FemTech is no longer viewed as a short-term trend but rather as a long-term strategy to address women’s healthcare needs
Today, women are more than just a demographic make-up; they are the drivers of communities and decision-makers at home and key influencers to family and friends. They form 50% of the global population and are uniquely empowered as consumers. Research by Frost and Sullivan shows that working-age females spend 29% more per capita on healthcare compared to males in the same age group. Furthermore, 50% of global healthcare customers are women and they are the primary caregivers for the elderly and children. All this indicates a rise of the ‘she-economy’, which when coupled with an estimated market potential of $50 billion; makes FemTech the next big phenomenon.
FemTech, the use of technology to address women’s health needs, goes beyond simply customising products for women. It involves tailoring solutions based on their unique anatomical and physiological characteristics. This realisation has led bio-pharma and clinical device companies to focus on this market segment, ultimately improving the quality of life for women.
In developing countries, where women’s health issues are often stigmatised and considered taboo, accessing healthcare can be a significant challenge. However, FemTech products are helping bridge this gap by bringing healthcare closer to their homes and even within the comfort of their own residences. These innovations enable easy access to vital healthcare services that were previously inaccessible. Additionally, in countries where women are less likely to have insurance coverage, FemTech products offer healthcare management at a lower cost, making it more affordable and attainable.
One remarkable example of FemTech’s impact is our product, ‘iBreastExam’, which has made breast cancer screening accessible and affordable for women in developing countries. By leveraging technology, iBreastExam has revolutionised early detection, potentially saving countless lives.
Historically, women were excluded from medical trials until 1993 due to concerns about pregnancy and potential harm to the fetus. Consequently, medical research data primarily focused on how drugs affected men, leaving a significant void in knowledge about their effects on women. FemTech presents an opportunity to address this historical data gap. The data collected through FemTech applications can contribute to medical research, facilitating further advancements in the field of medicine and improving healthcare outcomes for women.
FemTech technologies have the power to transcend social, cultural, and economic barriers, enabling reach and impact that were previously impossible. Whether it’s monitoring menstrual cycles, tracking and managing personal health data, or addressing sensitive issues that are considered taboo in some developing countries, FemTech empowers women by granting them control over their health without fear of judgment.
Director & CEO-India
UE LifeSciences makers of iBreastExam
This progress is particularly significant in countries like India, where women are gaining access to education, joining the workforce, and achieving higher purchasing power. As women become significant contributors to economic growth, FemTech is no longer viewed as a short-term trend but rather as a long-term strategy that recognises the immense potential in addressing women’s health needs.
In conclusion, FemTech’s impact on women’s healthcare is far-reaching and transformative. By leveraging technology, it brings healthcare within reach, facilitates research, and empowers women to take charge of their own well-being. As FemTech continues to evolve, it has the potential to reshape the healthcare landscape and contribute to the overall advancement of women’s health worldwide. The end goal will always be to reduce mortality and improve quality of life with gender-specific solutions.
