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Femtech startups are booming, and they will continue to in the coming years. Now, if you wonder what is this strange nomenclature, you are not alone. The word ‘Femtech’ did not even exist a few years back, but with the advent of the startup wave in recent times, Femtech has emerged as one of the promising businesses across the world. As the name suggests, Femtech means female-focused technology startup. Hence, today, a mobile app development based on women’s health and well-being is on rage.
Femtech is a portmanteau, a made-up word coined from a combination of two words – female and technology. Nevertheless, today, the term is extensively used for several women things such as software, diagnostic, product, and services accessed or provided through mobile technology.
According to Frost and Sullivan’s report, the global capital funding for the industry Femtech is likely to touch USD 9 billion by 2024. On the other hand, a giant research firm Statista reports that the industry could reach a whopping USD 60 billion mark by 2027. Sensing this trend, Femtech startup ideas have flourished in young entrepreneurs’ minds and there is a marked increase in the demand for Femtech app development.
There are many healthcare app ideas, but marketing experts opine that while Femtech is still an underrated sector, there are many factors that indicate tremendous growth opportunities in Femtech products in the industry.
Just like the future of mobile apps in healthcare is bright; the awareness of women’s health and well-being has increased manifold in recent years. Furthermore, multinational companies and individual entrepreneurs have also sleeved up themselves in venturing into lucrative Femtech startups because most of the healthcare and cosmetic products have women as consumers.
In the digital era of mobile applications and mobile websites, the use of smartphone and handheld gadgets have increased terrifically. Apps have been now built to solve all sorts of issues and concerns within a few taps which ultimately saves time and provides solutions effectively.
Yesteryears showcased women on the back foot, but as time changed, modern-day women’s empowerment has drawn everybody’s attention globally. From mental health to physical health and well-being, Femtech entrepreneurs are all eyes and ears to include everything concerned to ladies in Femtech smartphone apps.
Encircling a gamut of technology tools and the Internet of Medical Things, awareness about women’s empowerment, and a grave need for women-centric products and services have given birth to Femtech entrepreneurs who believe in feminism. Femtech startups have several ways to care for women. Here are the types of apps for the Femtech market –
Femtech app development is centered around female care, and pregnancy is the subject where a lack of knowledge (especially for first-time mothers) may end up in hazardous situations. Femtech smartphone app for pregnancy care shall include prenatal and postnatal care. Essential information on trimesters, nutrition, and changes in a woman’s body shall be included. Some super pregnancy care apps by Femtech startups also include infant care.
Femtech includes period-tracking apps where women are made aware of their periods. Monitoring periods would help women track their health and refine their habits to avoid irregularities. Healthy menstruation is the pillar of women’s equilibrium and a way to a healthy pregnancy. Such apps may use other health apps and health technology (whether in-built or third-party APIs) to give accurate information on fertility days so as to plan for a baby.
Femtech startup ideas may also focus on providing a Femtech app for female nutrition and fitness. Due to a sedentary lifestyle and unhealthy diet, present-day women seek genuine guidance on their nourishment that help them keep fit. Additionally, mental health applications can be added to present a holistic approach to female health and well-being. The dietary regime, nutrition program, calorie chart, health supplements or medicine tracker, and exercise or workout patterns can be included to tackle health problems in women.
Though this could be a part of any Femtech app for women’s health, a dedicated mobile app for mental health in ladies would not be a bad idea for the Femtech industry. While many ladies are physically fit and can take care of their dietary regime and gym workouts, they lack mental health due to stress, anxiety, and depression either at workplaces or at home. Such apps can educate them about yoga, meditation, and other stress-free activities to indulge in. Some health apps also provide counseling with registration or nominal fees to consultants.
Apart from health-tracking apps for females, lifestyle applications have also found their place in the Femtech market worldwide. Femtech startups have innovative ways to penetrate the market and serve the fair gender. Lifestyle apps make women learn newer techniques to boost confidence and present themselves to the world in a better way. One may consider a lifestyle app as a super Femtech app that includes everything from being stylish to healthy, and fit to stay attractive in society.
To a Femtech entrepreneur, it all starts with having a Femtech startup idea to serve women’s health and well-being. The idea is then put down on paper with a clear objective to penetrate the Femtech market strategically. You may think of having Femtech applications that house female products and services at the tip of women’s fingers.
According to British Library UK, businesses enjoy longevity when there is a thorough market research to learn about targeted customers, find gray areas of customers, and competitors’ business strategies. Defining objectives of market research is one of the crucial stages before you start the Femtech business. Ascertaining peers’ service quality and learning the communication channels of competitors may help you build your business strategies. You may take help of newspaper reports, blogs/articles on your industry niche, or authentic published data by the company itself to understand the Femtech business and its stand in the market.
