It is estimated that FemTech will generate as much as $1.1 billion in global revenues in 2024. What was initially a niche industry is now developing more and more dynamically, and offers an increasingly interesting range of modern solutions that have a significant impact on the health and comfort of women around the world. So, what is FemTech? Why has it gained popularity? And what examples of solutions can we find on the Polish market?
FemTech is considered to be have been born with the launch of the Clue mobile application for monitoring the menstrual cycle using artificial intelligence (AI) algorithms1. The creator of the application, Ida Tin, was the first to use the term FemTech. This was in 2016, which is relatively not so long ago. Since then, the industry has developed strongly and we can easily find on the market, not only in Poland, more or less technologically advanced solutions dedicated to women’s health and well-being. And this is what the FemTech industry stands for – it is a collection of products and services created for women and their everyday problems or challenges in the health area.
Among the most popular solutions in the FemTech industry, it is worth mentioning mobile applications (monitoring menstrual cycle, symptoms of illness or level of the advancement of menopause), breastfeeding support devices, innovative fertility tests, modern methods of contraception and treatment of diseases of the reproductive system, menstrual underwear, and organic hygiene products, increasingly offered in the subscription model.
Why do we need FemTech?
Only 4% of funds allocated to R&D in the area of health care focuses on products and services dedicated to women’s health2. More than half of them also focus on fertility, yet women’s health and well-being is a broad field that combines many other important aspects too.
It is true that, in recent years, there has been progress in this area. Biological differences between men and women (for instance different metabolism regarding medication) are increasingly noticed in medicine, but it should also be remembered that a large part of modern medicine is still based on typically male biology. Clear gaps in the understanding of the female body can be observed, for example in the diagnosis of heart attacks or autism spectrum disorder. The same diseases can cause completely different symptoms in women than among men.
The development of FemTech delivers the health sector the data needed to better understand women’s needs, and can also contribute to improving the availability of medical and health services for many women in the world.
FemTech on the Polish market
There are more and more FemTech companies on the Polish market every year. Companies offering menstrual products, such as specialised underwear (for example, WIMIN) or hygiene products with a subscription (such as Your KAYA), have a strong presence. Another interesting example of FemTech is the PelviFly company, which proposes a device for exercising pelvic floor muscles, which has a positive effect on the problem of urinary incontinence and more.
As you can see, FemTech focuses not only on health, but also on areas close to and directly related to it, such as comfort, well-being and care. Innovations in this industry often turn out to be real game changers. Thus, it is worth following what other feminine solutions will revolutionize the market in the near future.
Author: Katarzyna Strzebońska, Comarch S.A.