Wilmington, Delaware, United States: Female-centric health technology and wellness products have emerged as vastly lucrative market.
Wilmington, Delaware, United States: Female-centric health technology and wellness products have emerged as vastly lucrative market. The evolution of femtech market is of relatively recent origin, but is poised to make spectacular strides in the next few years. The drive for various products and technologies in the femtech market stems from the increasing emphasis by healthcare industry players to reduce the gender disparities and consider females a key demographic with abundant opportunities.
Subsequently, over the years, there has been spurt in research on women’s health and digital wellness technology targeted toward females, expanding the canvas for players in the femtech market.
The femtech market has witnessed the proliferation of digital health technologies including apps for meeting the various needs of the female population. Some of the broad segments are pregnancy and post-care, reproductive health and sexual wellness, fertility solutions and menstruation, hormonal disorders and chronic conditions, and general wellness. Key end users in the femtech market are comprised of surgical centers, diagnostic centers, hospitals, fertility clinics, and direct-to-consumer diagnostics.
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Femtech Market: Key Growth Dynamics
The focus on women’s health and general wellness has risen over the past few decades, fueled by growing body of studies on their health and clinical studies on the prevention of diseases. The fact that women may be exposed to numerous environmental exposures during their lifetime pose unique health challenges. In particular, the opportunities in the femtech market have grown steadily with the demand for digital health products to manage cardiovascular disease, autoimmune diseases, cancers, and infertility.
The proliferation of mobile phone apps that keep track of fertility and pregnancy is a key trend bolstering the prospects in the femtech market. The adoption of healthcare strategies that aim to boost the participation of women in clinical studies is also boosting the value chain of the femtech market. The prevalence of infections diseases is a key factor that has created vast avenue for digital health companies. Indeed, digital health apps for managing chronic diseases have risen in adoption in developed nations.
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Developing economies have also seen remarkable demand for digital health products that help women in cancer risk assessment is an evolving category replete with opportunities for femtech market players. The growing sales of home testing devices and self-collection tests especially for reproductive health applications. Two key consumer propositions have fueled the popularity of such devices. These are privacy of results and access to care notably for monitoring risks of sexually transmitted infections (STI).
Femtech Market: Competitive Scenario
Emerging players have increasingly conducted R&D for the development of novel platforms for precision health to gain a stronghold in the global femtech market. Some of the key players have launched apps for managing women’s precision health. The growing demand for wellness apps that can help women monitor hormone levels and nutritional status is a key trend opening new avenues for digital health solution providers. Menstrual health is another category where fintech market players eye profitable opportunities. Numerous startups and emerging players have focused on incorporating environmentally friendly materials in gadgets used for period care. An example is use of reusable menstrual cups.
Some of the key players in the fintech market are Sera Prognostics, Prelude, Univfy, Nuvo, Athena Feminine Technologies, Sustain Natural, Totohealth, and HeraMED.
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Femtech Market: Regional Growth Dynamics
Developed nations have witnessed thriving demand for femtech products. This is in large part underpinned by the heightened awareness about the role of femtech products in improving access to care. Further, a large part of the populations in developed economies in North America and Asia Pacific are accepting the use of digital health technologies for monitoring chronic conditions in general and for boosting reproductive health. The demand for precision healthcare for women is a key trend that has unlocked incredible revenue prospects in these regional markets.
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