The Potential for Women’s Health Technologies
Women and girls represent half of the world’s population and therefore also half of its potential (United Nations, 2020)
By 2027, the global market for women’s health technologies will be worth an estimated US$1.186 trillion (Barreto et al., 2021). This market is only now starting to be addressed due to women being “historically and systemically excluded from healthcare research and innovation”.
With digital disruption across the sector comes the opportunity to reimagine and revolutionise healthcare for women in emerging markets. Women’s health technologies have the potential to improve the lives of millions of women and their communities, raising awareness of female health needs, improving access to the right kind of care, removing obstacles to access, and streamlining care delivery.
“FemTech”, a phrase coined by Ida Tin, Co-founder of Clue, in 2016, is the technology – software, diagnostics, products – developed to address the health and wellbeing needs of women. Women’s health and wellbeing has been an underinvested area with little innovation until recent years. Now experiencing a surge in attention and investment, the global FemTech market is growing rapidly and in the United States alone is expected to reach US$50 billion by 2025. Valued at US$18.75 billion in 2019, the global FemTech market is projected to reach US$60.01 billion by 2027, at a CAGR of 15.6%. (Emergen Research, 2021)
The World Health Organisation (WHO) recognises that digital health solutions should complement and enhance health systems and acknowledges the value of digital technologies to contribute to advancing universal health coverage (UHC) and other health aims of the Sustainable Development Goals (SDGs). (World Health Organization, 2019)
We are only beginning to see the potential for FemTech to fundamentally change female health outcomes globally.