Challenges Remain in FemTech Despite Projected Growth
I was excited and moved by the conversation during this month’s FemTech episode as our guest speakers discussed how technology is transforming the way women access health care today. Female health care is a topic of interest for me and for so many others, therefore, it’s important to analyse and evaluate innovations within the sector and their potential for growth.
Learning something new
I was amazed to hear that for a relatively recent concept, the Femtech market is estimated to be worth $103 billion globally by 2030 [Statista] from around $51 billion in 2021, although, Femtech businesses in the MENA region only make up a very small portion of investment in digital health in 2021.
A common assumption of the Femtech concept is the assistance of technology to help women track their menstrual cycle, supporting general daily activity or fertility planning amongst others. However, there is so much more revolution within this space. I was enlightened to hear Geetha Manjunath, CEO and Founder, Niramai Health Analytix speak about the developments in breast cancer detection using new technology. With 2.2 million women affected with breast cancer every year across the globe, advances in FemTech can support researchers and health services who are continuing to tackle the disease.
Women empowering women
It was inspiring to listen to a panel of female entrepreneurs and business executives who are dedicating themselves to bringing greater access and information to women about their own health. It’s heart-felt to see passion and care go into the development of services and products providing safe, easy, and effective health care for women.
Mashal Waqar, Managing Director of Milestone Ventures, made an excellent point regarding the way teenagers are using the likes of social media to access information regarding their health rather than speaking to a medical provider or even a female family member. While Chanda L Kundnaney, founder of Lizzom, believes that community within the FemTech industry is just as important highlighting the strong market for further progress into FemTech projects.
Reshaping the landscape
Femtech has the potential to strengthen the relationship between women and their bodies, giving opportunity for those who are not as comfortable or who are sensitive to the topic of their intimate areas and well-being. This could be game-changing for women in certain regions and cultures, providing more confidence and understanding of very personal issues.
However, there are some challenges of FemTech that are yet to be fully tackled such as the education of platform usage particularly in certain global regions; providing suitable content and services on a mass level for various demographics; over-coming internet censorship; and of course, successfully capitalising on the projects amidst such a wide range of female users.
Our guest speakers often referred to a lack of funding within FemTech, specifically within MENA and I can only hope for more investment in these potential life-changing platforms in the future as we see investors acknowledge how contributing to the improvement of FemTech and female health care also enhances the rest of society.
Upasna Barua
Editor in Chief and Producer of DisruptX