The evolution of the global ‘Femtech’ ecosystem

The scenario is similar at the global level as well. Only 4% of health care research spending is focused on the problems women face. Women’s health challenges are almost lacking due to three major factors.

First, most of the research is either led or conducted exclusively by men who are not well-versed with women’s health challenges. Second, many health problems faced by women are treated as normal life conditions and not viewed from the standpoint of medical care. Finally, it is believed that if a problem affects both sexes then solutions or therapeutic procedures that work well for men will be equally effective for women.

However, over the years, digital technology and the emergence of women-led startups have led to frequent and impressive innovations aimed at the under-served gender. In 2016, entrepreneur Ida Tin coined the term ‘femtech’ to refer to the industry, which creates tech-driven solutions to address women’s health and wellness.

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

One of the main reasons for this growth is that with the increasing participation of women in the global workforce, specialized services and counseling for women are on the rise. However, it is still early days for this segment to capture the mass market and innovate and pioneer product categories. Women-led femaletech startups have a significant advantage as they have leaders who understand the needs and challenges.

Moreover, lack of convenient and discreet access has been one of the biggest reasons for the prevalent disadvantage faced by women. The problem is even more acute in a country like India where puberty, menstruation, sexual and reproductive well-being and menopause are considered taboo subjects. 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 specialized platforms for information exchange and awareness among women.

Virtual consultations with doctors, use of digital tools for vital monitoring and on-demand and doorstep delivery of medicines are creating a self-care ecosystem. Women can access authentic and useful information online, consult doctors through telemedicine and purchase essential products on the app-based platform. Thus, there is greater convenience and ability to take care of one’s personal health issues without disrupting the daily routine or needing to take a break from work to visit a medical facility.

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

In short, the key to rapid global adoption of femaletech services is to increase female participation in research, innovation, investment and entrepreneurial communities. Unless decision makers and product developers are familiar with the challenges facing their target audiences, they will be less effective at designing the right solutions. Happily, there has been a great start, and with hundreds of millions of women as potential customers, FemaleTech will only grow from here.

Swati Kulkarni is the co-founder and CEO of Alda Health.