(MENAFN- GlobeNewsWire - Nasdaq) Pune, India, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The global femtech market size was valued at USD 5.79 billion in 2022 and market is projected to reach USD 20.59 billion by 2030, exhibiting a CAGR of 17.4% during the forecast period. Femtech refers to technology products related to females, includes Technology products, software, services that enable the use of digital health. The primary focus is to develop tech-enabled solutions to cater to the unmet rising need for women's health disorders. Rising funding and investments coupled with an increasing number of startups with novel femtech solutions to propel market growth. Fortune Business InsightsTM shares this information in its report titled“Femtech Market, 2023-2030.”
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Key Industry Development
July 2022: Lisa Health collaborated with Mayo Clinic to launch AI-based application called Midday for supporting menopausal women's health. Lisa Health is a digital company that focuses on advanced technology.
Key Takeaways:
The focus of femtech is to develop products, software that enable the use of digital health to manage women's health issues drive the market growth during the forecast period. 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. North America accounted for the largest market share and generated a revenue of USD 3.02 billion in 2022. The segments is expected to grow at a considerable CAGR during the forecast period.
List of Key Players Profiled in the Report
“Companies leading the global Femtech Market are Flo Health Inc. (U.K.), Chiaro Technology Limited (U.K.), Natural Cycles USA Corp (U.S.), BioWink GmbH (Germany), FemTec Health (U.S.), Glow, Inc. (U.S.), HeraMed (Israel), Joylux, Inc. (U.S.),Coroflo Ltd. (Ireland)”
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 17.4% |
| 2030 Value Projection | USD 20.59 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 6.69 Billion |
| Historical Data | 2019 to 2021 |
| No. of Pages | 180 |
| Segments covered | By Type, Application, and Region |
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Segments
Mobile Applications to Lead Backed by Rise in Funding
On the basis of type, the market is divided into products and mobile applications. Mobile applications segment dominated in 2022 due to rise in funding by investors, governments, and other agencies for technological advancements. Products segment is also estimated to have the highest CAGR due to the rising number of healthcare startups focused on catering to the rising demand for women's health issues and their focus on receiving approvals.
Pregnancy and Nursing Care Led the Segment Due to Penetration of Wearable Devices
Based on application, the market is categorized into menstruation care & fertility tracking, pregnancy & nursing care, menopausal health, and general health & wellness. Pregnancy and nursing care segment had a majority share in 2022 due to the penetration of wearable devices and increasing R&D activities for the introduction of new products. The menstruation care & fertility tracking segment is projected to grow due to expanding applications and benefits of these apps for various women's health issues.
Geographically, the market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World.
By Type
Products Mobile Applications
By Application
Menstruation Care & Fertility Tracking Pregnancy & Nursing Care Menopausal Health General Health & Wellness
By Region
North America Europe Asia Pacific Rest of the World
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Drivers and Restraints
Rising Usage of Artificial Intelligence and Technological Advancements to Fuel Market Growth
Rising usage of artificial intelligence and technological advancements is anticipated to drive the market growth. Rising prevalence of health disorders amongst women populace is increasing the focus of market players to bring advanced solutions. Increasing number of digital wearables and mobile application users and rising shift toward using artificial intelligence, machine learning, and various technological developments require the need to introduce innovative and customized products.
Regional Insights
North America to Lead Market Share Owing to Adoption of these Products and Applications
North America is anticipated to dominate the femtech market share due to the growing adoption of these products and applications among the population. The market reached the valuation of USD 3.02 billion in 2022 due to rise in healthcare expenditure and R&D activities. In December 2020, Natural Cycles USA Corp, submitted 510(k) PMA notification to the U.S. FDA. The notification is for its birth control wearables to expand its product portfolio.
Europe to grow at a considerable CAGR due to increasing awareness for women's health and benefits offered by digital products and applications. Rising focus to expand its activities and facilities for the development and introduction of innovative products in the region is anticipated to drive the regional's growth.
Competitive Landscape
Development of Novel Products by the Key Players to Set Market Progression
The market landscape consists of main market players such as Flo Health Inc., Natural Cycles USA Corp., and Glow, Inc. The global market has many startups, which focus on developing novel products and solutions for women's health issues. In February 2021, Biowink GmbH received the U.S. FDA approval for its Clue Birth Control as a medical device that is available to an initial group of people in the U.S. Chiaro Technology Limited., Joylux, Inc., and Coroflo, Ltd., are other prominent players of the market are focused on developing and introducing products.
Have Any Query? Ask Our Experts:
FAQs
What is Femtech Market?
Femtech pertains to technological products, software, and services designed to utilize digital health solutions for the management of women's health concerns.
What is the current size of femtech market?
The global femtech market size was accounted at USD 5.79 billion in 2022 and it is expected to reach USD 20.59 billion by 2030.
Table of Content:
Introduction Executive Summary Market Dynamics Key Insights Global Femtech Market Analysis, Insights and Forecast, 2019-2030 North America Femtech Market Analysis, Insights and Forecast, 2019-2030 Europe Femtech Market Analysis, Insights and Forecast, 2019-2030 Asia Pacific Femtech Market Analysis, Insights and Forecast, 2019-2030 Rest of the World Femtech Market Analysis, Insights and Forecast, 2019-2030 Competitive Analysis |
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