RESEARCH TRIANGLE PARK – Buoyed by some $11 billion in funding throughout greater than 200 offers final yr, feminine know-how (femtech) is poised to be a disruptor in global healthcare, in accordance to analysis agency Frost & Sullivan.
The information comes on International Women’s Day.
Femtech is outlined by F&S as “software, diagnostic products, and services that use technology to improve women’s health.”
F&S tasks a market potential of $50 billion for femtech companies by 2025.”Women’s health is usually side-lined as a
area of interest market; nevertheless, tides are altering and this may be attributed to the rise of the ‘she-economy’, the place women aren’t solely enjoying an more and more influential position throughout the healthcare continuum, but in addition have greater buying energy,” stated Shruthi Parakkal, Frost & Sullivan’s Transformational Health Senior Research Analyst. “For instance, the economic contribution of women is expected to outpace the combined Gross Domestic Product (GDP) of China and the United States by 2020.”
F&S says the whole buying energy of women will develop to $24 trillion by 2020, up from $18 trillion in 2014.
“Femtech is not limited to a product or a service, it is an end-to-end solution that can positively impact women’s health and wellbeing,” Parakkal added. “Femtech applications target reproductive, maternal and general women’s health and wellness, including mental health issues, elderly care, and chronic diseases and communicable diseases.”
F&S sees alternatives for femtech:
- Which unmet wants and preferences can femtech purposes fulfill so as to help women sufferers throughout the care continuum?
- Which purposes are important to help HCPs [healthcare providers] on a regular basis work with women sufferers?
- What is present state of consciousness for women sufferers and HCPs with regards to numerous femtech purposes, their depth of use and function.
- What are the important thing drivers and motivating elements for sufferers and HCPs to use femtech purposes? How will this evolve sooner or later?
- What addressable gaps are there within the market that corporations specializing in femtech can cater to? How is that this totally different throughout areas / software areas?
- What are present perceptions of sufferers and HCPs concerning the numerous femtech purposes provided by/in affiliation with healthcare suppliers?
- What is the choice making course of in the direction of the number of a femtech software/firm?
Driving femtech alternatives are a number of elements, in accordance to F&S:
- 90% of women are main healthcare choice makers for his or her household and key influencers for associates;
- 80% of the family healthcare spending is completed by women. Working-age females spend 29% extra per capita on healthcare in contrast to males in the identical age group;
- 50% of global healthcare clients are women and they’re the first care givers for the aged and youngsters;
- 66% of women web customers look on-line for healthcare info. Women are 75% extra probably to use digital instruments for healthcare than males;
- 80% of healthcare professionals are women. Most are nurses, and <40% are in government or managerial positions;
- four% of CEOs and 21% of Board Members at Fortune 500 Healthcare corporations are women and that is anticipated to improve (in accordance to #PressforProgress)