Femtech Market to grow at a CAGR of over 13.3% from 2023 to 2031, reveals Growth Plus Reports

According to the deep-dive market assessment study by Growth Plus Reports, the global femtech market was valued at US$ 51.55 billion in 2022 and is expected to register a revenue CAGR of 13.3% to reach US$ 158.6 billion by 2031.

Femtech Market Fundamentals

Femtech, short for female technology, refers to a rapidly growing industry of technology products and services designed to address women's health and wellness needs. Femtech products and services cover many areas, including menstrual and reproductive health, fertility and pregnancy, sexual health, general healthcare and wellness, and aging-related health concerns. Femtech has emerged because of the growing demand for healthcare products and services that cater specifically to women's needs and the increasing awareness of the gender gap in healthcare. Historically, women's healthcare needs have been overlooked or underserved, and femtech aims to fill that gap by providing women with accessible, affordable, and personalized healthcare products and services. Some examples of femtech products and services include menstrual tracking apps, fertility tracking devices, telemedicine services, breast pumps and nursing products, menopause and aging-related health products, and sexual wellness products.

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Femtech Market Dynamics
As women become more empowered and vocal about their health needs, a growing demand for products and services catering to their unique health concerns is growing. Femtech companies are stepping in to fill this gap and provide women with innovative solutions to manage their health, thus helping grow the global femtech market. The rapid advancement of technology has enabled the development of a wide range of products and services that address women's health needs, from period-tracking apps to smart breast pumps. Additionally, as more women become aware of their health issues, there is a greater demand for products and services that help them manage and prevent them. Femtech companies are providing solutions to everything from menstrual pain to menopause symptoms. Furthermore, as society becomes more open and accepts discussions around women's health, there is a growing demand for products and services that cater to women's unique needs. This has led to a rise in femtech startups addressing previously neglected areas of women's health, boosting the growth of the global femtech market.

However, despite the growing interest in the femtech market, access to funding is still a significant challenge for many femtech startups. Investors may be hesitant to invest in the market due to the perception that it is a niche market or a lack of understanding of women's health issues. Moreover, the femtech industry, like the broader tech industry, is still grappling with issues of diversity and inclusion. The lack of variety can limit innovation and lead to a narrow focus on certain health issues. Additionally, lack of awareness in developing nations, cybersecurity, and privacy concerns impede the overall femtech market growth.
Femtech Market Ecosystem
The global femtech market is analyzed from four perspectives: Type, Application, End User, and Region.

Femtech Market by Type
Based on the type, the global femtech market is segmented into devices, software, and services.

The devices segment dominated the market with the principal revenue share in 2022, attributed to increasing awareness of women's health issues and technological advancements. The devices comprise various products specifically designed for women's health and wellness. These products use technology to help women monitor and manage their health and often include wearable devices, smart breast pumps, fertility monitors, and pelvic floor trainers. These factors contribute to the growth of the devices segment. Wearable devices in femtech can track and monitor various aspects of women's health, such as menstrual cycles, fertility, and overall wellness. These devices use sensors and other technologies to collect data, which can be analyzed through apps to provide insights and recommendations to women. Smart breast pumps are another popular product in the femtech devices. These pumps are designed to be more efficient, discreet, and portable than traditional breast pumps. Many smart breast pumps also come with bluetooth connectivity and app integration, allowing women to monitor their milk production and manage their breastfeeding experience more easily. These factors contribute to the growth of the devices segment.

The services segment also accounted for a prominent revenue share. The services consist of various services and solutions that are focused on improving women's health and wellness. These are usually delivered through digital platforms, including telemedicine, digital health coaching, online health communities, and virtual physical therapy. Telemedicine services enable women to consult with healthcare professionals remotely, which can be particularly beneficial for women living in remote areas or facing mobility or transportation challenges. These services allow women to receive medical advice, diagnosis, and treatment without leaving home. Telemedicine services enable women to consult with healthcare professionals remotely, which can be particularly beneficial for women living in remote areas or facing mobility or transportation challenges. These aspects contribute to the growth of the services segment.

Femtech Market by Application
Based on the application, the global femtech market is segmented into reproductive health, pregnancy & nursing care, general healthcare & wellness, and pelvic & uterine healthcare.

The pregnancy & nursing care segment accounted for a significant revenue share. Pregnancy & nursing care focuses on products and services to support women during pregnancy and nursing. This segment includes many solutions, including pregnancy and nursing wearables, maternity and nursing bras, breast pumps, and lactation consulting services. Lactation consulting services are provided by healthcare professionals and other specialists who can help women with breastfeeding. These services can include advice on breastfeeding techniques, guidance on managing breastfeeding challenges, and support for women experiencing breastfeeding-related health issues. These factors contribute to the growth of the pregnancy & nursing care segment.

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Femtech Market by End User

Based on the end user, the global femtech market is segmented into direct-to-consumer, hospitals, fertility clinics, surgical centers, and diagnostic centers.
The fertility clinics segment is a key player in the femtech market with the largest revenue share in 2022, owing to rising issues about infertility in women. Fertility clinics refer to clinics that provide specialized medical care and services related to fertility and reproduction. These clinics offer a range of treatments and procedures that can help couples and individuals conceive and have healthy pregnancies, including fertility testing, assisted reproductive technology (ART), in vitro fertilization (IVF), and egg freezing. Fertility clinics have become increasingly important in the femtech market as more women and couples struggle with infertility or delay starting families until later. The demand for fertility treatments and services is expected to grow as women become more aware of their fertility options and seek ways to preserve their reproductive health. Many fertility clinics also offer various supportive services and resources, including counseling, educational programs, and financial assistance, to help women and couples navigate the often complex and emotionally challenging fertility treatment process. These overall factors contribute to the growth of the fertility clinics segment.
The direct-to-consumer (DTC) segment also had a significant market revenue share. The direct-to-consumer segment refers to companies that sell their products and services directly to consumers through digital platforms without intermediaries such as retailers or healthcare providers. This segment includes a wide range of products and services that cater to women's health and wellness needs, such as menstrual products, fertility tracking devices, pregnancy and nursing products, and women's sexual health products. DTC companies in the femtech market often offer their products and services at lower prices than traditional healthcare providers, thanks to their digital-first business models and streamlined supply chains. This has made it easier and more affordable for women to access essential healthcare products and services, especially in areas with limited healthcare access.

Additionally, one of the key advantages of the DTC segment in the femtech market is that it allows companies to gather large amounts of data on women's health and wellness needs, which can be used to develop more effective products and services. This has led to a proliferation of digital health tools and platforms specifically designed to help women manage their health and wellness needs. These overall factors contribute to the growth of the direct-to-consumer segment.

Femtech Market by Region

Geographically, the global femtech market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global femtech market with the largest revenue share in 2022, attributed to the increased demand for smart health solutions and expanding smartphone usage. Additionally, companies across the region are continuously raising funds to improve their processes in the femtech field, which is also expected to improve the femtech market outlook. For instance, in August 2022, a femtech firm created by a husband-and-wife partnership in the United States received US$ 3.2 million in initial investment in a round-headed by Thiel Capital with a fitness and wellness pitch that intends to link women to the hormonal phases of their menstrual cycle for physical and emotional gain. The business is based on current popular science that says menstruating women may benefit from tailoring their exercises, diet, and other wellness-focused activities to the hormonal shifts they encounter each month as part of their natural cycle. Before receiving funding from Thiel Capital, the founders were bootstrapping. Learn Capital, Steel Perlot, and several unknown private angel investors participated in the seed round.

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Femtech Competitive Landscape
The prominent players operating in the global femtech market are:
• Nuvo Inc.
• Flo Health, Inc.
• Nurokor Limited
• Withings
• Fitbit, Inc.
• Glow, Inc. (Upward Labs Holdings, Inc.)
• Apple, Inc.
• Athena Feminine Technologies Inc.
• iSono Health Inc.
• Canopie
• Natural Cycles USA Corp
• Clue by Biowink GmbH
• Sera Prognostics

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Manan Sethi
Director, Market Insights
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