The term “FemTech” was coined by Clue CEO Ida Tin, who said, “FemTech will not be a term referring to ‘women in technology’ but rather as an expanding category of technology that serves the vast opportunities that exist for female health.”
This sector encompasses software, diagnostics, products and services that use technology to improve women’s health and wellness. For many years, the importance of women’s health and wellness was overlooked, causing women to have to adapt to technology and medicine that was developed without their genetic makeup in mind. The FemTech movement is taking a step towards focusing on women’s health using technology and innovation.
FemTech is still growing and evolving. There is an increasing call to meet the healthcare needs of the LGBTQ+ communities, regardless of how a person identifies, who may have difficulty accessing the medical care and information they need. FemTech, as an inclusive sector, is gender agnostic, not female founder-focused, and continues to find ways to address the needs of underrepresented populations like those in the LGBTQ+ communities.
Why Now?
Many FemTech companies were founded to solve health and wellness issues that women of all backgrounds have experienced firsthand, but the available market options did not have a solution. That is why founders and entrepreneurs in this space decided to leave their established careers and build companies that address longstanding issues faced by women. The objectives of these FemTech companies are extensive, but some of the primary ones include combating gender bias by creating products specifically for women’s health, increasing funding for research on women’s health and wellness issues that have historically been underfunded, and boosting financial support from investors to continue innovating and developing solutions based on women’s health needs.
What’s Hot in FemTech Right Now?
According to Precedence Research, the FemTech market was worth about $56B in 2024, and they expect it to reach around $130B by 2034. Many of the sub-sectors within FemTech and women’s health and wellness have witnessed significant growth in the past few years, including:
- Pregnancy and Nursing Care: This segment focuses on women during pregnancy, childbirth, and postpartum care. With the increase in technology, this segment is expected to grow as technology and AI allow for predictive and personalized data for mobile apps and devices.
- Reproductive Health and Contraception: This segment focuses on women’s reproductive health and contraceptive needs, such as fertility tracking, contraceptive technologies, and sexual health. Increased investments, technological advances, and rising awareness have allowed for significant growth in this segment.
- General Health and Wellness: Solutions that center around mind and body wellbeing, as well as social factors, to develop a comprehensive and multidisciplinary approach to holistic health. This accounted for a significant percentage of the FemTech market and is expected to continue to grow.
- Menstrual Health: Focused on menstrual health and improving tracking, products, and monitoring. This segment has also accounted for a significant percentage of the market and has seen significant funding in recent years.
- Chronic Disease: Solutions that target chronic conditions requiring ongoing care (e.g., cancer, heart disease, depression) that are not exclusive to, but prevalent among, women.
Did You Say There Are Opportunities in FemTech?
Yes, in the past few years, we have witnessed a rise in technology focused on women’s health and wellness. In 2015, this sector barely received $100 million in funding. Through 2024, the FemTech industry has received about $56B in funding. The FemTech industry is expected to reach $130B by 2034, indicating ample growth and opportunities.
Women make up more than 50% of the population, control on average $31 trillion a year in US spending, and 89% of household health care spending is done by women, and yet countless health and wellness issues that women and non-binary people face continue to go untreated. Although the number of FemTech businesses and services provided for women has increased over the years, there is still significant room for growth, and numerous groups await their specific solutions. However, the increase in funding is a positive sign that these solutions are around the corner. Additionally, with the rise of AI and machine learning, the potential for better health and wellness tools for predictive data and personalized care is significant. Every FemTech company that raises money is opening a door for another FemTech company right behind it.
What Challenges Does the FemTech Sector Face?
While the FemTech sector has increased the capital that flows into healthcare to about 13%, market challenges continue to exist:
- Societal taboos surrounding women’s health issues
- Lack of women decision-makers due to gender gaps in capital funding
- Absence of awareness among women in rural areas
- Lack of scientific studies and data on women’s health to back industrial claims
Looking Forward
Since 2016, when the FemTech name was coined, there has been significant growth, indicating the shift and recognition of the importance of women’s health and wellness, as well as meeting the needs of a previously underserved population. It is evident that people are ready for this change. The FemTech community is full of innovation and entrepreneurs who believe in the work they are doing and are continuously making strides to better the industry. Individuals and communities within the space continue to raise awareness and bring women’s health and wellness to the forefront – a testament to FemTech’s necessity and value.
Author: Samantha Schreiber, CPA | [email protected]
Contact Us
For more information on this topic, please contact a member of Withum’s Women’s Health and Wellness Technology Services Team.
