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Gender disparities are very prominent in the health field. However, femtech has been the new thing to hit the medical sphere, with its sole purpose being to help women.
What is Femtech?
Femtech refers to the “software, diagnostics, products and services, that use technology to support women’s health”. Iva Tin, the founder of the period tracking app, Clue, coined the term. Femtech encompasses all health concerns and products that primarily focus on women. These include menstruation and period care products, fertility and birth control, menopause, chronic conditions and hormonal disorders, pelvic health, pregnancy and post-pregnancy, breastfeeding, sexual wellness, and general health care.
The Value of Femtech
As an industry, femtech is growing. It is expected to pass $9 billion in funding and investments by 2024. This rise is meant to be expected because a much larger percentage of women are more likely to use digital health tools than men. As the industry grows, a lot of the health areas that are primarily for women have begun evolving.
- Fertility- The fertility area of health care is the most profitable, as it is predicted to reach $46 billion in sales by 2026. Some apps track fertility and send out alerts to women when they are fertile. They can also provide great self-monitoring when trying to conceive.
- Menstrual care- Similarly, the number of apps there are to track women’s menstrual cycle is astronomical. These apps also allow the woman to enter health information that will make the app cater to their specific circumstances.
- Nursing- Nursing has always been a struggle for women who work. They have to take the time out of their day to find a private place to nurse. The under-the-shirt pump has allowed women to perform the natural function without being distracted from work.
- Pregnancy- The app store has plenty of options for pregnancy apps. They can guide women through their pregnancies with information about the baby and themselves. A great tool that has been developed to help pregnant women is pocket-sized ultrasound machines. They allow any women have access to their baby, which is especially helpful for undeveloped areas where health equipment is scarce.
- Sexual health- Along with all the other apps, some focus primarily on sharing sexual health information and resources, such as STI testing sites, with women who need it.
Challenges Femtech is Facing
Femtech, just like every other industry, faces its own challenges. The first one is the lack of funding for services and products, particularly for low-income and underdeveloped areas. Similarly, smartphone apps and wearable electronic devices are not completely realistic for rural and marginalized regions. The last challenge is the imposition of a “pink tax”. The pink tax is an extra charge that is added to products that are specifically marketed to women.
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