Femtech Market worth over $65bn by 2027
Published Date: August 2, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Femtech Market size is set to surpass USD 65 billion by 2027, according to a new research report by Global Market Insights Inc.
Femtech is known as women health technology. Femtech refers to a group of software, products, services, and diagnostics that makes use of technology to improve women health. This includes solutions such as fertility test, pregnancy and nursing care, menstrual tracking, and others. Increasing investment by multiple government, private, and public companies will eventually contribute to the market growth.
Growing prevalence of infectious and chronic diseases coupled with increasing awareness regarding women health & wellness is expected to drive the market expansion. According to the World Health Organization, in 2018, about 570,000 females were identified with cervical cancer and around 311,000 died due to the disease across the globe. Hence, the market demand is anticipated to grow as a result of growing infectious diseases. Adding to this, femtech enables women in initial disease diagnosis to securely manage health conditions, thereby influencing the demand for femtech services and products in future.
Growing adoption of digital technology in healthcare services along with acceptance of these services for managing women health are key factors that will spur the market progression. Various technological advancements in software, applications, and products for easy tracking of women reproductive health and other health issues is poised to fuel the industry growth.
Development of smartphone-based software solutions to trace women health issues will foster the segment growth
The products segment accounted for USD 11.5 billion in 2020 led by the multiple products are used for diagnosis and tracking of women health. The industry has witnessed growing usage of femtech products such as breast pumps, tampons, pelvic floor stimulators and others to improve women’s health and wellness. Several brands such as Tampax, Always, Clue and others are involved in development of innovative femtech products with superior features for the better management of female health conditions.
Browse key industry insights spread across 120 pages with 88 market data tables & 11 figures & charts from the report, “Femtech Market Size By Type (Products, Services, Software), By Application (Reproductive Health, Pregnancy and Nursing Care, Pelvic & Uterine Healthcare, General Healthcare & Wellness), By End-use (Direct-To-consumer, Hospitals, Fertility Clinics, Surgical Centers, Diagnostic Centers), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Growing awareness due to digital techniques will augment the industry demand
The pregnancy and nursing care segment valued at more than USD 5.5 billion in 2020. Femtech helps women to monitor pregnancy and related issues such as menstrual cycle tracking, fertility and maternity among others. Growing awareness along with adoption of advanced products and consumption of devices will stimulate the industry expansion.
Increasing preference of women towards patient care in hospitals will boost the segment expansion
Hospitals end-use segment exceeded USD 5 billion in 2020 impelled by the growing preference of women toward hospitals for various non-surgical and surgical procedures. Women prefer hospitals for the treatment of several gynecological diseases attributed to presence of skilled professionals and availability of advanced products.
Rising demand for femtech in the North American countries will propel the market revenue
North America femtech market is projected to observe over 15.8% of growth rate through 2027 owing to the highly developed healthcare system in the U.S. and Canada and availability of advanced products. Furthermore, increasing prevalence of chronic diseases is major factor that drives the industry progression. As per the CDC, chronic diseases such as cancer, diabetes and heart disease, are the leading causes of death and disability in the U.S.
Strategic initiatives by market leaders will enable them to capture high revenue share
Some of the prominent companies operating in the market include HeraMED, Totohealth, Nuvo, iSono Health, Athena Feminine Technologies, Minerva, Sera Prognostics, BioWink and Elvie, and among others. These industry participants are involved in different strategic initiatives such as mergers & acquisitions and new product launch to gain competitive edge in femtech business.
Explore More on Related Topics: