The term ‘FemTech’ stands for ‘female technology’ and refers to software products focused on women’s health. This domain includes applications, devices, and systems for fertility and pregnancy monitoring, tracking periods, sexual wellness, etc.
A pioneer in this field was Ida Tin. In 2013, she developed Clue application aimed at period-tracking. Nowadays Clue is one of the most popular apps in FinTech having around 2 billion users around the world. Tin’s company not only supports the application but also carries out research in the field of women’s health, as well as provide useful information about the physiology of women on their website.
Currently, FemTech is one of a fast-growing and perspective domain in IT sphere. In our opinion, the development of this sector is not only profitable but also socially important. Here are the main reasons why investment in FinTech is a great idea.
Women make up 49.6% of the world population and around 50% of the world labor force. Given the fact that women have high purchasing power nowadays, ignoring the demands of this social group is, mildly speaking, unwise. Working women spend 29% more on healthcare than men and are 75% likelier to use digital solutions for tracking their health. All these facts and figures speak well for FemTech development.
Previously the idea that women are consumers with their own demands didn’t come into male developers’ minds. As women are being heard now, the situation is changing. Still, FemTech appeared not long ago, and the market is not over stocked yet. It gives the opportunity to promote your innovative product and take your place on the niche.
FemTech products enable women to monitor physiological processes. This, in turn, helps them to have more control over reproductivity and therefore to plan their future the way they want it. The possibility of controlling their lives is the main aim of FinTech.
Usually, women understand something is wrong with their health when some sharp symptoms appear. FemTech applications that allow tracking periods date, duration, and some parameters help women to find out whether they need to visit the doctor, thus starting the treatment sooner.
Despite all efforts to fight with gender inequality, many people, both men, and women, still have a lack of knowledge about women health issues. In this regard, FemTech will raise awareness of women physiology and health.
Pain or sexual problems of women are often neglected, even by doctors. Technology aimed at improving women’s reproductive and sexual health makes us talk about these topics and treat them properly.