Femtech Global Market Report 2024

The femtech market size has grown rapidly in recent years. It will grow from $36.52 billion in 2023 to $41.97 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth observed in the historical period can be attributed to factors such as the increasing awareness of women's health, changing societal attitudes and taboos, a demand for personalized women's healthcare, a shift in women's health conversations, and a focus on empowerment and informed decision-making.

The femtech market size is expected to see rapid growth in the next few years. It will grow to $81.24 billion in 2028 at a compound annual growth rate (CAGR) of 18.0%. The anticipated growth in the forecast period can be attributed to factors such as evolving demographics and an aging population, the integration of digital health platforms, the rise of remote and telehealth services, a heightened focus on fertility and reproductive health, and an increased demand for preventive and wellness-oriented solutions in women's healthcare. Major trends expected in the forecast period include the development of AI-powered women's health apps, the use of wearable health devices specifically designed for women, the growth of mental health and wellness apps, the adoption of digital pelvic floor training, and increased investment in femtech startups.

The surge in digital healthcare is anticipated to drive the expansion of the femtech market. Digital healthcare technologies leverage connectivity, software, and sensors for various healthcare and related applications. In October 2022, a report from the Centers for Disease Control and Prevention, a US-based government agency, highlighted that 37.0% of adults had availed telemedicine services within the previous 12 months in 2021. Notably, women (42.0%) demonstrated a higher likelihood of utilizing telemedicine compared to men (31.7%). Furthermore, there was a positive correlation between age and telemedicine usage, with the percentage of adults engaging in telemedicine increasing with age. Specifically, usage rates escalated from 29.4% among adults aged 18–29 to 43.3% among adults aged 65 and above. Consequently, the positive consumer perception and substantial investments in digital health are expected to propel the growth of the femtech market.

The anticipated increase in healthcare spending is poised to bolster the growth of the femtech market in the foreseeable future. Healthcare spending encompasses the total expenditures made on healthcare-related goods and services by individuals, governments, and organizations within a specific region or country. The rise in healthcare spending serves as a catalyst for investment in research, development, and the adoption of innovative technologies within the femtech market, thereby improving access to cutting-edge products and services for women's health and well-being. For instance, as of March 2022, according to the 2021–2030 National Health Expenditure (NHE) report published by the Centers for Medicare & Medicaid Services, a US-based federal agency, the projected growth indicates that national health spending is expected to increase by an average of 5.1% annually between 2021 and 2030, reaching a total of nearly $6.8 trillion. Additionally, it is anticipated that from 2021 to 2030, Medicare spending will increase at a 7.2% annual pace, while Medicaid spending will rise at a 5.6% annual rate. Consequently, the escalating healthcare spending serves as a driving force behind the growth of the femtech market.

The femtech industry is witnessing a notable trend towards the adoption of advanced technology products. Companies are directing their efforts towards the development of products that not only deliver precise results but also minimize product handling time. An exemplar of this trend is evident in the initiatives of Lia, a US-based company. In 2021, Lia introduced the world's inaugural flushable and biodegradable pregnancy test device crafted from plant fibers, ensuring it is 100% free from plastic. Remarkably, this innovative product has the capacity to biodegrade in a mere ten weeks, showcasing a commitment to environmentally friendly practices within the femtech sector.

Leading companies in the femtech market are actively pursuing the development of cutting-edge technologies, including digital contraceptives, as part of their strategy to reach broader customer bases, drive sales, and boost revenue. A digital contraceptive is a medical device that utilizes self-tracked data and sophisticated algorithms to identify a menstruator's fertile window, effectively preventing pregnancy. For example, in March 2021, Clue, a Germany-based femtech company, announced the receipt of U.S. Food and Drug Administration (FDA) clearance for the launch of Clue Birth Control. The distinguishing feature of Clue's Birth Control is its comprehensive reliance on an all-digital contraceptive approach, leveraging period tracking data. By combining user-inputted menstrual cycle information with Clue's predictive algorithm, the feature accurately identifies high- or low-risk days for pregnancy. Users receive actionable recommendations to modify behaviors, including suggestions to abstain from sexual activity or employ additional contraception methods, such as condoms, on high-risk days. As users consistently input data, the algorithm refines its predictions, tailoring them over time and potentially reducing the high-risk window. It's noteworthy that Clue's birth control algorithm is rooted in the Dynamic Optimal Timing (DOT) algorithm, which was acquired and integrated to enhance the effectiveness of its contraceptive feature. This exemplifies a commitment to leveraging advanced technology to offer more personalized and effective solutions in the field of women's health.

In July 2022, FemTec Health, a health and beauty sciences company based in the United States, successfully acquired Ava Women for an undisclosed sum. This strategic acquisition is intended to facilitate the expansion of FemTech Health's product portfolio, particularly in the realm of reproductive health solutions. Ava Women, the Switzerland-based company being acquired, specializes in digital diagnostics and therapeutics focused on women's reproductive health.

Major companies operating in the femtech market report are Totohealth Inc., LifeSense Group, Lumenis Ltd., Maven Clinic, Kindbody Fertility & Women's Health, Flo Health Inc., Minvera Health Inc., Natural Cycles, NURX Inc., BioWink GmbH, Elvie Inc., Nuvo Group LLC, Lia Diagnostics Inc., Bloomlife Inc., Kasha Global Inc., Proov, Athena Feminine Technologies, Ava Science Inc., Joylux Inc., MedAnswers, OCON Healthcare LLC, Flyte by Pelvital, Inne Inc., Tia Health, Gennev, iSono Health Inc., OOVA Inc., Sera Prognostics Inc., Cora Health Inc., HeraMED Inc., Sustain Natural, LactApp Women’s Health, Trak Fertility, Willow Pump Company, Yono Labs, Zava.

North America was the largest region in the femtech market in 2023. The regions covered in the femtech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the femtech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of femtech encompass devices, software, services, and others. Devices in femtech represent a broad array of tools and products designed for improving women's health. This category includes wearable devices, treatment devices, and various other products tailored to women's health needs. Software in femtech is employed in female-oriented technological products that focus on women's wellness and healthcare. Services within femtech include medical services utilized in women's healthcare, which can involve therapy services dedicated to wellness and healthcare. Femtech serves various end-users, including direct-to-consumer platforms, hospitals, fertility clinics, surgical centers, and diagnostic centers. The applications of femtech cover a range of women's health areas, including reproductive health, pregnancy and nursing care, pelvic and uterine healthcare, general healthcare and wellness, among others.

The femtech market research report is one of a series of new reports that provides femtech market statistics, including femtech industry global market size, regional shares, competitors with a femtech market share, detailed femtech market segments, market trends and opportunities, and any further data you may need to thrive in the femtech industry. This femtech market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The femtech market includes revenues earned by entities by providing period tracker, fertility tracking and solutions, menstruation products, prenatal and postnatal care products, and reproduction healthcare products. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.