Friday Jan 06, 2023
Although the Femtech sector has expanded quickly in the past few years, it has not yet adequately addressed challenges related to women's health. According to Cybernews, a breakthrough could occur in 2023.
Femtech refers to companies that employ technology to meet the particular health requirements of women. By 2030, the market will have grown to over $103 billion in value, with a CAGR of 8.12% between 2022 and 2030.
According to Cybernews, venture capital spending in this young business has increased thrice since 2015, rising from $600 million to $1.9 billion in 2021.
Vira Health, one of the Femtech firms, for example, aims to enhance the collection and utilisation of female data in healthcare to open the door to customised treatments based on the distinct symptoms of each menopausal woman. The business received $12 million last year to provide telemedicine and prescription services to its app.
Around the world, 1.2 billion women experience the side effects of menopause. There are 48 possible symptoms for the disorder, which also dramatically raises the risk of dementia, cardiovascular disease, and osteoporosis.
Another menopausal business has launched an AI-powered app Midday, which uses technology to offer individualised treatment plans.
The app's creator, Lisa Health, claims that it supports healthy ageing and helps to control symptoms like hot flashes, sleep disturbance, vaginal dryness, mood changes, and weight gain, reported Health News.
Around 80% of women in the world are said to endure menstruation pain. The femtech sector has yet to adequately address these problems and provide solutions to lessen women's worries.
According to the outlet, the year 2023 could mark a turning point in the development of technologies and products that efficiently treat menstrual discomfort and enhance women's general health and well-being.