Femtech business startup ideas could be many as you may focus on a particular product or service that is women-centered. Nevertheless, raising funds through bootstrap, angel, or crowds are quite popular ways to gain sufficient capital. Applying for loans under various government schemes is also another option that many Femtech entrepreneurs opt for. However, you need to have a foolproof roadmap to present before any investor or loan renderer. Professional help from industry leaders or experts may make your task easier.
As mentioned on the National Law Review website, the Femtech industry is likely to grow an impressive 17% over the next coming years. It shall value at more than USD 60 billion worldwide. Reproductive health and well-being of a woman have been a major concern today which is why Femtech mobile app development is on the rage these days. Virtual visits, wearables, medical screenings, and digital therapies have been prevalent features today in most mobile apps.
As the efficacy of digital technologies improves, Femtech companies may have to take utmost care of legal risks as they are likely to collect sensitive data from women. Storing the personal health information of women users would be riskier and hence it is better for Femtech mobile apps to seek legal advice and permission (necessary licenses) from the authorities. Many females have raised concerns that Femtech companies might convey their reproductive health data to others or even to law enforcement.
The phase of Femtech app development is again divided into several stages known as the software development lifecycle (SDLC). From developing a wireframe to a prototype and various components on user interfaces -it all requires the best efforts in designing and developing a Femtech mobile app. You can learn more about it in a detailed guide on procedural approach to app development.
The final stage of the entire process is to deploy a Femtech mobile application on a particular platform or a predefined network. This means that the Femtech app is now officially launched and available to use. Various stakeholders including female users, administrators, application owners, and other stakeholders can now utilize Femtech apps to their fullest efficacy.
Femtech app development can be extended with a maintenance contract that would assure that your mobile application for the Femtech industry is up and running. Most Femtech mobile app development companies offer you a budget-friendly contract that shall include maintenance and regular update of the app to keep it up to the expectation of users as the market and demand change.
The challenges in any business are unavoidable, and when it comes to Femtech startup businesses, the challenges are tougher. Here are a few to list –
Any business startup would face challenges irrespective of the industry niche or location of business operations. Unfortunately, most investors are men and hence it is a bit perplexing for them to understand the concept of the Femtech market in many cases. The idea of a Femtech startup may not be easy to digest for most men investors. Hence, bringing female-oriented business potential to fundraisers is a bit challenging.
Despite women’s empowerment campaigns and awareness worldwide through mainstream media, social media, and other mediums, the ground reality is far from what we want to achieve. There is still a lack of interest in funding female-centered businesses and startup ideas. Femtech startup ideas for business in the local and international markets are still in their infancy, and as a result, there is more recognition of gender equality needed across the globe, especially in developing countries.
Since the above-mentioned factors are the major impediments, most entrepreneurs wonder how to start a Femtech business and sustain the market. The issue arises because the features and facilities in Femtech mobile applications are already present in the other popular apps, and these applications are general. Simply put, any healthcare app development would include features required for medical services. For instance, a Femtech app development may focus on providing female-related nutrition, but other nutrition-based apps already in the market must have covered the information. Hence, competition with general apps having the same features as Femtech mobile apps is a big challenge.
On the market are available some of the most famous Femtech apps. You can take references of the same and build your Femtech startup business idea strategically. Here are a few to list –
Founded in 2017, Daye is an innovative and unique Femtech startup that runs on a simple business model – subscriptions of products for healthy menstruation cycles. Products including healthcare supplements and probiotics help women achieve their optimum health.
Unique in its concept, Micrima is another Femtech mobile app for women that focuses exclusively on cancer diagnostics. Breast cancer screenings are offered using the best health technology. This Femtech business was successfully funded in the UK using equity funding and miscellaneous grants.
Using the best of Artificial Intelligence (AI), Apricity Femtech app offers a virtual fertility clinic to women to maximize their chances of pregnancy through IVF (in-vitro fertilization). Apricity has been labeled as one of the leading Femtech startup business ideas in the UK.
Tuune has been supported by avid scientists, scholar researchers, and doctors from various places. Tunne is a Femtech app that provides fair knowledge and education on birth control methods customized to users. Ladies need to upload their hormone profiles, lifestyle, and menstruation pattern based on which this wonderful Femtech startup business would predict the best suitable contraceptive methods from hundreds of options available.
Though the competition is tough and there are challenges, the niche of the Femtech market is something to tap right now. All you need is to find Femtech mobile app development company and hire developers to get on to your Femtech product.
The word Femtech is made from two words -female and technology. A startup business that focuses on female issues, concerns, and problems and provides solutions through technology is called Femtech startup. Mostly, it is through Femtech mobile apps.
There is a gray area in addressing women-specific concerns through mobile applications. Software solutions to female issues arelike a sleeping giant in the business; it is time to wake him up and lead the Femtech market.
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