👧 Gear up, Folks: Female-Tech is finally a thing!
Tech has revolutionised every field of life. But, there still remains a neglected sector.
We live in a digital world now, where technology has truly revolutionised every field of life. Education? You got EdTech. Wanna grab food? FoodTech comes in. All things finance? FinTech. But, in the mad rush of this modern era, have we forgotten what happens within our bodies, within ourselves? Maybe we have stretched ourselves too far to come back to look within?
Problems along these lines were faced by a woman named Ida Tin, back in 2013. She did not know how her body functioned. She realised her birth-control wasn’t working for her, but she didn’t know why. She did not find any products that would suit her body, and didn’t know why. Accumulated personal problems led her to work for a cause, and she launched her app, Clue - to help people understand and be aware of the unique patterns and cycles in their bodies with personalised health data.
Three years later, she coined the term “FemTech” for all products and services using tech to cater to the needs of women’s health and wellbeing. It ranges from general health and wellness, menstruation, fertility, pregnancy and nursing, to sexual health, female pleasure, feminine hygiene, and diseases.
Wow, but do we really need to label a sector on the basis of sex? Well, this is what Ida Tin had to say:
By defining the group of products that are associated with female health, we are creating an entirely new category of technology and, by grouping these technologies, it paves the way for femtech conferences and for VC’s to invest in femtech, building out a femtech portfolio. This legitimises the market.
And this was a big deal. Historically, and ironically, most research around health has been conducted on men, without any sex-based differences taken into account. Because, you see, women’s health is considered a “niche” area (which, by the way, is half of the world’s population).
As a result, this area was under-researched, and hence, under-diagnosed. Autoimmune diseases (catering to the immune system) affect 8% of the global population, out of which 78% are women. Women comprise two-thirds of the people with Alzheimer’s. Women are three times more likely to have a fatal heart attack than men. Women are twice as likely to suffer chronic pain conditions. Inadequate research often leads to misdiagnosis, simply because differences in the anatomy of both the sexes show different kinds of symptoms: Men experience chest pain or discomfort before a heart attack, but women show less common symptoms like nausea, vomiting, or back pain.
Well, happiness can be found even in the darkest of times, when one only remembers to turn on the light. Here came the ray of light, FemTech.
A September 2020 report points out that the global FemTech market generated a revenue of $820.6 million in 2019 and is estimated to grow at a CAGR 12.65%, reaching over $3.04 billion by 2030. This growth is leading to a surge in the investments in the sector and it is estimated to receive investments of more than $9 billion by 2024 (tweet this).
But, what induced growth in this space?
Women began entering the workspace only in recent times. And, as they are taking control of their lives in their own hands, they have taken it upon themselves to address all those issues that went previously unaddressed under the watch of men. Issues that have been life-long sufferings for women across all generations. Sufferings that went unnoticed, because of inadequate representation. And now, these women are stepping up for the entire womankind - to educate them about their bodies, to empower them to take care of their bodies, and provide affordable solutions to their problems (tweet this).
There are currently 200 startups globally in this space (most of which are led by women). That’s a good start!
But, 50% of the FemTech market is dominated by apps that track fertility and pregnancy. Yes, 50% of them are focusing on the same set of problems (not that we are complaining). But, there are so many other areas that deserve equal attention. Something that the remaining 50% is doing.
KaNDY Therapeutics is developing non-hormonal treatment to help manage menopause symptoms. Juno Bio uses machine learning and bioinformatics to analyse and predict vaginal microbiomes’ impact on female fertility. Cirqle has created a non-hormonal contraceptive for women. Fempo has developed period underwear that doesn’t require tampons or pads. Daye has developed a tampon that can also relieve period pain. You get it. Femtech is just getting started.
Well, no path to success is hurdle-free. FemTech too has its own unique set of problems. The sector is highly underfunded, accounting for only 1.4% aggregated capital that flows into healthcare. Why?
Well, not only is the problem a result of gender disparity, but the solution has also become victim to this man-made devil. Out of 10,000 angel investors in India, only 1% are women. Yes. It becomes difficult to pitch a product to people who won’t be able to really empathize with the need and importance of it (tweet this).
But, investment is not the only hurdle. India’s diverse and multi-lingual population becomes an obstacle too. Low penetration of smartphones and tech in rural areas makes it difficult to reach women and understand their problems. And, they are the ones who need these solutions more than anyone else. They face health issues more than the urban counterparts - be it sanitary pads, female hygiene or sex education. And, aren’t topics like menstruation, birth control, fertility and sexual wellness still considered a taboo to even discuss?
It is no surprise that India’s healthcare infrastructure is not the best. Lack of proper access to diagnostic equipment, and screening facilities sometimes might not even identify the real problem. And, what good is a solution without the correct identification of the problem?
But, hold on. There is a ray of light. Several Indian Startups are also working in the field of Femtech. Some have come up with pocket-sized ultrasound machines which have helped a lot of rural women to manage their pregnancies.
Another startup, Menstrupedia distributes comics in local languages across villages to spread awareness of female health among school going children.
This FemTech revolution will make healthcare more practical, personalised and affordable to suit Indian women. Personalised how, you ask?
Enter data: the new oil. Harnessing the power of Artificial Intelligence and Data Analytics, FemTech aims to provide real-time personalised solutions for all women. But, this requires highly sensitive data to be out there. And, sensitive data should be handled sensitively right? So, data collection and analysis plays an important role, and cannot be compromised at the cost of a few bucks of profit. We will have to wait to see how this works out.
All in all, this space looks promising with the advent of affordable and reliable technology. This technology might help women lead a better life. A new-age tech-first solution for the old-age problems of women. Women might feel more confident, powerful and ready to take up the challenges thrown at them in this apparently “not-so-niche” world. But, will this tech rise above its challenges or succumb to them?
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