What is FemTech?
FemTech encompasses a range of specifically female-oriented technological solutions. Since the phrase was coined in 2016, with thanks to menstrual cycle tracking apps, momentum for the development of women specific technologies has grown demonstrably. Tech development has now moved into diverse health spaces; businesses focused on period care, fertility management, pregnancy and childbirth, ageing and menopause, sexual health and fertility. Femtech is providing women access to their bodies like never before, bringing investment and women’s empowerment together, in a profitable bow.
Historically, FemTech has lost out on venture capital funding. However, due to a surge of changing cultures and norms, FemTech is booming with a red hot year for venture capital investment.
Pitchbook and Crunchbase data showed in 2018, the FemTech space surpassed $400 million in private investment. This year alone, markets such as men’s fertility Dadi and Extend Fertility have attracted investment and the British FemTech company, Elvie recently received a $42m in investments, after only six years of company growth. Supplying vital women’s tech to the NHS, developing apps and devices, Elvie and similar brands are working across the spectrum.
Consumer Trends – what can they tell us?
This establishing of brands is echoed in consumer searches within the space, where the overall growth is increasingly delivered by branded demand for individual services and apps, rather than generic interest. FemTech companies who have received investment are swiftly shaping the market, embedding long term associations in an emerging sector.
Is interest being converted into usage? Site traffic to a representative sample of fertility services over the last 24 months has seen a 93% increase year on year. For example, leading market brand Avawomen saw a 208% year on year increase – it would appear the trend is booming.
Femtech brands are attracting global audiences. Perhaps due to the huge start up space in in the U.S, North America owns the majority of traffic to the market, with Europe closely following. However, traditionally conservative geographies such as Asia are rapidly developing FemTech and utilising their benefits, showing a change in traditional ways of thinking about women’s health, and opening global opportunities at a click of a button.
Women are only at the beginning of the journey of making connections between their bodies, tech, health and trusted consumer brands. Smart solutions are working alongside the NHS, and tapping into a historically under-developed market. As attitudes to women’s bodies are quickly changing across the globe, and access to technology is expanding, it appears FemTech is just at the beginning of a long, fruitful journey.
Beside quality, innovative products and platforms, investment is proving a decisive factor in accelerating the growth of FemTech brands.
With FemTech expected to reach $50b in investment by 2025, now may be the time to spot the next market disruptor.