The word ‘femtech’ was first used by an entrepreneur named Ida Tin in 2016. Femtech is a broad term that is used to refer to all technology-based software, products, and services that address the gaps in women’s health requirements by providing advanced consumer solutions.
The femtech market is one that was recently valued at $22 billion and is expected to grow steadily at a compounded annual growth rate of 15 percent over the next half a decade. This gender-specific category of consumer technology has not gone unnoticed and is gathering attention from investors globally which justifies the success of this sector all the more.
Covering all stages of feminine health including menstrual health, pregnancy, pre and post-menopause, fertility, contraception, and many more, femtech seeks to get conversations started about women’s health needs that have been neglected for a long. The taboos surrounding periods, infertility, and feminine hygiene are gradually being broken as more and more women find a safe space to talk freely about their issues due to the emerging number of companies that are committed to providing the necessary aid and support to women seeking viable solutions.
The Indian population accounts for at least 18 percent of the world population with a significant percent being women. The efforts of femtech companies in the country have had good reception as women’s health products are moving into novel categories that don’t just include the basic sanitary napkin. Innovative products that help women combat any kind of hygiene issue they may encounter like toilet seat covers, toilet seat sanitizers, disposable funnels, UTI care kits, and even intimate care products like underwear liners, body grooming products or menstrual cramp relief patches, have built the stage for femtech companies to gain speed and popularity.
Studies have shown that the millennial generation and Gen Z are all for trying newer, unique products and display different consumer behavior than older generations. Attempts at improving women's healthcare have thus seen significant growth as companies raise awareness through campaigns and influencer marketing to increase the number of potential consumers. Moreover, the growing number of women entrepreneurs also champions the cause of women’s health issues as these female leaders truly resonate with the problem and work towards establishing more than just one option.
However, the Indian market is only seeing the early stages of these companies. Femtech as an industry has a much larger future to be attained that extends to the rural sections too alongside the urban sector. Wealth disparity along with a lack of education and backwardness on taboo topics has definitely affected the progress companies continue to make to improve women’s health requirements in the less affluent parts of our country and still have a long way to go.