What You Should Know:
– The global femtech market size is expected to grow from $12.65 billion in 2022 to $22.29 billion by 2028, with an estimated CAGR of 9.9% from 2022 to 2028, according to the latest Insight Partners report.
– The report reveals that the global femtech market growth is driven by increasing demand for medical devices used in the female health industry and growing demand for technologically advanced femtech products.
Femtech Market Drivers
The Femtech market experienced a significant positive impact of COVID-19 as several lifestyle diseases affected women’s health. During the pandemic, women faced the increasing concern of health conditions such as reproductive disease due to changed lifestyle habits, mental health, high risk of developing metabolic syndrome, and other chronic diseases. In pregnancy, mainly miscarriages, stillbirths, and birth complications arose, leading to anxiety, depression, and hormonal imbalance.
With growing health concerns, coupled with restrictive guidelines during the pandemic, industry leaders developed innovative software, services, and products with the use of digital technology to reach remote areas across the world. The new generation services provide remote healthcare services to healthcare professionals in hospitals, fertility clinics, and diagnostic centers, as well as to patients remotely.
In 2020, according to McKinsey Insights, around 45 to 50 new women’s health startups were founded, and these start-ups raised approximately US$ 2.5 billion in 2020–2021. Digital health startups focused on women observed an increase in funding by around 105% in 2020.