As the femtech market expands, investors are keeping an eye on several companies that have the potential to become enormous profit generators. Family-planning apps like those developed by Ovia Health by employers and insurance companies are on the rise. Startups are reshaping women’s health technology.
Women’s health-related technology has seen unprecedented growth in the last few years.
Investors are getting excited about Femtech, which has a new buzz. Some have dub the vertical the “next speculative cash cow” by some.
Privacy and Femtech should be taken with a grain of salt.
According to Rock Health venture capitalists, one study found that 77% of people polled had no problem sharing their medical records with their doctors. Some respondents (86 percent) felt that companies should not collect health-related data without the individuals’ consent.
Because of HIPAA, companies can sell consumer data as long as the information has been de-identified and anonymized. Major corporations like IBM are already reaping the benefits of healthcare information mining.
In addition to HIPAA-compliant devices, companies can also collect data from devices that are not.
Fitness, health, and femtech mobile apps are examples of data extraction from devices. Insurers and employers strongly push ovia’s femtech apps.
For example, Activision Blizzard gaming uses Ovia apps to monitor employee health. A woman’s reproductive health and pregnancy progress are among the topics covered by the apps.
This information helps Activision Blizzard determine how many of its employees are pregnant, attempting to conceive, or facing a high-risk pregnancy. According to company representatives, each time the company introduced a new technology for monitoring employees, there was a backlash.
By emphasizing that technology is voluntary, companies can overcome employee objections.
In addition, the company paid its employees $1 a day to use Ovia apps, which encouraged them to do so. It’s safe to say that Activision Blizzard employees have grown used to being monitored for their well-being. Astonishing growth is predicted for the femtech sector. A few startups enter this sector, however, with questionable intentions.
There have been a number of startups in the fintech industry that is primarily focused on collecting customer data for resale.
Femtech, the Solution to a Growing Issue
We can’t keep up with the pace of change in Femtech. Women’s health is a major concern in the modern world. According to recent studies, many women with postpartum depression hide or minimize their symptoms (70 percent).
According to the World Health Organization, 10% of pregnant women and 13% of new mothers are diagnosed with postpartum depression (WHO). A woman’s health is particularly critical because of her role in influencing and caring for her children and other family members.
A large number of females choose to minimize their symptoms. Femtech may have a positive impact on women’s health. Today, pelvic health devices, menstruation monitors, and pink fitness wearables fuel a multimillion-dollar industry.
A growing number of speculators are investing in startups that develop technology to address the health needs of women as the femtech industry takes off. Women will always prefer to use old-fashioned search engine queries to find the medical information they need.
Femtech’s Retailing
Today, femtech products such as Cora can be found alongside well-known feminine hygiene products like Tampax. Researchers are considering smart tampons that collect biological samples for monthly testing in the future. Cervical cancer and endometriosis could be diagnosed more accurately with the help of this new technology.
According to industry insiders, these high-tech women’s care products may become a reality by the year 2025. In the past, women’s needs have been overlooked by the technology industry, the healthcare industry, and the business world.
Despite its current phenomenal growth, female entrepreneurs and executives continue to be underrepresented in the femtech industry.
Only 7 percent of venture capital partners are women in the world’s most prominent circles. According to a new report, women’s health product decision-makers currently view the vertical as a luxury rather than a necessity. Unfortunately, retailers tax women’s health products as luxury items, just like they do with tampons and sanitary napkins.
The fact that the male-dominated business world is paying more attention to the needs of women, however, is welcomed by some women’s advocates. Some femtech products, on the other hand, have been questioned as to their usefulness. It’s been debated as to what percentage of femtech products actually provide value and what percentage of the industry is nothing more than profit-driven marketing hype.
One femtech product line has been approved by the Food and Drug Administration (FDA) (FDA). The FDA has given marketing clearance to the first two fertility apps: Glow and Natural Cycles. Both apps are free to use for women, but in order to unlock additional features, users must pay a monthly or annual subscription fee.
There is a warning from the medical community about the apps. More accurate fertility tracking can be achieved by using apps that collect a large amount of data. Even so, they aren’t impenetrable. Many people in today’s connected society may have unrealistic expectations of technology.
Both apps’ Google Play store reviews are excellent, despite the doctor’s warning. I hope more truly beneficial offerings emerge as the femtech industry matures.
