The gradual evolution of the global ‘FemTech’ ecosystem

The scenario is similar on the global scale as well. A mere 4% of healthcare research spending is focused on problems faced by women. The near absence of women’s health challenges from the focus is due to three key factors.

First, most research is either led or exclusively conducted by men who are not well-versed with female health challenges. Second, many of the health issues faced by women are considered as normal life situations and not viewed from a medical care perspective. Lastly, it is assumed that if a problem affects both genders then the solutions or therapeutic processes that work well for men will be equally effective for women.

However, in the last few years, the emergence of digital technology and women-led startups has led to consistent and impactful innovations aimed at the under-served gender. In 2016, entrepreneur Ida Tin coined the term ‘femtech’ to refer to this industry, which creates tech-driven solutions to address female health and wellness.

In the past, the perception was that demand for women’s health products and services isn’t adequate to make them commercially viable. However, the rise of online platforms, awareness and economic independence of millennial women has created a thriving market. It is estimated that the global femtech sector is growing at a CAGR of 16%, and will touch a market size of $90 billion plus by 2030.

One of the main reasons for this growth is that services and consultations specific to women have been growing with rising female participation in the global workforce. These are still early days for the sector though, leaving a massive market to capture and product categories to innovate and pioneer in. Women-led femtech startups have a significant advantage as they have leaders that understand the needs and challenges.

Moreover, lack of convenient and discreet access has been one of the biggest causes of the prevalent disadvantages faced by women. The problem is even more acute in a country like India where puberty, menstruation, sexual and reproductive wellness and menopause are considered taboo topics. Online platforms and app-based services today provide anytime, anywhere access to expert guidance in a personalized and private manner. Some femtech startups in India are also integrating the power of social media communities to create exclusive forums for information exchange and awareness among women.

Virtual consultations with doctors, usage of digital devices for monitoring vitals, and on-demand and doorstep delivery of medicines are creating a self-care ecosystem. Women can find authentic and helpful information online, consult doctors through telemedicine, and procure the necessary products on app-based platforms. Thus, there is greater convenience and ability to take care of one’s personal health issues without disrupting the daily routine or any need to take a break from work to visit a medical facility.

D2C e-commerce has been a major driver since it has successfully enabled femtech startups to market their innovative and effective solutions digitally among the target audiences. The whole business model is less capital intensive, more accessible and affordable for all stakeholders. Thus, women in different cities, states or even countries can get necessary doctor guidance or products within their homes.

To sum it up, the key to faster global adoption of femtech services lies in increasing female participation among research, innovation, investment and entrepreneurial communities. Until the decision makers and product developers are not familiar with the challenges faced by their target audience, they will be less effective at crafting the right solutions. The heartening factor is that a great start has been made, and with hundreds of millions of women as potential customers, femtech will only grow from here.

Swathi Kulkarni is the Co-Founder and CEO of Elda Health.