Femtech Market Size, Share & Trends Analysis Report By Product Type (Wearable, Mobile Apps), By Region, And Segment Forecasts, 2022 - 2030

Femtech Market Overview

The global femtech market size was valued at USD 5.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 11.1% from 2022 to 2030. Growing health consciousness amongst the female population, normalizing & proactively addressing women’s health issues will contribute to the high market growth. Increasing disposable income, digital literacy, smartphone penetration, internet connectivity, digital health infrastructure, and the emergence of startups focusing on women’s health present lucrative opportunities to new and existing market participants. The growing availability of smart wearable devices is contributing to market development and growth. Health tech developers and investors are capitalizing on untapped opportunities and funding innovative product development strategies to address women’s health issues.

Key Investment & Product/Market Development Trends:

• According to the industry journals, in 2020, approximately 45 to 50 new women’s health startups were founded, and these startups raised funding of approximately USD 2.5 billion in 2020-2021.

• Digital health startups focused on women observed an increase in funding by around 105% in 2020. This signifies growth in the FemTech market, thereby presenting potential growth opportunities for businesses in the coming years.

Manufacturers of smart wearable devices and developers of advanced mobile applications are integrating their innovative product development strategies to efficiently utilize resources serving women’s health needs. Through these applications and devices (wearable and non-wearable), female users can easily track their health & wellbeing, receive informational content on multiple health queries, and actively engage with female communities or healthcare professionals. For instance, in July 2021, the U.S. FDA approved and gave clearance to Natural Cycles to use body temperature data readings collected by smart wearables, such as Oura smart ring, for assessing a woman’s fertility and managing pregnancy.

Few players that are integrating the app and devices are Natural Cycles & Oura smart ring, AVA Fertility Tracker wearable and AVA Fertility Tracker application, Google and Fitbit, and a few others. App and device combination is mainly offering period cycle tracking, fertility & ovulation management, menstrual health management, and pregnancy care management solutions. Through these innovative solutions, the market players focus on improving user engagement and desired outcomes amongst female users. The societal shift toward normalizing women’s health issues and actively addressing them through different digital health technologies are boosting the market growth. Customized health approaches allow women users to better understand their bodies and prioritize their health issues in an appropriate manner.

COVID19 Femtech market impact: 15.8% increase in revenue growth from 2019 to 2020

Product Type Insights

• Period tracking followed by fertility and pregnancy are the most lucrative life stages with the highest number of Femtech app downloads.

• Low IT literacy and awareness of Femtech apps among baby boomers is hindering the growth of pre-menopause and menopause solutions.

The wearables segment holds the largest market share of 79.5% owing to the growing health consciousness among female users and the increasing prevalence of women’s health issues are boosting the demand for wearables in the market. The shifting trend toward value-based care and a consumer-led model is driving growth. Moreover, wearable devices are evolving and working as an essential tool, as the population is focusing more & more on self-health care, wellness, and digitalization. Seamless smartphone integration, longer battery life, and wireless connectivity are some of the key features that female users are seeking in wearable devices.

According to Pew Research Center, as of June 2019, around 21% of individuals in the U.S. used a wearable device. Rapid advancements in the design of these wearables are expected to propel their demand. Cloud synchronization, predictive analytics, and gamification are some of the major developments in wearable technology.

On the other hand, mobile apps are anticipated to register the fastest growth rate over the forthcoming years owing to the developing trend of precautionary healthcare and growing smartphone penetration coupled with improving internet connectivity is driving consumer adoption of smartphone health applications in the market. Continuous improvement in network infrastructure and increase in coverage are propelling the demand for women’s health mobile applications. Mobile network operators view health apps as a beneficial opportunity for investment with the growing adoption of smartphones, increasing demand to address unmet needs (women’s health gaps), rising health consciousness, and growing awareness about health & well-being, especially among women.

The availability of low or no-cost health applications addressing multiple women’s health issues, such as period cycle tracking, fertility & ovulation management, pregnancy care management, and sexual wellness, has increased the number of free trials of several apps by female consumers. Furthermore, providing features such as scheduling pill reminders, alerts, remote monitoring, medical reference, diagnostics, and e-Learning has contributed to the growth in the adoption of mobile applications.

