Speculators are considering several companies that could turn into colossal profits as the femtech market flourishes. An increasing number of employers and insurers are encouraging employees to use family planning apps, such as those developed by Ovia Health. In femtech, we see startups changing women's health technology.
In recent years, there has been a phenomenal increase in technologies designed to improve the health of women.
There is a new femtech buzz among investors. Some believe that the vertical will serve as the next speculative cash cow.
Proceed with caution: confidentiality and Femtech
According to an analysis from the Rock Health venture capital fund, 77% of consumers surveyed say they have no problem sharing their data with doctors. However, 86% of these respondents said that companies should not collect health-related data without consent.
Health Insurance Transferability and Liability Act (HIPAA) permit companies to sell consumer data – as long as the information is anonymized. Already, large companies like IBM are taking advantage of the health care information exploration industry.
Businesses can also collect consumer data from devices that are not protected by HIPAA legislation.
The mobile fitness, health and femtech apps are an example of data collection from devices. Insurers and employers strongly encourage workers to use the femtech applications developed by Ovia.
For example, Activision Blizzard gaming is one of the many companies that use Ovia apps to monitor employee health. The apps collect sensitive information about fertility, menstrual cycles and pregnancy development.
Activision Blizzard uses the information to determine how many of its employees are pregnant, trying to conceive, or are dealing with a high-risk pregnancy. Company officials admit that there has been a game every time they have introduced new employee monitoring technology.
Companies can overcome employee objections – in part – by emphasizing that the use of technology is voluntary.
It also helps the company to encourage employees to use Ovia apps by paying them $ 1 a day. Over time, Activision Blizzard employees have developed a tolerance for monitoring the health of the business. Analysts are forecasting phenomenal growth for the femtech industry. However, some start-ups are entering the vertical with dubious intentions.
Several entrepreneurs have entered the fintech industry with applications that have little value other than collecting user data for resale.
Femtech, the answer to a growing problem
The femtech revolution cannot turn fast enough. Today, women around the world face problematic health issues. For example, studies show that 70% of women diagnosed with postpartum depression hide or minimize their symptoms.
Globally, doctors diagnose 10% of pregnant women and 13% of women who have just given birth with postpartum depression, according to the World Health Organization (WHO). Women's health is especially important because of their role in influencing and caring for children and family members.
However, many women minimize their symptoms. Femtech can help improve the well-being of women. Today, it's a multi-million dollar market powered by pelvic health machines, menstruation monitors and pink sportswear.
As the femtech industry emerges, an increasing number of speculators are paying money to startups that are creating technologies to meet the health needs of women. Yet doctors must continue to deal with a large segment of the female population that prefers used search engine queries to manage their health needs.
Femtech's retail business
Retailers today are placing femtech products such as Cora alongside popular female products such as Tampax. In the future, researchers are considering smart buffers that collect biological samples for monthly tests. Such an innovation could help doctors diagnose diseases of women like cervical cancer and endometriosis.
With industry insiders predicting that femtech will raise $ 50 billion a year by 2025, these visions of high-tech female skincare products may well become a reality. Historically, the technology industry, health care and the business community in general have ignored the needs of women.
Despite the phenomenal current growth of femtech, women are still sorely underrepresented on the business side of the industry.
For example, among the main venture capital circles, women represent only 7% of partners. Today’s decision makers in the women's health care industry see vertical as a luxury rather than a necessity. Unfortunately, like tampons and sanitary pads, retailers tax women's health products as luxury items.
However, some women's advocates are delighted that the male-dominated business world is paying more attention to the needs of women. At the same time, there is some doubt as to the usefulness of certain femtech products. Some people wonder what percentage of femtech products offer real value and how much of the vertical is just the hype being taken advantage of.
There is a range of femtech products that have obtained approval from the Federal Food and Drug Administration (FDA). Glow and Natural Cycles are the first fertility apps to receive marketing authorization from the agency. While women can download both apps for free, the subscription fees for advanced features range from nominal to exorbitant.
Doctors warn against apps. Applications can collect a considerable amount of information, allowing more precise monitoring of fertility. However, they are not 100% foolproof. In an increasingly connected society, people can expect too much from technology.
Despite the doctor's warnings, both apps have received rave reviews from tens of thousands of users on the Google Play Store. Hopefully more genuinely beneficial femtech offerings will emerge as the industry evolves.