Saturday 17 March 2018

FemTech market potential seen at $50bn by 2025

DUBAI, 8 days ago

Female technology (FemTech) is emerging as the next big disruptor in the global healthcare market with 50 per cent of the global population as target customers and a market potential of $50 billion by 2025, a report said.

‘FemTech’ refers to software, diagnostics, products, and services that use digital technology to improve women’s health, explained growth partnership company Frost & Sullivan in its report “FemTech – Digital Revolution in Women’s Health”.

Highlights of the report:

•    90 per cent of women are primary healthcare decision makers for their family and key influencers for friends;

•    80 per cent of the household healthcare spending is done by women. Working-age females spend 29 per cent more per capita on healthcare compared to males in the same age group;

•    50 per cent of global healthcare customers are women and they are the primary care givers for the elderly and children;

•    66 per cent of women internet users look online for healthcare information. Women are 75 per cent more likely to use digital tools for healthcare than men;

•    80 per cent of healthcare professionals are women. Most are nurses, and <40 per cent are in executive or managerial positions; and

•    4 per cent  of CEOs and 21 per cent  of Board Members at Fortune 500 Healthcare companies are women and this is expected to increase #PressforProgress

“ Women’s health is often side-lined as a niche market; however, tides are changing and this can be attributed to the rise of the ‘she-economy’, where women are not only playing an increasingly influential role across the healthcare continuum, but also have higher purchasing power,” said 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. “

In addition, the increasingly influential role of women across the healthcare continuum as consumers, decision-makers, healthcare professionals and caregivers, is pushing healthcare companies to actively develop specialized, interactive digital applications for women’s health.

The Femtech market currently has an interesting mix of market participants including specialized Femtech companies that are offering interactive digital health applications for women’s health.

“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,” adds Parakkal. “Femtech applications target reproductive, maternal and general women’s health and wellness, including mental health issues, elderly care, and chronic diseases and communicable diseases.”

 “Personalized wellness and consumer healthcare technology has been a top-5 investment area in digital health for several years now,” said Paljit Sohal, Frost & Sullivan’s Transformational Health principal consultant.

“It will also play a key role in making care more accessible and affordable to women across the globe with its ease of scalability, which will enable it to expand the user base without compromising on performance,” Sohal added. – TradeArabia News Service

Tags: Women’s Healthcare | Frost & Sullivan |

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