Exploring Opportunities in the FemTech Market
The female body has always been treated as a medical mystery. But with half the world’s population being women, this shouldn’t be the case. The global female health space has traditionally focused on reproductive and maternal care, with limited investments given to female-specific conditions outside of this realm.
Currently, Femtechs (female technologies) only receive 3 percent of all digital health funding. But we’re seeing a shift leading to better health outcomes for women, and new opportunities for investors, companies and employees across the healthcare ecosystem to get involved in technologies specific to female health. The Femtech market is expected to reach $20bn by 2030 and the opportunities are endless.
The Current Landscape of the Female Health Market
The statistics on female health issues are shocking. For example, according to research by the University of Leeds, women are 50% more likely to be wrongly diagnosed following a heart attack and, consequently, more likely to die than men because their symptoms present differently. It’s essential to recognise the unique healthcare needs of women at every stage of life.
The global female health market has historically centred its efforts on reproductive and maternal care. While these areas will always be crucial factors in women’s health, there has been a noticeable lack of investments and attention given to female-specific conditions beyond this realm. Women’s healthcare needs extend far beyond reproductive years to include a wide range of conditions and stages.
Untapped Potential
The increasing number of women in the workforce, rising healthcare awareness, and a growing ageing population have powered the demand for improved female-specific healthcare solutions. As a result, the Femtech market is witnessing a wave of trends and innovations reshaping the industry. Femtechs, including mobile apps and wearable devices, are enabling women to take greater control of their health and access personalised care.
Opportunities for Growth and Investment
The global female health market presents several opportunities for growth and investment, urging stakeholders to expand research and development efforts. One area of potential lies in addressing female-specific conditions that have long been overlooked. Conditions like endometriosis pose unique challenges to women’s wellbeing and require targeted interventions.
As many as 1 in 10 women are estimated to have endometriosis, which can cause debilitating pelvic pain and infertility. The underlying causes are poorly understood, and diagnosis takes ten years on average. The worst part is that there’s no cure. But by investing in research and innovative treatments for conditions like endometriosis, healthcare providers and MedTech businesses can tap into a vast market that has yet to be fully explored. Giving women the ability to access targeted medications and treatments that can lessen the impact of their conditions.
Innovative Femtech Making a Difference
There is an array of FemTech available for a plethora of conditions. Here are a few interesting ones we’ve seen that hold loads of potential:
- A Swedish company called Gedea Biotech is developing a treatment for recurring bacterial vaginosis (BV). They have plans to raise €3 million in investments by the end of 2023. The treatment, known as pHyph, is considered a medical device in the EU and is currently in the second phase of testing as an alternative to antibiotics for recurring BV. In their most recent trial, they found that 90% of their patients experienced a reduction in symptoms.
- Wildflower Health is a US-based SaaS platform in the form of a mobile app to improve the health of mothers and families. They also offer a modular suite of software, support and services. Wildflower Health is also the architect of a bundle for value-based maternity care, with pre-built functionality for all actuarial, clinical and operational needs.
- Axena Health is a women’s health device company based in Boston. They’re currently raising money to boost the sales of their products for urinary and faecal incontinence. These are commonly caused by a weak pelvic floor after trauma to the area, like surgery or childbirth. As of February 2023, they’ve secured a $25 million investment to accelerate the adoption of their innovative solutions in the market.
The Future is Femtech
Women’s health is human health and should be treated as such. We have hope that their estimated growth means that life-improving innovations will continue to spread.
If you are interested in how innovative MedTech can change lives, have a read of our whitepaper ‘The Realm of Patient Care’.