Various health ailments affect women differently. However, we lack long-term data to draw obvious conclusions about how illnesses or treatments vary due to gender. These data gaps affect care quality and outcomes. Fortunately, as the FemTech sector gains attention and venture capital funding, these gaps narrow.
Innovation for good
Public Health England (PHE) survey reports that “31% of women experience severe reproductive health problems, but under half seek help.” Yet, women’s health experiences go beyond reproductive health. For example, migraines affect women three times more than men, and endometriosis is just as prevalent among women as diabetes, yet receives far less attention and funding. FemTech innovations can alleviate stress and stigma while using artificial intelligence and big data to tailor solutions. FemTech, also called female technology, is a digital health sector that includes mobile apps, wearables, diagnostic tools and software. Although the women-centric market “comprises over 200 startups worldwide, 92% of which are founded and led by women,” it’s gender-agnostic. The industry welcomes startup founders, regardless of how they identify because digital health issues extend beyond gender. As Eirini Rapti, founder and CEO of Inne, said during a session at the Virtual FemTech Forum, “In order to live in a diverse world, we need to have more diverse leaders, too. And it goes beyond just women.” Regardless of who does the innovating, it’s clear there’s a strong need for end-to-end technology products that support and advance women’s health. Nevertheless, the sector faces several ongoing challenges, along with incredible opportunities.
What the future holds for FemTech
FemTech is in its early stages, meaning there are plenty of digital health aspects to study and explore. Rapid growth is possible thanks in part to the entrepreneurs striving to use technology to help underrepresented populations. Moreover, a combination of increased women’s health awareness and the rising frequency of chronic and infectious diseases among females is driving the demand for personalised solutions. Frost & Sullivan suggests the market could reach $50 billion by 2025, and that “50% of global healthcare customers are women, and they are the primary caregivers for the elderly and children.” Right now, reproductive-health technologies represent roughly 56.13% of the overall market, with the apps segment making up “an estimated 62.28% of the entire FemTech market,” according to the Global Female Technology (Femtech) Market: Analysis & Forecast. By identifying digital health gaps in less saturated markets, entrepreneurs can provide technologies to assist women and healthcare providers.Click here to learn more.