FemTech: the Growing Market Improving Women’s Lives
FemTech is technology geared towards the needs of women covering mindfulness, nutrition, and much more.
The FemTech industry is creating a whole range of tailored products for women and recognises their needs through the use of technology whereas traditionally tech products did not cater to their specific needs.
These are usually products that track monthly cycles, breastfeeding, meal planners, and fertility. FemTech is a term that was coined by Ida Tin the Danish founder of Clue, an ovulation tracking app.
In an article on the Clue website, Ida Tin recalls how she came up with this idea whilst holding a small device that records her temperature each morning to help decide which days she was most fertile. She wanted to merge her iPhone and this small device so that she could just look at her phone rather than manually record on a spreadsheet.
She also believes that this is a fast-growing industry and that Femtech will be one of the main areas of interest for venture capitalists, there will be FemTech conferences, and that FemTech will become an expanding category of technology that covers vast opportunities for female health.
The rise in FemTech can be attributed to changing mindsets and as medical research advances our understanding of women’s health expands. Having the right technology helps with our understanding and in the prevention of some of the most common conditions that affect women.
The implementation of the gender pay gap and potentially ethnicity pay gap reporting has made us more aware of the inequalities between men and women from all backgrounds and the emphasis on diversity and inclusion in all sectors is another driver for ensuring inclusive products reach the market.
Whilst there is still room for improvement in the mindset and in closing the gaps, access to medical treatments, understanding an individual's wellbeing needs, FemTech creates opportunities for those that identify a need.
