Femtech Market Size, Share & Industry Analysis, By Type (Products, and Mobile Applications), By Application (Menstruation Care & Fertility Tracking, Pregnancy & Nursing Care, Menopausal Health, and General Health & Wellness), and Regional Forecast, 2024-2032

The global femtech market size was USD 6.69 billion in 2023 and is projected to grow from USD 7.75 billion in 2024 to USD 29.62 billion by 2032, exhibiting a CAGR of 18.2% during the forecast period (2024-2032). North America dominated the global femtech market with a share of 52.91% in 2023.

Femtech refers to female technology products, software, and services that enable the use of digital health to manage women’s health issues. Ida Tin, the founder of women menstruation tracking app, Clue, in 2016, first coined the word.

The primary focus of femtech is to develop products, software, and tech-enabled solutions to cater to the unmet rising need for women’s health. The products and solutions are aimed to manage health disorders that specifically affect women’s health.

The rising prevalence of women’s health disorders including reproductive health, menopausal health, general health, and others among the general population globally and the awareness about these disorders through various initiatives are some of the major factors that are anticipated to drive the femtech market growth during the forecast period.

Also, the rising funding and investment coupled with an increasing number of startups with novel femtech solutions to cater to women’s health demands are other contributing factors for the market growth during the forecast period. However, limited accessibility of the internet and tech-driven products in emerging countries and privacy data concerns among the population are expected to hinder the market growth during the forecast period.

The overall impact of COVID-19 on the global market was positive owing to the increased adoption of digital applications and products during the period citing the social distancing norms and travel restrictions. This was further augmented by the improving reimbursement policies in developed countries and rising acceptance of the results by healthcare providers.

Femtech Market Trends

Rising Use of Artificial Intelligence and Technological Advancements to Offer Market Opportunities

The rising prevalence of women’s health disorders globally is leading to an increasing focus of market players especially emerging startups to cater to the rising demand of health solutions.

The increasing adoption of digital wearables and mobile applications among women is leading to the rising focus of market players toward integrating artificial intelligence, machine learning and the introduction of technologically advanced products.

The continuous efforts of start-ups to develop and introduce technologically advanced products is a rising trend in the market, fostering the growing demand and adoption of these products among the general female population.

• In December 2022, Movano Health announced the company’s plans to file FDA clearance for its smart ring, Evie, explicitly designed for women to provide health data through a mobile application.

The market becomes a very exciting industry that shows promise to meet specific women’s healthcare needs.

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Femtech Market Growth Factors

Rising R&D Activities & Funding by Investors and Organizations to Fuel the Service Demand

increasing technological advancements among the players result in the rising adoption of technology-enabled women’s health products and solutions among the female population.

The rising awareness regarding these products in developed countries is another primary reason for the increasing adoption of the products in the market. The market players are constantly focusing on research & development activities to develop innovative digital products and platforms. 

All these factors, along with rising support from government authorities, and other market players are leading to increasing R&D funding for the development of technology enabled products, including wearable devices, mobile applications, and others.

• In July 2023, Herself Health, a healthcare company providing primary care to women aged 65 years and above, announced that it raised a USD 26.0 million Series A funding. The company aims to expand its brand presence in the U.S.

The continuous efforts of the start-ups to gain approvals for their products and to receive funding from various investors is one of the crucial reasons that is expected to spur market growth.

• For instance, in 2019, Renovia Inc., received the U.S. FDA approval for its Leva Digital Therapeutic pelvic floor exercise tool. The company raised USD 17 million in a Series C funding in 2021, following Series B funding of USD 42.3 million in 2018.

Hence, the increasing demand of these digital products and solutions along with the rising accessibility of smartphones in the developed and developing countries, the market is expected to grow during the forecast period.

RESTRAINING FACTORS

Limited Access to High-tech Products and Services in Emerging Markets to Limit Market Growth

The adoption of digital products, mobile applications, and other technology-enabled solutions in developed countries has risen. However, there is still a massive gap in developing countries’ adoption of these products. The limited access to the internet and tech-enabled devices in China, India, African countries, and others is one of the major reasons to limit adoption in emerging markets.

The high cost of high-tech products, devices, and software, limited availability, and lack of awareness among the general population are some of the other factors that are anticipated to hinder the adoption of these products in these regions.

The cultural and societal differences in the developed and developing countries regarding the concept of menstruation, fertility, and other women’s health is another major factor that is anticipated to hamper the adoption of these products in the countries.

Also, the lower investment in women’s health, and digital health compared to other healthcare sectors is another crucial factor anticipated to limit the market growth.

• According to a 2023 article published by PitchBook, women make up around 50% of the global population but the healthcare R&D targeted toward women’s health specifically is just around 4%, which demonstrates a huge gap between the demand and supply of products and services targeting women’s health.

All these factors mentioned above and limited penetration of awareness programs regarding women’s health issues in developing countries are expected to hamper the global market growth in the future.

Femtech Market Segmentation Analysis

By Type Analysis

Mobile Applications Dominated Owing to Rising Penetration Among General Population

Based on type, the market is segmented into products and mobile applications. The mobile applications segment held a dominating femtech market share in 2023.

The increasing adoption of digital healthcare applications and solutions among women is a significant factor contributing to the segmental dominance.  Along with this, the rising focus of startups and other established market players to cater to the growing demand of the female population regarding women’s health disorders and rising funding by investors, governments, and other agencies for technological advancements are some of the major factors contributing to the growth of the segment.

Citing the growing adoption, small and mid-sized players and digital health start-ups have been strongly focusing on the introduction of new applications for menstrual tracking, among other conditions. This is leading to the increasing availability of these apps in the global market.

• There are more than 24 million users of Glow, a family of four applications ranging from period to parenting. Similarly, there are around 11 million users of Clue, a period tracking application in over 190 countries

On the other hand, the products segment is expected to grow at a considerable CAGR during the forecast period. The rising awareness regarding the products and their technological advancements to monitor and improve women’s health is one of the major reasons contributing to the increasing penetration of these products globally. The growing number of product approvals and launches by emerging players to cater to the rising demand for the treatment of women’s health conditions is another crucial factor supporting the segment growth.

By Application Analysis

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Pregnancy & Nursing Care Segment Dominated due to Increased Use of Pregnancy Care Products among the Women Population

On the basis of application, the market is segmented into menstruation care & fertility tracking, pregnancy & nursing care, menopausal health, and general health & wellness. The pregnancy & nursing care segment dominated the market size in 2022. The major factors responsible for the segment's dominance are the rising awareness about wearables and devices for remote monitoring of women’s health.

Increasing penetration of wearable devices is leading to increasing R&D activities by market players, startups, and research institutes for developing and introducing new products to cater to the unmet need of women’s health issues.

• In 2022, Samueli School of Engineering University of California developed an algorithm-based abdominal patch, Lullaby, for monitoring fetal heart rate. The device will allow remote monitoring of fetal heart rate with the use of a smartphone and aims to improve the prenatal care 

The menstruation care & fertility tracking segment is expected to grow owing to the rising number of users globally, increasing penetration of awareness initiatives regarding women’s health concerns, and others.

• According to a 2024 article published by FemTech World, the health secretary of the U.K. enlisted menstrual and gynecological conditions and women’s health research among the government’s priorities in 2024.

Also, the expanding applications and benefits of these apps for various women’s health issues are contributing to the rising penetration of these apps.

• Flo, a period and ovulation tracking application, has more than 230 million users globally. With the launch of PCOS Health Assistant, to help identify the risk of PCOS, the platform in 2019 propelled the adoption of the application among users.

The menopausal health segment is expected to grow owing to the rising number of women experiencing the side effects of menopause, and growing awareness regarding the products and devices for these effects. Along with this, rising funding by women’s health startups in the region innovation is anticipated to support the growth in the region.

• According to a 2021 article published by the Lancet Journal, there will be more than 1.2 billion menopausal and post-menopausal women globally by 2030.


• In 2020, Astinno, a London-based startup, received a U.K. grant worth USD 450 million for further testing and developing its wearable for women experiencing menopausal symptoms such as hot flushes.

On the other hand, the rising concern regarding health and wellness among women is leading to the increasing use of women’s health products to monitor their health regularly. During the COVID-19 pandemic, the number of health app users globally increased owing to more significant health concerns and fitness tracking.

Thus, the rising penetration and focus of the players to cater to the unmet and underserved women’s health issues are expected to augment the market growth.

REGIONAL INSIGHTS

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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North America dominated the market with a value of USD 3.54 billion in 2023. The region is anticipated to dominate the market in the coming years owing to the growing adoption of these products and applications among the population. Moreover, rising healthcare expenditure and R&D funding support the technological advancements of products and digital platforms, resulting in increasing adoption of advanced and novel solutions in the key countries in the region.

The growing funding by investors and other organizations to come up with more startups focused on the development of products is another major factor contributing to the market growth in the region.

• In December 2020, Natural Cycles USA Corp. submitted 510(k) PMA notification to the U.S. FDA for its birth control wearables, with an aim to expand its product portfolio.

Europe is expected to grow at a considerable CAGR during the forecast period owing to the rising awareness for the initiatives regarding women’s health and the benefits offered by digital products and applications.

Similarly, the rising focus of the startups to expand its activities and facilities for the development and introduction of innovative products in the region is another vital factor augmenting the growth of the market in the region.

• In 2022, the U.K.-based FemTech Lab Accelerator, launched FemTech Hub in partnership with XCHG Spaces. The launch is aimed to focus on innovation and the development of products for women’s health and wellness.

Asia Pacific is expected to register the highest CAGR during the forecast period. The growth is due to rising healthcare expenditure along with increasing awareness among the women population regarding health issues, digital products, and applications that can help monitor and improve their health.

The rest of the world is expected to grow owing to increasing accessibility of technology-based products and applications and the penetration of smartphone users among the population in the UAE, Saudi Arabia, and others.

Also, the rising number of initiatives by startups and other government authorities to support the market's growth in regions such as the Middle East, Africa, and others via funding and investment are expected to spur the rest of the world market share globally during the forecast period.

• In February 2022, Nabta Health, the Middle East’s only hybrid healthcare platform dedicated to elective, preventive women’s healthcare, raised USD 1.5 million in an angel investment round, which will be used to expand the company’s product portfolio and its market share within the UAE.


• In 2021, Organon and Flat6Labs launched the FemTech Accelerator Program to support the women’s health startups in the Middle East and North Africa (MENA) region to innovate and develop products and business models.

List of Key Companies in Femtech Market

Rising Investments among Startups to Contribute to their Growing Market Share

The global market is a highly fragmented market comprising many startups constantly focusing on developing and introducing novel products and solutions to address women’s health issues.

Along with this, the shifting of their focus from established players in women’s health toward digital health applications, products, and solutions is anticipated to increase their market share in the global market.

Flo Health Inc., Natural Cycles USA Corp., and Glow, Inc., are some of the major players operating in the market focused on catering to the unmet demand for women’s health issues.

The rising efforts of these players to increase their customer base by adding new and advanced features to their products and mobile applications are one of the primary reasons contributing to the growth of these players. The rising focus of these players on gaining certifications for establishing brand presence and trust among consumers is another major factor contributing to their growth.

In January 2024, Flo Health Inc. received the ISO 27701 certification, a gold standard from the International Organization for Standarization (ISO) Privacy.

Chiaro Technology Limited., Joylux, Inc., and Coroflo, Ltd. are some other prominent players in the market focused on developing and introducing products focused on improving women’s health issues. The increasing number of product approvals and launches in the market by these players is one of the important factors responsible for the growing share of these players.

• In October 2020, Elvie, a subsidiary of Chiaro Technology Limited, launched Elvie Curve, a non-electric breast pump. The launch aims to broaden the company’s product portfolio in the market.

The growing number of mergers and acquisitions among the established players and other female technology startups to broaden their product portfolio and geographical presence is another major factor fueling the market growth. Therefore, increasing R&D funding, investments, and focus of the startups to develop novel products are anticipated to spur the market growth and the positions of these players in the market.

LIST OF KEY COMPANIES PROFILED:

• Flo Health Inc. (U.K.)


• Chiaro Technology Ltd. (U.K.)


• Natural Cycles USA Corp (U.S.)


• BioWink GmbH (Germany)


• Glow Inc. (U.S.)


• HeraMed (Israel)


• Joylux, Inc. (U.S.)


• Coroflo Ltd. (Ireland)

KEY INDUSTRY DEVELOPMENTS

• January 2024 – Natural Cycles received Health Canada’s approval to commercialize its Natural Cycles app as a form of birth control


• September 2023 – Natural Cycles USA Corp, received the 510(k) clearance from the U.S. FDA for using wrist temperature data from Apple Watch. The integration allows the Natural Cycles application to use overnight wrist temperature data from Apple watch for the users with their consent.


• June 2023 – Flo Health Inc., launched its open-sourcing technology with its Anonymous Mode feature to focus more on privacy in the the femtech industry.


• April 2023 – Biowink Gmbh announced that Clue, its subsidiary, launched its first community investment round and raised USD 8.3 million in funding. The funds will be used to expand its product portfolio and scale up the digital family planning offerings.


• December 2023 – HeraMED collaborated with FemBridge, one of the leading maternal healthcare companies, with an aim to expand its product portfolio and geographical reach.

REPORT COVERAGE

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The femtech market research report covers a detailed analysis and overview. It focuses on key aspects such as competitive landscape, type, application, and region. Besides this, it offers insights into the market drivers, femtech market trends, market dynamics, COVID-19 impact on the market, and other key insights. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the market's growth in recent years.

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