Femtech Market Size to exceed USD 48.5bn by 2025
Published Date: November 28, 2019 Authors: Sumant Ugalmugle, Rupali Swain
Femtech Market size is set to exceed USD 48.5 billion by 2025; according to a new research report by Global Market Insights, Inc.
Femtech industry demand is primarily driven by growing burden of chronic as well as infectious diseases among the female population worldwide. According to the American Institute for Cancer Research, breast cancer is the frequently occurring cancer among women, accounting for around 2 million new cases in 2018. Hence, surge in number of women related health issues will foster the demand for technologically advanced healthcare solutions. Moreover, increasing focus of women in developed economies, on reproductive health and sexual wellness will further favor the industry growth.
Increasing awareness regarding early disease diagnosis and treatment among the female population base is poised to drive market growth
Growing awareness among women regrading early disease diagnosis and treatment as a part of patient’s care plan will augment the market outlook. Various efforts undertaken by government and other organizations in developing countries to raise awareness regarding women’s health will enhance the industry progression. Initiatives such as Janani Suraksha Yojana, initiated by the Government of India, to support and improve women health will upsurge the market revenue size. Moreover, growing inclination towards regular check-ups for preventive care as well as development of user-friendly technologies to monitor individual health conditions will prove beneficial for the women health market trends.
Adoption of advanced mobile applications to monitor various health conditions will drive the femtech revenue size
Based on type, the femtech market is segmented into devices, software and services. The software segment was valued over USD 5 billion in 2018 and will show significant growth in the coming years. Usage of several period tracking and fertility apps is increasing among the female population for effective tracing of health status. For instance, Flo period & ovulation tracker is an AI powered health app, that encompasses accurate menstrual cycle predictions, offers personalized daily health insights and supports women throughout the reproductive period. Development of such user-friendly and accurate applications will accelerate the market expansion.
Browse key industry insights spread across 150 pages with 90 market data tables & 8 figures & charts from the report, “Femtech Market Share By Type (Devices, Software, Services), By Application (Reproductive Health, Pregnancy & Nursing Care, Pelvic & Uterine Healthcare, General Healthcare & Wellness), By End-use (Direct-to-consumer, Hospitals, Fertility Clinics, Surgical Centers, Diagnostic Centers), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Japan, China, India, Australia, Brazil, Mexico, Saudi Arabia, South Africa), Price Trends, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Awareness among women regarding early disease diagnosis and timely treatment will accelerate the market progression
Application segment is bifurcated into reproductive health, pregnancy & nursing care, pelvic & uterine healthcare, general healthcare & wellness and others. The general healthcare & wellness segment is estimated to witness around 16% CAGR during the analysis period. Growing awareness among women regarding early disease diagnosis will increase the market demand for improved diagnostic and screening solutions to ensure timely and successful treatment. Delays in accessing cancer care or other disease treatments may negatively impact the patient health status resulting in severe health conditions or deaths. Thus, rising adoption of femtech solutions for effective disease diagnosis and management will favour the market growth in the foreseeable future.
Development of various health and fitness apps for home use will expand the segmental progression
End-use segment of the femtech market includes direct-to-consumer, hospitals, fertility clinics, surgical centers, diagnostic centers and others. Direct-to-consumer segment comprises individuals that buy products directly without third-party retailers, wholesalers, or other middlemen. Direct-to-consumer segment held more than 25% revenue share in 2018 and is anticipated to witness similar trend over the forecast timeline. Introduction of various period & fertility tracking apps, pregnancy monitoring solutions for homecare settings and other solutions specifically designed to address women needs will serve to be a major impact rendering factor in the segmental growth. Moreover, improvisations in feminine hygiene products and growing adoption of tampons and menstrual cups over sanitary napkins will further serve as another market driving factor. Focus of companies on development of novel, affordable, safe and reliable healthcare solutions for the female population base will thus augment the market growth.
North America is the hotbed for femtech products and investors
North America femtech market outlook is projected to show around 15.5% CAGR over the analysis period owing to the rising burden of women related diseases in the region. investments in femtech and awareness regarding women health will surge the demand for technologically advanced solutions. Strong foothold of major market players such as Athena Feminine Technologies, Univfy and others, aimed at improving quality of life of women, will further favor business expansion. Moreover, government focus on maintaining women health and wellness will further drive the North America femtech market growth over the coming years.
Large consumer base for femtech products will offer several growth opportunities to the business players
Some of the major players operating in femtech market include Athena Feminine Technologies, iSono Health, Nuvo, HeraMED, Minerva, Sustain Natural, Totohealth, Sera Prognostics, Elvie and BioWink. The market players focus on numerous strategic initiatives including acquisitions, mergers and new product launches to capitalize on market opportunities and strengthen financial stability. HeraMED received FDA approval for its scientifically optimized, accurate and smartphone-based fetal heart rate monitor for home use. This new product development will enable the company to strengthen its business portfolio and broaden existing customer base.
Explore More on Related Topics: