It is a great time for wellness entrepreneurs at work. The Covid-19 pandemic has made the world more susceptible to health-related measures and technology. FemTech is a wonderful combination of the two - and the need of the hour.

What is FemTech?

FemTech refers to technology that addresses female biological needs. It is a relatively new term, coined in 2016 by Danish entrepreneur Ida Tin, to legitimize the female health technology market and drive investment and innovation in the space.

In just a few years, it has grown to encompass a range of technology-enabled, consumer-centric products and solutions. FemTech provides a wide range of solutions to improve healthcare for women across several female-specific conditions including maternal health, menstrual health, pelvic and sexual health, fertility, menopause, and contraception, as well as general health conditions that affect women differently. As opportunities in women’s healthcare accelerate, FemTech is helping bridge the gap slowly but surely.

The FemTech Market

It is a $22 billion industry that is disrupting the healthcare sector in several ways. Globally, it ranges from virtual clinics to direct-to-consumer prescription delivery services and everything in between. In India, millennials are paving the way for the development of the FemTech sector. Fitness is a priority for young Indians - they want to be aware and enabled to take care of themselves. To cater to female needs, the industry has begun by tapping into innovative products such as solutions for period pain, user-friendly period trackers, sustainable options such as menstrual cups, and more. FemTech could possibly revolutionize the way we look at menstruation, birth control, fertility, menopause, pelvic health, gynecological health, and everything that falls within its ambit.

Why Do We Need FemTech?

Unfortunately, there’s been little innovation in the female healthcare industry for years—the applicator tampon was introduced in the 1930s, the birth control pill was invented in the 1950s and the self-adhesive panty-liner came about only in the 1970s. Things are changing faster than ever before. We’ve seen Apple include a period-tracking feature to its health app on iPhones not very long ago. Sanitary napkin brands have begun using red instead of blue liquid to depict blood in their advertising campaigns and more.

The purpose is clear - better overall hygiene, especially menstrual and intimate, for everyone. While women are spearheading the FemTech revolution, as they must, since nobody understands the female body better than them, we also need to change how men understand these issues. Regardless of gender, people should be sensitized to women’s issues and respond with empathy, knowledge, and care at the very least. Apart from offering products and services that exclusively cater to female health and wellness, it is important for brands to invest a great deal in conversations around subjects that are typically considered taboo. As important as it is to have products and services that make women’s lives easier, it is important to also have safe spaces and communities where one can engage in conversations about these products and services. How does one solve a problem without really talking about it? It’s impossible.

The Way Forward

Globally, the FemTech market is projected to reach an impressive $60.01 billion by 2027 from $18.75 billion in 2019, according to a recent report by Emergen Research. In India, the FemTech market is expected to grow at a healthy rate of 17 percent from 2020 to 2026. It’s only likely that more players will enter the FemTech market. And if they do, it should be for all the right reasons—solving and improving female lives.