Femtech Market: Evolution and Scope
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.
Expanding operations in future? To get the perfect launch ask for a custom report
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.
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.
Request a sample to get extensive insights into the Femtech Market
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.