What is FemTech?
As we enter FemTech Week 2021, you may be hearing this buzzword echo through the startup arena. But what exactly does ‘FemTech’ mean?
Coined by Clue CEO, Ida Tin, in 2015, FemTech refers to the products and services designed to meet the needs of women’s (often neglected) healthcare needs.
The two leading subsectors are pregnancy and reproductive health, with a recent report by FemTech Analytics showing that these divisions commanded 50% of the FemTech space in 2021.
Though the sector has been spearheaded by women’s wellbeing when having, or trying to have children, FemTech leaders are broadening focus towards women’s mental health, menopause solutions, all-round longevity, and much more.
Why do we need FemTech?
Women’s health needs make up only 4% of the overall funding for all research and development related to healthcare. So it’s easy to see why FemTech deserves the attention of researchers, developers and investors.
A core aim of FemTech is not only to diminish bias across genders, but also to level the playing field within the female population.
Figures from MBRRACE-UK showed that black women are four times more likely than white women to die during pregnancy or childbirth, and women from deprived British regions are three times more likely to die than those from wealthier areas.
FemTech innovation will be a major catalyst in boosting the accessibility of women’s healthcare, steering it away from a postcode lottery and into the hands of every woman.
Negative side-effects from hormonal birth control, stigma around periods and ongoing threats to safety are issues faced by women every day. For entrepreneurs looking for a problem to solve, there are plenty to be found within the FemTech realm.
FemTech’s Growth Potential
Valued at $18.7B in 2019, the FemTech industry is expected to reach $60B by 2027, at a Compound Annual Growth Rate (CAGR) of 15.6%.
A whopping 51.9% of FemTech companies were started on American soil. The UK takes silver as the second largest contributor to FemTech, but is home to only 6.4% of startups.
At present, UK innovators and investors have a golden opportunity to push FemTech to new heights and contribute to building a more balanced society. As a startup, entering an undersaturated market can also make you attractive to investors and increase your chances of securing competitive grant funding.
What’s next for FemTech?
Nothing draws attention to healthcare quite like a global pandemic. This, coupled with the growing influence of female empowerment makes the FemTech space more exciting than ever before.
Recent research has revealed that women are 75% more likely to use digital healthcare tools than men clearly demonstrating the growth potential of both FemTech startups and the industry as a whole.
As part of the FemTech insurgence, FemTech Week has been developed, with this years’ event running from the 5th to the 12th of October. Now is the perfect time to join the conversation and celebrate all businesses and startups improving women’s well-being.
Want to stay in the loop? Join the FemTech Week community to gain free access to events, content, giveaways and more!