NEWARK, Del, Dec. 18, 2023 (GLOBE NEWSWIRE) -- The femtech market is expected to be US$ 27,956.4 million in size in 2024. For the 2024 to 2034 period, the CAGR for the market is projected to be an average of 4.5%. By the end of the forecast period, the market value is expected to have risen to US$ 43,406.1 million.
As the primary users of femtech, the rise in women in the technology field is a boon for the market. Women are more inclined toward femtech, and the rise in working professionals is increasing the demand for wearable and convenient devices.
Femtech is benefiting from the bursting of taboos regarding women’s health. Topics like menstrual health and menopause are being discussed in the open, making women less hesitant to seek out help concerning bodily health. The growth in women afflicted with STIs and STDs is also necessitating the use of femtech.
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The market faces significant challenges that hamper growth. Femtech stores and works with sensitive information regarding women, and the threat of the data being stolen keeps many people away from the technology. Femtech also faces a battle in reaching rural and underdeveloped areas where stigmas still exist and technological facilities need to be advanced.
Key Takeaways from the Femtech Market:
- The femtech market is anticipated to be valued at US$ 27,956.4 million in 2024.
- Consumer products are the leading products in the market. For 2024, consumer products are expected to contribute to 19.9% of the market share.
- Menstrual health is the predominant concern for users of femtech. For 2024, menstrual health is anticipated to account for 18.0% of the market share by application.
- India is marked to be one of the leading countries in the market. During the 2024 to 2034 period, the CAGR for India is pegged to be 6.7%.
- Besides India, China is another promising Asian country for the market. For the forecast period, the market is expected to progress at a CAGR of 5.8% in China.
- The market is anticipated to progress at a CAGR of 2.9% in the United Kingdom.
“Femtech is using technology to expand the scope of the market. Emerging general technologies like AI and voice assistants, as well as market-related technologies like electric breast pumps, are ensuring femtech products stay at the forefront of technology. Thus, technological advancement represents significant growth potential in the market,” opines Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI).
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Competition Analysis of the Femtech Market
The femtech market is competitive, with large-scale companies tussling with smaller counterparts for market dominance. Acquisitions, mergers, collaborations, and investment hunting are common in the market.
Key Companies in the Femtech Market:
- Flo Health Inc.
- Apple Inc.
- Clue by Biowink GmbH
- Glow Inc.
- Google Inc.
- Natural Cycles USA Corp
- Withings
- Fitbit Inc.
Recent Developments in the Femtech Market
- In November 2023, Bayer and CrossBay Medical announced a collaboration to develop a pain-reducing intrauterine system inserter.
- In November 2023, the MyBreastAi suite was launched by GE, combining AI capabilities with mammography.
- In October 2023, MEDICE Health Family entered the market by acquiring Femfeel.
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Key Segments
By Product Type:
- Diagnostics
- Monitoring
- Therapeutic
- Consumer Products
By Application:
- General Health and Wellness
- Maternity Care
- Menstrual Health
- Pelvic and Uterine Healthcare
- Cancer and Chronic Disease
By End User:
- Direct-to-consumer
- Hospitals
- Surgical Centers
- Fertility Clinics
- Diagnostics Centers
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
Authored by:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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