VANCOUVER, B.C., Sept. 14, 2020 /PRNewswire/ -- The Global Femtech Market is expected to reach USD 60.01 Billion by 2027, according to a new report by Emergen Research. Demand for the femtech industry is motivated mainly by the growing burden of both chronic and infectious diseases among the world's female population. An increase in the number of health problems relating to women would stimulate competition for technologically innovative healthcare solutions. Growing women's emphasis on reproductive health and sexual empowerment in developing economies would further encourage development in the industry.
Increasing awareness among women of the detection and management of early illness as part of the patient care program would improve the market outlook. Various efforts by government and other agencies in developing countries to raise awareness of women's health would accelerate the development of the industry. Furthermore, an increasing tendency towards daily preventive care check-ups, as well as the advancement of user-friendly technology to track individual health problems, may prove beneficial to the developments in the women's health industry.
While more and more people today choose to be more transparent about their health concerns and treatment, in some of the lesser developed regions, women's health issues remain stigmatized. For these places, Femtech applications are likely to be favored because the scanning is less invasive and more secure. Increasing population growth is related to being one of the main factors behind the case.
Based on the type, the devices segment is projected to rise with a CAGR of 15.7% in the forecast period, owing to the increasing prevalence of chronic and infectious diseases within the base of the female population.
The pregnancy and nursing care application segment is the leading contributor to the Femtech Market revenue. The pregnancy and nursing care application of the North American region is the major shareholder of the market and held around 40.2% of the market in the year 2019, attributable to the increasing demand for innovative products and consumables used during pregnancy & nursing would promote consumer trends.
The hospitals segment is expected to grow with a CAGR of 15.9% in the forecast period, owing to the increasing women's attitudes to hospital facilities for multiple non-operative and surgical procedures.
North America dominated the market for Femtech in 2019 due to the growing prevalence of women-related diseases aimed at enhancing women's quality of life on promoting women's wellbeing and safety.
Key participants include Athena Feminine Technologies, Sustain Natural, Sera Prognostics, HeraMED, iSono Health, Totohealth, Minerva, Nuvo, Elvie, and BioWink, among others.
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