School of Engineering University of California developed an algorithm-based abdominal patch, Lullaby, for monitoring fetal heart rate. The device will allow remote monitoring of fetal heart rate with the use of a smartphone and aims to improve the prenatal care 

The menstruation care & fertility tracking segment is expected to grow owing to the rising number of users globally, increasing penetration of awareness initiatives regarding women’s health concerns, and others.

Also, the expanding applications and benefits of these apps for various women’s health issues are contributing to the rising penetration of these apps.

• Flo, a period and ovulation tracking application, has more than 230 million users globally. With the launch of PCOS Health Assistant, to help identify the risk of PCOS, the platform in 2019 propelled the adoption of the application among users.

The menopausal health segment is expected to grow owing to the rising number of women experiencing the side effects of menopause, and growing awareness regarding the products and devices for these effects. Along with this, rising funding by women’s health startups in the region innovation is anticipated to support the growth in the region.

• According to a 2021 article published by the Lancet Journal, there will be more than 1.2 billion menopausal and post-menopausal women globally by 2030.


• In 2020, Astinno, a London-based startup, received a U.K. grant worth USD 450 million for further testing and developing its wearable for women experiencing menopausal symptoms such as hot flushes.

On the other hand, the rising concern regarding health and wellness among women is leading to the increasing use of women’s health products to monitor their health regularly. During the COVID-19 pandemic, the number of health app users globally increased owing to more significant health concerns and fitness tracking.

Thus, the rising penetration and focus of the players to cater to the unmet and underserved women’s health issues are expected to augment the market growth.

REGIONAL INSIGHTS

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On the basis of region, North America accounted for the largest market share and generated a revenue of USD 3.02 billion in 2022. The region is anticipated to dominate the market in the coming years owing to the growing adoption of these products and applications among the population. Moreover, rising healthcare expenditure and R&D funding support the technological advancements of products and digital platforms, resulting in increasing adoption of advanced and novel solutions in the key countries in the region.

The growing funding by investors and other organizations to come up with more startups focused on the development of products is another major factor contributing to the market growth in the region.

• In December 2020, Natural Cycles USA Corp. submitted 510(k) PMA notification to the U.S. FDA for its birth control wearables, with an aim to expand its product portfolio.

Europe is expected to grow at a considerable CAGR during the forecast period owing to the rising awareness for the initiatives regarding women’s health and the benefits offered by digital products and applications.

Similarly, the rising focus of the startups to expand its activities and facilities for the development and introduction of innovative products in the region is another vital factor augmenting the growth of the market in the region.

• In 2022, the U.K.-based FemTech Lab Accelerator, launched FemTech Hub in partnership with XCHG Spaces. The launch is aimed to focus on innovation and the development of products for women’s health and wellness.

Asia Pacific is expected to register the highest CAGR during the forecast period. The growth is due to rising healthcare expenditure along with increasing awareness among the women population regarding health issues, digital products, and applications that can help monitor and improve their health.

The rest of the world is expected to grow owing to increasing accessibility of technology-based products and applications and the penetration of smartphone users among the population in the UAE, Saudi Arabia, and others.

Also, the rising number of initiatives by startups and other government authorities to support the market's growth in regions such as the Middle East, Africa, and others via funding and investment are expected to spur the rest of the world market share globally during the forecast period.

• In February 2022, Nabta Health, the Middle East’s only hybrid healthcare platform dedicated to elective, preventive women’s healthcare, raised USD 1.5 million in an angel investment round, which will be used to expand the company’s product portfolio and its market share within the UAE.


• In 2021, Organon and Flat6Labs launched the FemTech Accelerator Program to support the women’s health startups in the Middle East and North Africa (MENA) region to innovate and develop products and business models.

KEY INDUSTRY PLAYERS

Femtech Startups to Hold a Significant Proportion of the Market with Strong Product Portfolio

The global market is a highly fragmented market comprising many startups constantly focusing on developing and introducing novel products and solutions to address women’s health issues.

Along with this, the shifting of their focus from established players in women’s health toward digital health applications, products, and solutions is anticipated to increase their market share in the global market.

Flo Health Inc., Natural Cycles USA Corp., and Glow, Inc., are some of the major players operating in the market focused on catering to the unmet demand for women’s health issues.

The rising efforts of these players to increase their customer base by adding new and advanced features to their products and mobile applications are one of the major reasons contributing to the growth of these players.

• For instance, in March 2021, Flo Health Inc., observed an increase from 6% to 75% in the new-user sign-ups of the application owing to the COVID-19 pandemic.

Chiaro Technology Limited., Joylux, Inc., and Coroflo, Ltd. are some other prominent players in the market focused on developing and introducing products focused on improving women’s health issues. The increasing number of product approvals and launches in the market by these players is one of the important factors responsible for the growing share of these players.

• In October 2020, Elvie, a subsidiary of Chiaro Technology Limited, launched Elvie Curve, a non-electric breast pump. The launch aims to broaden the company’s product portfolio in the market.

The growing number of mergers and acquisitions among the established players and other female technology startups to broaden their product portfolio and geographical presence is another major factor fueling the market growth. Therefore, increasing R&D funding, investments, and focus of the startups to develop novel products are anticipated to spur the market growth and the positions of these players in the market.

LIST OF KEY COMPANIES PROFILED:

• Flo Health Inc. (U.K.)


• Chiaro Technology Limited (U.K.)


• Natural Cycles USA Corp (U.S.)


• BioWink GmbH (Germany)


• FemTec Health (U.S.)


• Glow, Inc. (U.S.)


• HeraMed (Israel)


• Joylux, Inc. (U.S.)


• Coroflo Ltd. (Ireland)

KEY INDUSTRY DEVELOPMENTS

• July 2022 – FemTec Health, a health and beauty sciences company, acquired Ava AG, a digital diagnostics and therapeutics company focused on women’s reproductive health.


• May 2022 – Apricity, a virtual fertility clinic, acquired Woom, one of the leading period tracking apps, aiming to expand its footprint.


• February 2022 – Nurx, a digital company focused on female health, merged with Thirty Madison, a specialty healthcare company, with an aim to expand the access and product offerings.


• January 2022 – Mitera, a telehealth company focused on women’s reproductive health, launched at-home genetic testing kits in the U.S.


• February 2021 -  Biowink GmbH, the developer of Clue, received the U.S. FDA approval for its Clue Birth Control as a medical device and is now available to an initial group of people in the U.S.

REPORT COVERAGE

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The femtech market research report covers a detailed analysis and overview. It focuses on key aspects such as competitive landscape, type, application, and region. Besides this, it offers insights into the market drivers, femtech market trends, market dynamics, COVID-19 impact on the market, and other key insights. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the market's growth in recent years.

Report Scope & Segmentation