#FemTech ( #Female #Technology) is a term used to describe the category of software, products and services that use technology to support women's health around the world. The term FemTech was coined by Ida Tin, the #Danish founder of #Clue, a #menstrual and #ovulation tracking app founded in #Germany in 2013. This sector; It covers categories such as birth control, menopause, pelvic health, breastfeeding, sexual health, hormonal disorders, fertility, menstrual tracking application and reproductive system health services. The main aim of FemTech is to enable women to have more control over their own lives and to become stronger.
The FemTech industry is relatively young compared to many industries. The sector, which represents the whole of women-oriented technology products, which is expected to grow exponentially in the coming years, has recently been under the close branding of angel investors.
FemTech, which made no sense to anyone until 5 years ago, has gained a very rapid momentum recently. Investing in the women's economy can reduce health costs in all emerging and developing economies, according to executives of global investment companies. Thus, it may be possible to make better use of existing health services for the benefit of all members of the society.
✅A market that will reach 60 billion dollars by 2027
According to a study by consulting firm #Emergen Research, the global FemTech market is expected to reach $60 billion by 2027.
According to research firm Frost & Sullivan, the FemTech segment in the global arena is growing day by day. The fact that only 4% of global health research and development expenditures today are for women's health clearly reveals the opportunities that the market has within itself.
Although women make up half of the world's population, technology companies that cater to women's specific health needs take a fairly small share of the global technology market for now.
According to financial data and research firm #PitchBook, in 2019 the FemTech industry— #software and #technology companies that cater to women's needs—received $820.6 million in global equity and $592 million in venture capital investments. By contrast, that same year, #Uber raised $8.1 billion by simply listing its shares on the stock market. The difference in income between the two parties is quite staggering, especially given that women spend an estimated $500 billion a year on medical expenses.
The World Health Organization #WHO notes that about 810 women die every day from preventable causes related to pregnancy and childbirth. Therefore, the front of the FemTech sector, which includes opportunities, seems to be quite clear.
Experts, in addition to overcoming the complications of pregnancy and childbirth, innovations in the field of FemTech; She states that it can help combat taboos such as shame about menstruation or ignorance about menopause.
🔥Leading FemTech Companies and Applications for Women 🔥
Apart from Clue, which offers a free menstrual tracking application based in Berlin, another company that draws attention in the sector is a biotechnology company that is trying to develop "next generation birth control technology"; #Cirqle #Biomedical. Companies like #OvuSense or #Velmio, another fertility and ovulation tracking solution preferred by those who want to get pregnant, or Elvie, which produces a wearable breast pump that uses smart technologies and launches a pelvic exercise trainer and app, are among the pioneers in the industry. #Natural Cycles, #Ava Fertility Tracker, Velmio, #LactApp; #Pepapp, #Flo, #Goddess are among the most preferred international mobile applications.
Many FemTech companies are taking advantage of artificial intelligence. Apps like Belarus-based Flo and US-based Mira, for example, use Artificial Intelligence (AI) to help women chart their fertility.
Mobile #ODT, on the other hand, is a device that uses smartphones and artificial intelligence to take the necessary tests and images for cervical cancer. It contains a small portable vaginal speculum used to photograph the cervix at a distance of one meter with a device one and a half times the size of a smartphone. The captured image is then transmitted to the cloud via a smartphone, where artificial intelligence is used to identify normal or abnormal cervical findings.
Most women get a smear test at least once a year to detect cervical cancer early and get the results only weeks later. The Mobile ODT device, developed by a Tel Aviv-based startup group, can diagnose within 60 seconds.
The #Dominican #Republic launched a government-led campaign, screening 9,000 women over a three-month period with a Mobile ODT device during the summer months. I hope such campaigns spread rapidly in our country as well…
🚩Advice for FemTechs
As a communications consultant who has been involved with technology for years, I would like to offer some advice to local FemTech companies:
Femtech solutions, especially mobile applications, should have universal applications by nature. If a local FemTech company plans to introduce these products to new user groups in a wider range of markets outside , it should spend more time on language support. In many countries, the education level of women is still not at the same level as men. Therefore, any non-native language product can be a barrier for women who want to use them.
Sound quality in mobile applications is another important issue. Do not forget to get support from professional female voice actors who are reassuring, peaceful and soft-toned.
Of course, it's no coincidence that 92% of FemTech startups are founded and run by women.
This is not just a win for gender equality, as many of these technologies are developed by women, for women. At the same time, it makes sense that the people who offer solutions are people who truly understand the health problems women face.
The increase in the number of women working in venture capital is vital for promoting FemTech businesses.