By Chaitali Roy
The issue of women’s health and welfare has gained a lot of attention in recent years, with individuals and companies actively trying to understand the unique healthcare needs of women. From a business perspective, over the last decade there has been an increase in companies leveraging technology to offer products and services dedicated to ensuring the well-being and good health of women. This new market, known as FemTech, has received immense attention and for good reason. This article explores what FemTech is and its significant impact on women’s health in India.
An introduction to FemTech
The term FemTech, a shortened version of female technology, was first coined in 2016 by Danish businesswoman and author Ida Tin. Since then, the FemTech field has grown to encompass a range of technology-based, consumer-focused products and solutions. It encompasses everything from software and services that address women’s health needs.
FemTech also includes fertility solutions, period tracking apps, pregnancy and nursing care resources, sexual wellness products, and reproductive system health tools. With these innovations, women can take control of their health in everything from managing their menstrual cycles to planning pregnancies, addressing reproductive health issues and even facing motherhood without problems.
Growth statistics
To understand how much the FemTech market has grown over the years, just look at the numbers. According to a research report by Facts & Factors, the global Femtech market, valued at around $15 billion in 2019, is projected to soar to $71 billion by 2026, growing at a CAGR of 17 percent. percent since 2020. In India, the FemTech market is on an upward trajectory and is projected to reach a monumental figure of $4 billion by the end of 2024.
The need for FemTech
While the FemTech segment has grown significantly, it is essential to understand why there is an urgent need in India. India has long been a country where conversations about women’s health and well-being have been shrouded in a veil of stigma, and public discussions have even become social taboos. FemTech emerges as a beacon of empowerment and progress, breaking all barriers. By providing innovative solutions to the general public, FemTech democratizes access to healthcare, raising awareness and facilitating a culture of proactive self-care for women of all ages.
Additionally, FemTech could revolutionize the healthcare industry in several ways, including improving care delivery, enabling self-care, improving diagnostic accuracy, addressing stigmatized topics, and providing personalized care. FemTech can also provide personalized, data-driven insights into various aspects of women’s health. Simply put, the continued growth and progress of FemTech would mean making essential health services for women more convenient and easily accessible.
Revolutionary innovations
As the FemTech sector continues to gain momentum, more and more companies are actively researching and innovating in this field, achieving notable success over time.
For example, non-invasive devices that monitor hemoglobin levels are a blessing given that, in 2019-2021, 57 percent of women in India between 15 and 49 years of age suffer from anemia. Constantly innovating in the healthcare segment, with a focus on women’s healthcare and wellness, companies are also working on products that will provide women with valuable information about their ovulation cycles and quantitative data about their hormone levels. These novel devices further drive the evolution of FemTech and its transformative influence on women’s health across India.
summarizing
FemTech is catalyzing a paradigm shift in how society perceives and addresses women’s health. By breaking taboos and enabling previously silent conversations, FemTech empowers women to make informed decisions about their well-being. FemTech not only improves individual health outcomes, but also ensures a more inclusive healthcare landscape for everyone, especially women, who have long borne the effects of lack of adequate care and treatment. As the FemTech segment continues to evolve, the combined efforts of brands, individuals and government support will create a future where every woman will have enough knowledge and resources to keep her health in good condition and seek help as soon as she needs it. .
The article is written by Chaitali Roy, COO and Co-Founder of EzeRx.
(DISCLAIMER: The views expressed are solely the author’s and ETHealthworld.com does not necessarily subscribe to it. ETHealthworld.com shall not be liable for any damage caused to any person/organization directly or indirectly)
