Technologies such as mHealth, telehealth, and wearable devices to help pregnancy care, fertility, and menstrual care treatments while reducing costs
SANTA CLARA, Calif., March 3, 2020 /CNW/ -- In an era where the healthcare industry is moving toward personalized care solutions and the acknowledgment of inherent biological differences, the femtech (female technology) market revenue is expected to reach $1.1 billion by 2024, growing at a compound annual growth rate (CAGR) of 12.9%. Through solutions targeting early diagnosis and leveraging connected healthcare services, these technologies can reduce healthcare costs, decreasing the overall cost burden of a country while elevating healthcare standards and quality of life for women.
Frost & Sullivan's latest research, Growth Opportunities in the Global Femtech Market, Forecast to 2024, covers over 190 core and non-core femtech companies and their solutions for the following segments: menstrual care, fertility (conception and contraception support, affordable in vitro fertilization), pregnancy care, menopause and geriatric care, and general health and wellness. Pharmaceutical drugs and cancer solutions are not included in this study.*
For further information on this analysis, please visit: http://frost.ly/40h.
"Femtech companies all over the world, such as Nabta Health, Kasha, UE Lifesciences, HeraMed and BloomLife, are addressing regional women's unmet needs with innovative business models and approaches," explains Siddharth Shah, Transformational Health Program Manager at Frost & Sullivan. "These companies are primed for significant growth if they manage to scale their low-cost solutions across all regions, customizing them when necessary."
Femtech companies and organizations operating in this sector should explore the growth opportunities in:
- Developing connected health solutions for pregnancy care with affordable pricing models and doctors' support.
- Expanding reach to low-income regions such as Africa and Asia, which are also the locations with the highest female populations.
- Harnessing innovation from the increasing number of start-ups targeting the space in Europe.
- Meeting the unmet needs of women with culturally appropriate solutions, such as wearable devices or leveraging technologies such as telehealth.
- Reaching the previously inaccessible women customers in rural areas with digital health technologies such as smartphone apps, which would be successful because of increasing internet penetration, even in less-developed regions such as Africa.
- Reimbursing telehealth and remote patient monitoring solutions in the United States through mobile technology.
Growth Opportunities in the Global Femtech Market, Forecast to 2024 is a part of Frost & Sullivan's Transformational Health Growth Partnership Service program, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
* The "Femtech—Time for a Digital Revolution in the Women's Health Market" executive briefing, which includes pharmaceutical drugs and cancer solutions, shows that femtech's potential is expected to reach $50 billion by 2025.
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Growth Opportunities in the Global Femtech Market, Forecast to 2024
SOURCE Frost & Sullivan