The femtech industry, a rapidly growing sector focused on technology-driven solutions for women’s health and wellness, has the potential to revolutionize women’s healthcare. This burgeoning field holds great promise in addressing many unique health challenges women face, particularly Black women, who the traditional healthcare system has historically underserved.

I. The Emergence of the Femtech Industry

A. Definition and Scope

Femtech, short for “female technology,” refers to using digital tools, software, and devices designed to address women’s health issues. The industry has expanded significantly recently, with products and services ranging from telemedicine platforms to wearable devices and at-home diagnostic tests.

B. Market Growth and Investment

The femtech market has grown exponentially, attracting venture capital investment. As a result, the global femtech market is estimated to grow to $68.9 billion in 2027 at a CAGR (Compound Annual Growth Rate) of 16.5%. In addition, the rise of digital healthcare is expected to propel the growth of the femtech market. Digital healthcare technologies use connectivity, software, and sensors for healthcare and related uses.

Source: The Business Research Company

Key Market Drivers

The following factors are likely to contribute to the growth of the femtech market:

• Latest approaches for preventing female-specific chronic conditions
• Advancements of smart medical devices & wearables for women
• Rising demand for digital health solutions
• Growing interest of VCs and Angel investors
• Inclusive solutions for women’s health and well-being
• Increasing demand for reproductive health
• Advancements in health technology (for example, AI and cloud-based informatics), have made personalized solutions more accessible and affordable.

Market Sectors

Based on solutions, the market is segmented into diagnostics, therapeutics, and digital health. Digital health holds the leading share of the Femtech market, based on the solution sectors. This sector generated $14.2 million in revenue in 2019 and is anticipated to reach $55.5 million by 2027. Increasing physician adoption of digital healthcare technology for prescription of chronic diseases such as Diabetes, Arthritis, Asthma, etc. accompanied by increasing government efforts to promote digital health, is expected to provide a lucrative growth to this sector.

Based on application, the market is segmented by pregnancy and nursing, pelvic & uterine health, reproductive health, and general health & wellness. Accounting for 21% of the total market, Pregnancy and Nursing is the largest subsector of the FemTech Industry by the number of companies. It is followed by the Reproductive Health and Contraception subsector, which accounts for 17%, and Menstrual Health together with General Health Care, both occupying the third place and 14% each. Together, these top sub sectors comprise 65% of the entire FemTech market.

The industry is segmented into individuals, hospitals, fertility clinics, surgical and diagnostic centers based on end-user. The segment for hospitals is expected to witness a CAGR of 17% during the forecast period. The growth of this segment is due to the accessibility of emergency facilities, well-established healthcare infrastructure, and the availability of skilled healthcare technicians.

Source: Gale Health and Wellness

Market Research conducted by Sydney Holness — Analyst, Collab Capital

II. Disparities in Healthcare Faced by Black Women

Black women in the United States and around the world experience a range of health disparities compared to their white counterparts. These inequalities result from complex factors, including systemic racism, socioeconomic disparities, implicit bias, and a lack of representation within the healthcare industry.

Racial Disparities in Women’s Health by Erica White

Women born in traditional “Jim Crow” states were exposed to laws that codified racial segregation and discrimination, which are associated with increases in premature mortality rates for Black individuals and a heightened risk for Black women of being diagnosed with aggressive breast cancer. Explanations for these inequitable health outcomes are many, including lack of access to basic health care, increased environmental hazards, economic insecurity, and the “psychological toll of dealing with racism as part of daily life.” Such factors may derive from transgenerational poverty which originated in slavery and still affects Black people today. Historic examples of medical experimentation (e.g., Tuskegee) further exacerbate Black women’s distrust of the health care system.

Current trends show the lasting and dreadful effects racism has on the lives of Black women. They are three to four times more likely to die in pregnancy and five times more likely to die from pregnancy-related cardiomyopathy and blood pressure disorders than White women. Black women reach menopause 8.5 months earlier than White women and experience worse symptoms. Black women die from breast cancer at a 40 percent higher rate than White women and are three times more likely to die from COVID-19 than White men.

Source: The Network for Public Health Law

A. Maternal and Infant Mortality

One of the most striking disparities in women’s health is the stark difference in maternal and infant mortality rates between Black women and their white counterparts. Black women in the United States are three to four times more likely to die from pregnancy-related complications, while Black infants have a mortality rate twice that of white infants.

B. Chronic Health Conditions

Black women also disproportionately suffer from chronic health conditions such as hypertension, diabetes, and obesity. These disparities are further exacerbated by limited access to healthcare, lack of culturally competent care, and implicit bias among healthcare providers.

III. The Promise of Personalized Care for Black Women

A. Addressing Unique Health Needs

Personalized care in the femtech industry has the potential to specifically address the unique health needs of Black women. By leveraging data-driven insights and tailoring healthcare solutions to the individual, femtech can help bridge the gap between Black women and the healthcare system, improving outcomes and reducing disparities.

B. Empowerment and Education

Femtech products and services can empower Black women by giving them access to valuable health information and resources. Health tracking apps, for example, can help women monitor their menstrual cycles, fertility, and overall health. In addition, telemedicine platforms can connect them with healthcare providers who are knowledgeable about their unique needs, and digital educational platforms can provide accurate and culturally relevant information about health and wellness.

C. Culturally Competent Solutions

Femtech companies can also address the need for culturally competent care by developing products and services specifically for Black women. This may involve hiring diverse teams, conducting research on the unique health challenges faced by Black women, and designing solutions that are both inclusive and effective.

D. Data Collection and Research

By gathering data on the unique health needs of Black women, Femtech companies can better understand the specific challenges they face and develop targeted interventions. This data-driven approach can help bridge the gap in health outcomes and provide more accurate diagnoses and treatments.

What’s At Stake?

Specialized healthcare, particularly in the femtech industry, must account for the nuances of race and other marginalized groups. By acknowledging and addressing the unique health challenges faced by various racial and gender identities, femtech can foster a more inclusive and equitable healthcare landscape that caters to the diverse needs of all individuals.

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