According to its report, Femtech is on the cusp of explosive growth, spurred by almost $1 billion in funding over the last three years.
Femtech refers to software, diagnostics, products and services that harness technology to improve Women’s Health.
“Women’s health is often side-lined as a niche market; however, tides are changing and this can be attributed to the rise of the ‘she-economy’, where women are not only playing an increasingly influential role across the healthcare continuum, but also have higher purchasing power,” said Frost & Sullivan’s Transformational Health Senior Consultant, Shruthi Parakkal.
Furthermore, the report found that a total of 90% of women are primary healthcare decision-makers for their family and key influencers for friends; while 80% of the household healthcare spending is done by women.
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.
The report also found that 66% of women Internet users look online for healthcare information while a further 75% are more likely to use digital tools for healthcare than men.
There are already big players in the Femtech space like the Merck More Than a Mother initiative focusing on maternal and infant health and GE Healthcare and Amref Health Africa’s programmes which aim to develop a range of in-country healthcare service collaborations across reproductive, maternal, new-born and child health, non-communicable diseases, water, sanitation and hygiene and safe surgery.
“Several established biopharmaceutical companies are increasingly recognising the need for differentiated solutions for women. Examples can be Merck for Mothers, which is a $500 million initiative. Another example is Novartis’ focus on gender-specific medicine, especially in its clinical research and therapy approaches,” Parakkal told Venturebeat.
“With the rise of digital convergence, the overlap between women’s health and digital health is increasing, and it is imperative for companies to cater to unmet needs in the industry to capitalise on this strategic sweet spot,” said Transformational Health Principal Consultant at Frost & Sullivan, Paljit Sohal.
“Femtech, ultimately, needs to be viewed as part of a long-term strategy, rather than a short-term solution,” concluded Sohal.