Regional Insights

• Based on demographic analysis, the Asia Pacific followed by the Americas, accounts for the highest consumer pool. However, the penetration of FemTech apps is relatively restricted in Asia Pacific and Latin American countries.

• The presence of a large number of FemTech companies offering novel solutions and high IT literacy in North America and Europe are the factors for the adoption of FemTech solutions at all life stages.

North America accounted for the largest market share of 38.3%. North America has witnessed rapid digitalization of healthcare owing to various factors such as growing smartphone penetration as well as rising demand for health-related smart solutions. According to Mobile Economy North America 2021 estimates, the number of mobile internet users in North America in 2020 was 296 million, and it is estimated that the number will reach 323 million by 2025. Increasing adoption of smart wearable devices and mobile health applications for health tracking coupled with growing health consciousness & awareness and rising transition toward preventive care is expected to drive the growth of the North American femtech market. In addition, favorable government initiatives and increasing healthcare IT spending & advancing digital health infrastructure are among the factors driving the market growth.

On the other hand, Asia Pacific is anticipated to register the fastest growth rate over the forthcoming years. Asia Pacific femtech market is driven by increased demand for effective health technology coupled with growing digital infrastructure, increasing smartphone & wearable devices penetration, improving internet coverage, and growing health consciousness. According to The Mobile Economy 2020 by GSMA, unique mobile subscriptions in the Asia Pacific reached 2.8 billion by the end of 2019 and are estimated to reach 3.0 billion by 2025. It has been estimated that by 2025, the number of mobile internet users in the Asia Pacific will be 2.7 billion, as compared to 2 billion in 2019. Government agencies are making efforts to promote advancements in mobile health technology by providing improved 3G & 4G network infrastructure & digital health technology roadmaps and formulating policies that would attract investments in the region.

Femtech Market Share Insights

• Flo is the highest downloaded/subscribed app, with over 200 million downloads by 2021. This app majorly caters to period & fertility tracking.

• Clue and Natural Cycles are a few FDA approved digital contraceptive apps that use Bayesian modeling for the prediction of the most fertile days (The high-risk window)

Flo Health, Inc; Apple, Inc; Clue by Biowink GmbH; Glow, Inc; Google, Inc; Natural Cycles USA Corp; Withings; Fitbit, Inc are some of the dominant players in the market. The growing demands arising from the unmet healthcare needs of the female population are driving market players across the globe to develop innovative product offerings and technological solutions. For instance, in March 2021, Clue received the U.S. FDA clearance for the launch of Clue Birth Control—a digital contraceptive built-in Clue application that can predict ovulation statistically by using a tool for birth control.

Key participants are focusing on mergers & acquisitions and technological collaboration strategies to expand their business footprint. For instance, in August 2021, Labcorp acquired Ovia Health, formerly known as Ovuline, a personalized data-driven solution for reproductive health companies. Through this acquisition, Labcorp strengthened its business position as a go-to source for women’s health insights and ventured into new avenues for personalized care. 

Femtech Market Report Scope

Segments Covered in the report

This report forecasts revenue growth at the global, regional, and country level, and provides an analysis of industry trends in each of the subsegments from 2016 to 2030. For this study, Grand View Research, Inc. has segmented the global femtech market report based on product type and region:

• Product Type Outlook (Revenue, USD Million, 2016 - 2030)

  • Wearables

  • Mobile Apps

    • Fitness & Nutrition

    • Menstrual Health

    • Fertility Management/ Assisted Reproductive Technology Apps

    • Pregnancy Tracking & Postpartum Care

    • Menopause

    • Disease Management

    • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2030)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • UK

    • Spain

    • Italy

    • France

    • Russia

    • Denmark

    • Iceland

    • Finland

    • Norway

    • Sweden

  • The Asia Pacific

    • Japan

    • China

    • India

    • Singapore

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina