The mHealth applications market has developed into a vivid ecosystem. With mobile health technology becoming increasingly popular in the healthcare industry, market prospects for mHealth solutions are tremendous.
For the longest time, fitness tracking, diet and nutrition, disease management, and lifestyle management apps dominated the mHealth market, whereas the market for women health tracking apps remained relatively small. However now, FemTech is one of the most popular fields of mHealth applications that specifically deals with products, services and software technologies based on women’s health. FemTech is the big bird in healthcare application development services that needs to be studied by the tech enterprises. So let’s get started.
What is Femtech?
Femtech or female technology refers to software, diagnostics, products, and services that leverage the power of technology to improve women’s health. The popular mHealth apps category is in many ways defining the role of mobile apps in women empowerment. Femtech implies using digital technology to enable patients to access applications and use them to address women’s health concerns.
The term Femtech was coined by the CEO of Clue. Clue is a widely used period-tracking application. Femtech refers to any technology that is intended to improve women’s lives.
Women’s health is often overlooked as a niche market, however, times are changing and this can be attributed to the growth of the ‘she-economy’. Women not only play an increasingly prominent role in the healthcare industry, they also have a higher purchasing power. In fact, it is estimated that women’s economic contribution is projected to surpass the combined GDP of China and the United States by 2021.
FemTech app offers unique features to address all women’s healthcare needs. For instance, female health tracker apps, menstrual tracker, and pregnancy tracker applications are making women’s lives easier. Femtech is just another niche with growing prominence. Thanks to Femtech mobility solutions, women’s health is not on the backburner anymore.
What’s in for Investors in the Femtech Industry?
The global women’s health app market size is expected to reach $3.9 billion by 2026 at a compounded annual growth rate (CAGR) of 17.9%, according to a new report by Grand View Research, San Francisco.
With technology addressing the many concerns, women are now more in charge of their bodies and have a strong understanding of their wellbeing. Health and wellness are taking the center stage with a multitude of global campaigns echoing the same.
In the mHealth apps category, apps for women’s health are the second most popular among adults and the first most popular among adolescent women.
Femtech has also received funding of over $800 million in recent years which suggests it is truly the right time to partner with a health tracking app development company and tap into this growth opportunity.
Benefits of Women Health Tracking App
Health and wellness apps for women primarily consist of period calendars or trackers. Such solutions are intended to help women track their menstrual cycles, predict ovulation, evaluate their moods, overall body health, and prevent them from taking birth control pills, etc. Such applications help women reduce their risk of unwanted pregnancies, better understand their bodies, and know how to respond to different health issues.
Furthermore, these women health tracking applications can be used not only by women but also by their physicians and doctors. Doctors may use the data that these women health tracking application provide to better understand the health of their patients.
Provides women control of their health and lives
Femtech app aims to provide women more power over their health, joy, and wellbeing. Female health tracking apps provide good insights into body problems and help women make informed decisions when the need arises.
It also fosters scientific awareness about our bodily conditions. Femtech provides opportunities to better understand female bodies, hormones, etc.
Timely diagnosis and treatment of health issues
In addition to helping women understand their bodies and providing comprehensive medical expertise, Femtech also enables women to identify and treat their health issues timely. For instance, if periods are routinely monitored, abnormal cycles are detected well- in-time, many health issues will be diagnosed as early as possible.
Improving access to care in remote areas
It is the need of the hour to make healthcare accessible to women. Women’s healthcare issues are often considered taboo subjects which makes it even harder for them to seek healthcare advice and medical care, particularly for infertility, menstrual health, birth control, and sexual well-being.
From optimizing the present administrative process to improving the efficiency and lowering the cost of healthcare, healthcare app development services introduce innovation and new methods of disruptions for preventive, predictive, and protective healthcare.
By providing robust healthcare mobility solutions, digital healthcare chains are making healthcare accessible virtually to women in the comfort of their homes.