NariTech: India's rising FemTech revolution

We live in an era where technology has seamlessly merged with our lives. We have witnessed first hand the behemoth that is the tech sector’s exponential growth since the internet boom, and it is far from coming to a standstill. Women are responsible for 80% of consumer purchasing decisions in the healthcare industry[1].Regrettably, women centric healthcare is still considered a niche market. However, in recent years this trend has shown signs of positive change.

A relatively modest but one of the most promising sectors that have emerged within this field is ‘FemTech’. Coined?by Ida Tin, co-founder of Clue, a menstrual health app[2], FemTech is an umbrealla term encaspulating a field of health technologies promising to address female health. Today, this sector encompasses an extensive array of digital and conventional health tools and services, spanning menstrual and reproductive health, as well as postnatal and monitoring care. The industry's growth has been steadfast, poised to attain a projected valuation of 50 billion USD by 2025[3].

Depending on the scope of assessment, the current market size for FemTech is estimated to lie within the range of $500 million to $1 billion. Projections indicate a promising potential for substantial revenue growth in double digits. A study exploring numerous FemTech companies unveiled a noteworthy concentration in areas such as maternal health support, consumer menstrual products, gynecological devices, and fertility solutions. Notably, funding for this sector had already soared to an impressive $2.5 billion by the beginning of December 2021 and this figure is likely to have burgeoned even further today[4].

While the sum amassed in funding might appear substantial, which it undoubtedly is, it pales in comparison to the capital raised for the entire healthcare sector. In the United States alone, funds amounting to 39.3 billion USD were raised in 2021[5]. But the ratio is also a testament that FemTech is still in its ‘nascent’ stages. A statement which holds truer in an Indian context, despite India accounting for 17.7% of world’s total population, of which almost half are women.

Understanding India

Investors labeling FemTech as a ‘niche’ market with a scalability challenge is a problem commonly observed outside the domestic borders too. Yet, distinct factors intrinsic to the Indian context also come into play. Persistent issues such as rural-urban disparities, education and decision-making discrepancies, and gender equality hurdles FemTech's progress in India[6]. Nevertheless, despite these limitations and challenges, numerous brands have managed to flourish within the Indian startup landscape.

Since 2015, a plethora of virtual platforms and applications have surfaced. Among them is CareMother, a pregnancy tracker and growth application. Another comprehensive reproductive health platform, Zealthy, offers tailor-made solutions to support couples on their journey through infertility. Mind&Mom, another enterprise, aids women in coping with infertility using AI technologies to elevate the healthcare experience in the realms of infertility and pregnancy. Another distinctive platform is Celes Care, a virtual health clinic for women. Established in 2015, their objective is to empower women through precision medicine and comprehensive information.

As mentioned earlier misconceptions and taboos surrounding womens’ health are prevalent in India, esepecially in rural heartlands. Interestingly, certain companies have recognized this issue and are actively engaged in raising awareness. A prime example is Ovaika Health, a digital health platform empowering women to lead healthy lives primarily through heightened awareness. They also offer female health and hygiene products and have recently introduced a virtual clinic.

We at MyCycle also hope to join the ranks of rising FemTech in India, through the combination of powerful AI-based analysis and accurate hardware measurements.

A Complex Landscape

FemTech, despite its merits, has its fair share of scrutiny and concerns. Services like menstruation, ovulation, and pregnancy tracking remain the most prevalent within the FemTech domain, employing biosensing technologies to interpret bodily processes. Regrettably, this quantified approach to the reproductive body can lead to inaccurate predictions, resulting in unintended pregnancies, an inability to record miscarriages or abortions within applications, irreversible data retention, and a lack of control over tracking[7].

The collection and sharing user data is neither a new, nor a simple problem to tackle; especially considering the multifaceted nature of the data typically amassed using FemTech products. A study analyzing UK-based products' websites revealed that all of them incorporated some form of user tracking, with over half of these sites failing to provide any customization options for cookies[8]. Despite the array of regulations governing the types of data collected by FemTech, the sector itself remains relatively under-regulated. In fact, FemTech has become an integral facet of numerous workplace wellness programs today[9]. While the compilation of health data might not pose concerns for everyone, it does raise pertinent questions about where the boundaries should lie. Should a woman's menstrual cycle data be monetized by advertisers? Should an employer be privy to a woman's pregnancy status via an app on her work-issued phone? The answers hinge on whether the potential breach of privacy is outweighed by the health-related benefits. Unfortunately, this matter remains a subject of ongoing debate, and will remain so for the forseeable future.

While hurdles persist particularly in addressing global disparities, education, and gender equality, the growth trajectory of FemTech is undeniably positive. Neha Mehta, Founder & CEO of FemTech Partners, astutely remarked, "In an industry that often leaves women feeling ignored, FemTech puts women at the forefront." With each technological innovation and solution, the FemTech landscape strives to usher in an era where women's health is prioritized, acknowledged, and enhanced.

[1] McKinsey & Company. (2022) Unlocking opportunities in women's healthcare. Retrieved from https://www.mckinsey.com/industries/healthcare/our-insights/unlocking-opportunities-in-womens-healthcare

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[2] Kronemyer, Bob. "Female health technology takes center stage." Contemporary OB/GYN, vol. 63, no. 10, Oct 2018, pp. 23-24.

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[3] Tereza Hendl & Bianca Jansky (2021): Tales of self-empowerment through digital health technologies: a closer look at ‘Femtech’, Review of Social Economy, DOI: 10.1080/00346764.2021.2018027 https://doi.org/10.1080/00346764.2021.2018027

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[4] McKinsey & Company. "The Dawn of the FemTech Revolution." Retrieved from https://www.mckinsey.com/industries/healthcare/our-insights/the-dawn-of-the-femtech-revolution.

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[5] Deloitte Insights. "Healthcare technology trends: Innovations driving the future of health." Retrieved from https://www2.deloitte.com/xe/en/insights/industry/health-care/healthcare-technology-trends.html.

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[6] Analytics India Magazine. "The Most Innovative FemTech Startups in India to Watch Out for in 2022." Retrieved from https://analyticsindiamag.com/the-most-innovative-femtech-startups-in-india-to-watch-out-for-in-2022/.

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[7] Mishra, P., & Suresh, Y. (2021). Datafied body projects in India: Femtech and the rise of reproductive surveillance in the digital era.?Asian Journal of Women's Studies,?27(4), 597-606.

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[8] Mehrnezhad, M., Shipp, L., Almeida, T., & Toreini, E. (2022, September). Vision: Too Little too Late? Do the Risks of FemTech already Outweigh the Benefits?. In?Proceedings of the 2022 European Symposium on Usable Security?(pp. 145-150).

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[9] Brown, E. A. (2021). The femtech paradox: How workplace monitoring threatens women’s equity.?Jurimetrics,?61(3), 289-329.

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