Women represent half of the global population, but only a fraction of technology is geared toward women. Growth in "femtech" may finally change that, according to an April 7 report by The New York Times.
Femtech is technology and software addressing women's biological needs. The term was first coined by Ida Tin, the founder of Clue, a period and ovulation tracking app established in 2013.
In 2019, the femtech industry generated $820.6 million in global revenue and received $592 million in venture capital investment. According to a March 2020 report by Frost & Sullivan, a research and strategy firm, revenue from femtech is expected to reach $1.1 billion by 2024.
"The market potential is huge," said Michelle Tempest, MD, a psychiatrist and partner at the London-based healthcare consultancy firm Candesic. "There's definitely an increasing appetite for anything in the world which is technology, and a realization that female consumer power has arrived — and that it's arrived in healthcare."
Dr. Tempest said one reason technology for women is lacking is because life sciences research was overwhelmingly tailored to the male body.
Julien Payen is the co-founder and CEO of Lattice Medical, a company that invented a 3D hollow breast implant that allows for the regeneration of breast tissue post-mastectomy.
Mr. Payen said that for femtech to expand, tech companies will need to develop tools that offer genuine health benefits to women and not just well-being apps.