Women’s health technology: Charting the growth, success, and future of femtech – Lexpert
Recent Trends
Expanded Market
The femtech industry initially focused on reproductive health. For example, Progyny Inc., the fertility and family building benefits company, first launched in 2008 as a fertility educational platform. The company has since become the first fertility benefits company to go public.[3] At the offering price, Progyny raised US$130 million and reached a fully diluted market value of US$1.3 billion.[4] Similarly, Ava is a bracelet that monitors signals of fertility and displays the data in real time on a mobile app. Launched in 2014, the company has since raised US$43 million and is the first FDA-cleared fertility tracking wearable.[5]
More recently, the femtech industry has expanded to encompass a wider range of women’s health issues, such as fibroids, thyroid issues, polycystic ovary syndrome, endometriosis, pelvic health and menopausal care. For example, tech company Acessa Health, which creates minimally invasive treatment for fibroids, was recently acquired for US$80 million.[6]
Many femtech start-ups have also begun partnering with large public hospitals, health-care companies, public health entities and NGOs. This B2B partnering has allowed companies to expand their distribution channels, audiences and awareness campaigns beyond direct-to-consumer business models. New approaches to women’s health research — and the growing user data generated by the more established femtech companies — are also contributing to a better understanding of women’s health issues, spurring further expansion and variety in products and service offerings.
Digitization of Health Care Accelerated by COVID-19
Even before the COVID-19 pandemic, digital and virtual health care were proliferating. The market was seeing massive growth and investment in telehealth platforms, remote and wearable technology, and monitoring devices.
The pandemic, which has disproportionately affected women, only increased demand in this market and forced many to adapt to virtual care. The use of telehealth during the COVID-19 pandemic grew exponentially. Many telehealth platforms took advantage of this increased demand and broadened their range of services. For example, Tia positions itself as a “one-stop shop” for women’s health — from primary care, gynaecology and therapy to nutrition counselling and acupuncture — through its hybrid model of virtual and in-person clinics. Before the COVID-19 pandemic, Tia mainly offered in-person services, and its virtual services were limited to chat messaging. When the pandemic hit, Tia launched its remote services, solidifying the opportunity to fill a gap in women’s care via telehealth.