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Each day there is a new innovative idea hitting the health care sphere. While femtech is not too new, it is the most recent tool used to combat the gender disparities in health care.
What is Femtech?
Femtech refers to the “software, diagnostics, products and services, that use technology to support women’s health”. Ida Tin, who founded the period tracking app, Clue, was the one who coined the term “femtech”. As you can imagine, femtech encompasses all-female health concerns and products, such as menstruation and period care products, fertility and birth control, menopause, chronic conditions and hormonal disorders, pelvic health, pregnancy and post-pregnancy, breastfeeding, sexual wellness, and general health care.
The Value of Femtech
Femtech is a growing industry. It is set to hit as much as $9 billion in 2024. This makes sense because studies have shown that a large percentage of women are more likely to use digital medical tools than men. Because of this exponential growth, there are various areas of female medical care that are changing for the better.
- Fertility- This industry is the most profitable example of femtech, with its projected sales to reach $46 billion in 2026. Apps that help track fertility are assisting women in family planning by alerting them when they are most fertile and providing self-monitoring throughout the process of conceiving.
- Menstrual care- Similarly, tracking apps help women stay aware of their monthly cycle. These apps also allow input of information to cater to the specific needs of the user.
- Nursing- Nursing can be a private matter that takes up a lot of time for working women. Under-the-shirt pumps are a new femtech product that have allowed professional women go on with their day without having to stop and pump privately.
- Pregnancy- The pocket-sized ultrasound machine has been a great technological product meant to help women, particularly those that are in underdeveloped areas where medical equipment is scarce. Similarly, there are a plethora of apps that guide women throughout their pregnancy and offer much-needed medical advice.
- Sexual health- Some apps allow easy access to STI testing near them and provide other tools and resources that women may need.
Challenges Femtech is Facing
Just as in every other industry, femtech has faced some challenges. The first being that there is a lack of funding for products and services, especially in low-income, or under-developed areas of the world. Along that same vein, smartphone products or wearable devices, which make up a lot of femtech, are not realistic for rural and marginalized regions. Finally, there is a fear of a “pink tax”. This is an unfair tax that is specifically added to products that are marketed towards women.
Agents
We hope this information on what is femtech is helpful to you.
Empower Brokerage is dedicated to helping you educate your clients on the insurance they need and staying on top of their health. Whether it’s through webinar training, one-on-one calls, seminars, or marketing plans. We want you to be successful. Give us a call if you have any questions 888-539-1633.
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Kayla is a graduate of Texas A&M University and joined the marketing team at Empower Brokerage in early 2021. She creates content for the company websites and assists with various marketing campaigns. LinkedIn Profile
