Last week, I decided to ask my Twitter followers about period pains and what they use and do. To continue the conversation, I have decided to do a research post about FemTech.
As a woman in my late 20s, I suffer from painful periods which has affected my productivity (averagely about 2/3 days every month), my career progression, and mental wellbeing. Since my tweet, the response I have received online and off-line has been incredible.
List of UK-based startups who are innovating the women healthcare space.
In this post, I will discuss whether FemTech provides more accessible and affordable healthcare for women, the future trends and as an investor should I invest?
FemTech stands for Female Technologies, it is any technology geared toward improving women’s lives, health, and wellbeing. Since 2017, #FemTech has become more popular after following the recent #MeToo and #Timesup movement stormed social media platforms.
According to Frost & Sullivan, reports Femtech will be a $50 billion market by 2025 and the next disrupter in the global health market. Current statistics show in the U.S, 80% of the household health care spending is done by women, and women are 75% more likely to use digital tools for health care than men (currently there is no real data for the UK). Many investors have previous assume FemTech would become a niche sector, which is crazy when it is targeting 50% of the global world population. Products such as period-tracking apps, smart breast pumps, contraceptive app, an online delivery service for birth control, and sexual wellness products have made healthcare more accessible and affordable for women across the globe.
Women are turning to technology when insurance companies fail to address their needs.
An example of a FemTech service is Univfy, Univfy is a SaaS tool to better predict IVF success rates using machine learning. In the U.S, women are turning to technology when insurance companies fail to address their needs.
Amazing to see VC firms such as Rethink Impact supporting Univfy’s mission. Rethink Impact is a US-based impact venture capital firm — with a gender lens that invests in female leaders using technology to solve the world’s biggest problems. Additionally, the team is super diverse, maybe that’s why they saw a gap in the market.
Diversity within VC teams can be lucrative. If we don’t change how traditional VC pattern-matching runs, we are risking leaving billions of unrealised returns on the table.
So what is next?
According to a Forbes report, menopause market is massive potential and is currently untapped due to current cultural stigmas and silence conversation in the workplace. Menopause is when a woman stops having periods and is no longer able to get pregnant naturally. By 2025, there will be over 1 billion women experiencing menopause ( that’s 12% of the current world population). There is a gap in the market for startups to use technology to innovate and disrupt the market. Problems such as hot flashes and night sweats affect 75% women, and this adds approximately $2,100 per women per year costs on the healthcare system and the overall economy.
The FemTech opportunity to the investor and founder
If you are an investor and interested in this space, the market is very attractive, especially if you invest early. FemTech is a growing market and it is going now where, as this space will impact billions of women globally.
If you are a founder, you have a real opportunity to innovate women healthcare. Make sure when you are building you are always testing and validating any changes with your end-user.