By Chetali Roy
The subject of women’s healthcare and well-being has gained much attention in recent years, with individuals and businesses actively trying to understand women’s unique healthcare requirements. From the business standpoint, there has been a rise in businesses leveraging technology to offer products and services dedicated to ensuring women’s well-being and good health over the past decade. 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 entrepreneur and author Ida Tin. Since then, the FemTech field has grown to encompass a range of tech-enabled, consumer-centric products and solutions. It comprises everything from software and services catering to 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 monitor their health in all aspects, from managing their menstrual cycles to planning pregnancies, addressing reproductive health concerns, and even navigating motherhood seamlessly.
The growth statistics
To understand just how much the FemTech market has grown over the years, one simply has to look at the numbers. As per a research report by Facts & Factors, the global Femtech Market, valued at around USD 15 billion in 2019, is projected to skyrocket to USD 71 billion by 2026, growing at a CAGR of 17 per cent from 2020. In India, the FemTech market is on an upward trajectory, projected to reach a monumental USD 4 Billion by the end of 2024.
The need for FemTech
While the FemTech segment has grown significantly, it’s essential to understand why there is an urgent need for it in India. India has long been a country where conversations on women’s health and well-being have been shrouded in stigma, with public discussions even being social taboos. FemTech emerges as a beacon of empowerment and progress, breaking all barriers. By bringing innovative solutions to the general public, FemTech democratises access to healthcare, creating awareness and facilitating a culture of proactive self-care for women of all ages.
Additionally, FemTech could disrupt the healthcare industry in several ways, including improving care delivery, enabling self-care, enhancing the accuracy of diagnosis, addressing stigmatised topics, and delivering tailored care. FemTech also can provide personalised, data-driven insights into various aspects of women’s health. In a nutshell, the continued growth and progress of FemTech would mean making essential healthcare services for women more convenient and easily accessible.
Game-changing innovations
As the FemTech sector continues to gain momentum, more and more companies are actively researching and innovating in this field, achieving remarkable success over time.
For example, non-invasive devices that check hemoglobin levels are a boon given that 57% of women in India aged 15-49 suffer from anemia, as of 2019-2021.Constantly innovating in the healthcare segment, with a particular focus on women’s healthcare and well-being, companies are also working on products that will provide women with valuable insights into their ovulation cycles and quantitative data on their hormone levels. Such novel devices further drive the evolution of FemTech and its transformative influence on women’s health throughout India.
Summing up
FemTech is catalysing a paradigm shift in how society perceives and approaches women’s health. By breaking taboos and enabling previously hushed conversations, FemTech empowers women to make informed decisions regarding their well-being. Not only does FemTech improve individual health outcomes but also ensures a more inclusive healthcare landscape for all, especially women, who have long endured the effects of lack of adequate care and treatment. As the FemTech segment continues to evolve, combined efforts from brands, individuals, and support from the government will create a future where every woman has sufficient knowledge and resources to keep their health in good condition and seek help as soon as they need it.
The article is written by Chetali Roy, COO and co-founder, EzeRx.
(DISCLAIMER: The views expressed are solely of the author and ETHealthworld.com does not necessarily subscribe to it. ETHealthworld.com shall not be responsible for any damage caused to any person/organisation directly or indirectly)
