SELBYVILLE, Del., August 2, 2021 (Newswire.com) - According to latest report "Femtech Market by Type (Products, Software, Services), Application (Reproductive Health, Pregnancy & Nursing Care, Pelvic & Uterine Healthcare, General Healthcare & Wellness), End-use (Direct-to-consumer, Hospitals, Fertility Clinics, Surgical Centers, Diagnostic Centers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of femtech will cross $65 billion by 2027. Rising government initiatives to increase awareness regarding women's health coupled with favorable funding scenarios will boost the overall market growth.
Awareness initiatives undertaken by government as well as non-government organizations to educate the female population about personal hygiene and health will create the market progression potential. Several developing nations are taking various efforts by providing medicines & pills, free check-ups and other services to protect maternal health and offer proper healthcare services. The expansion of digital health services to cater to such women's health issues and increase service accessibility will positively impact the market value.
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The growing burden of chronic as well as infectious diseases among the female population has created demand for continuous health monitoring devices. According to the American Institute for Cancer Research, breast cancer is considered the most commonly occurring cancer among women that has accounted for over 2 million new cases in 2018. Additionally, in 2019, around 268,600 new cases of invasive breast cancer were estimated in the U.S. Further, increasing prevalence of infectious diseases among females in underdeveloped economies due to unawareness regarding personal hygiene will allow penetration to new markets.
The services segment in the femtech market accounted for USD 6.5 billion revenue in 2020, led by the acceptance of digital health platforms and advanced devices to enhance service delivery and improve patient outcomes. Use of virtual platforms has advanced fertility treatment and pre- as well postnatal care services.
The femtech market for the Reproductive health segment is projected to witness a 16.6% growth rate through 2027 impelled by the increasing focus on innovation in the management of female reproductive health. Femtech products and services enable diagnosis, monitoring and care of several reproductive health conditions, including sexual healthcare, menstruation and fertility tracking and contraception among others. Various technology-driven companies are continuously developing novel products to cater to such conditions.
The fertility clinics segment was valued at USD 3 billion in 2020. The segment growth is attributable to the expansion of the fertility centers network to cater to increasing concerns associated with reproductive health resulting in infertility issues. The facility expansion will provide demand for advanced tools, enabling efficient service delivery and patient care. Thus, awareness regarding femtech products among providers will foster its usage in such clinics. Further, increased accessibility with business investments will augment the market expansion in the coming years.
The Asia Pacific femtech market is poised to attain a CAGR of 17% by 2027 owing to the government initiatives and support to increase acceptance of digital platforms in health management and to broaden accessibility to remote areas. Further, a number of new entrants, favorable funding, adoption of high-end technology products as well as growing spending power of females in some countries are some of the growth-impacting factors. Moreover, rising R&D by the companies to provide superior services and products will offer the industry growth opportunities.
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Major players operating in the femtech market include Athena Feminine Technologies, Sustain Natural, Nuvo, iSono Health, Minerva, Sera Prognostics, BioWink and Elvie among others. Companies are implementing various strategies, such as collaborations, new product launches and partnerships, to gain a competitive advantage for business expansion. The service providers are constantly adopting new technologies to offer advanced treatments and solutions. Integration of advanced femtech technologies in products will help them to revolutionize offerings.
Table of Contents (ToC) of the report:
Chapter 3 Femtech Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By type
3.4.2 By application
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Start-up scenario
3.7 Porter's analysis
3.8 Competitive landscape, 2020
3.9 PESTEL analysis
Browse the Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/femtech-market
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Source: Global Market Insights Inc.