In the realm of healthcare, there's a transformative movement happening, designed specifically to cater to the distinct needs of women. The surge of FemTech, an abbreviation for Female Technology, is gaining momentum swiftly, presenting inventive solutions to tackle diverse aspects of women's health.
Rithika Venkatesh, Senior Manager of Innovation & Technology at IPI, says, “Singapore, known for its progressive approach to integrate technology in healthcare, stands at the forefront of this movement in APAC, where the conversation is slowly becoming mainstream.”
Introduction
Traditionally, women's health has been approached with a one-size-fits-all mentality, often neglecting the unique biological, physiological, and psychological aspects that differentiate women from men. However, with the advent of FemTech, this narrative is rapidly changing. FemTech encompasses a diverse range of digital health technologies, including wearable devices, mobile applications, telemedicine platforms, and AI-driven solutions within the medical field. These innovations are specifically designed to address the specific needs of women across different stages of life.
Rise of FemTech
The rise of FemTech represents a significant shift in the healthcare industry towards specifically addressing women's healthcare needs, which have historically been under-researched and underserved.
This can be attributed to several factors, including advances in technology, increased awareness and demand for personalised healthcare, and a shift towards proactive health management. In Singapore, this trend is evident, with a growing number of start-ups and established companies alike investing in FemTech solutions.
Advancements in wearable technology, such as smartwatches and fitness trackers, have enabled women to monitor various health metrics in real-time, including heart rate, sleep patterns, and activity levels. A range of products, apps and digital services designed to support women’s health has gained popularity, including reproductive health and fertility, menstrual health, pregnancy and nursing, and menopause; empowering women to take control of their health to make informed decisions.
Advantages of FemTech
The advantages of FemTech are manifold. Firstly, it provides women with greater autonomy and agency over their health, allowing them to track and manage their well-being in a way that is convenient and accessible. Secondly, FemTech facilitates early detection and intervention by enabling continuous monitoring and timely alerts for any deviations from normal health parameters. This proactive approach can lead to better health outcomes and reduced healthcare costs in the long run.
Furthermore, FemTech promotes greater inclusivity and diversity in healthcare by addressing the unique needs of women from diverse backgrounds, including those from marginalised communities or with specific health conditions.
Empowering Women Through Data
Digital health has been the backbone of FemTech revolution, which started with period tracking and monitoring applications. By collecting and analysing data on various aspects of women's health, such as menstrual cycles, fertility patterns, and pregnancy outcomes, one can identify trends, predict risks, and tailor interventions to individual needs.
Moreover, the aggregation of anonymised data from large user bases enables researchers and healthcare providers to gain a deeper understanding of women's health trends at a population level, facilitating the development of evidence-based guidelines and policies. However, it is essential to address privacy and security concerns to ensure that women's data is protected and used ethically.
Addressing Unique Healthcare Needs
Women have unique healthcare needs that often go unaddressed in traditional healthcare settings. From menstrual disorders and reproductive health issues to menopause-related symptoms and chronic conditions, such as endometriosis and polycystic ovary syndrome (PCOS), women face a myriad of challenges throughout their lives. Companies such Embr Wave, Elvie, and Kegg are addressing these unmet needs by offering specialised solutions and services tailored to women's bodies and cycles.
Similarly, telehealth services specialising in sexual and reproductive health offer discreet and convenient access to care, particularly for sensitive issues such as contraception, sexually transmitted infections (STIs), and sexual dysfunction. By leveraging technology, these platforms eliminate barriers to access and reduce the stigma surrounding women's health issues.
Supporting Maternal Health
Pregnancy and childbirth represent significant milestones in a woman's life, accompanied by unique healthcare challenges and considerations. Tools and resources to monitor pregnancy progress, track fetal development, and even access prenatal care remotely provide peace of mind to the expectant mother, especially in high-risk pregnancies.
Mobile apps designed for expectant mothers provide valuable information and guidance on prenatal nutrition, exercise, and childbirth preparation. They also facilitate communication between pregnant women and their healthcare providers, enabling timely interventions in case of any concerns or complications.
In addition, wearable devices equipped with obstetric monitoring capabilities allow for continuous fetal heart rate monitoring and uterine activity tracking, enhancing prenatal surveillance and early detection of potential problems. These technologies empower pregnant women to take an active role in their prenatal care and promote positive birth outcomes.
Challenges and Opportunities
Despite its promising potential, FemTech also faces several challenges, Lindsay Davis, Founder of FemTech Association Asia, shares her insights on the key challenges impacting the FemTech industry in Singapore. She says, “Women’s health globally has historically been under-researched, underserved, and underfunded.
1. Under-researched
Accenture shares that investment in women’s healthcare research and development currently accounts for only 4% of overall R&D funding.
2. Underserved
Some women may not be aware of FemTech solutions or their benefits due to limited education or exposure to information about women's health – or simply that the solutions did not exist previously. This lack of awareness can result in underutilisation of FemTech products and services, even when they could address specific health needs. There are also initiatives underway that help educate investors to better understand the market value and opportunity.
3. Underfunded
The funding of FemTech businesses is the key challenge that founders raise in our discussions. In 2023, DealStreetAsia reported that there was no female decision-makers at 67% of SE Asia-headquartered venture firms. Over 80% of FemTech founders who are members of FemTech Association Asia are women. If we compare to the USA where female founders secured only around 2% of venture capital in 2023, we can assume Asia has a similar statistic across Southeast Asia. According to a 2020 Harvard Business Review article that still holds, gender bias is present in fundraising, so FemTech Association Asia continues to support more diversity among investors.”
However, these challenges also present opportunities for collaboration and innovation. By working closely with regulatory authorities, healthcare providers, and technology partners, FemTech companies can tap on government support and funding i.e. incubator programmes or work alongside medical professionals to develop, test and deploy new technologies. Having a conducive environment and supportive ecosystem will enable FemTech to continue to grow, addressing the unique health needs of women. Moreover, initiatives aimed at increasing digital literacy and bridging the digital divide can help ensure equitable access to FemTech solutions for all women, regardless of socioeconomic status or geographic location.
Looking Ahead
“FemTech industry in Asia is rapidly gaining momentum and FemTech Analytics predicts that the Asia-Pacific region will see the world’s fastest growth in women’s health apps by 2026,” says Lindsay Davis.
As FemTech continues to evolve, its impact on women's health and healthcare delivery will only grow stronger. The integration of advanced technologies, such as artificial intelligence, virtual reality, and genomics, holds immense potential to further personalise and optimise women's healthcare experiences.
Moreover, the convergence of FemTech with other emerging trends, such as telemedicine, remote monitoring, and decentralised clinical trials, is reshaping the future of healthcare delivery, making it more patient-centric, accessible, and efficient. By harnessing the power of innovation and collaboration, Singapore is poised to lead the way in leveraging FemTech to revolutionise women's health on a global scale.
FemTech Connect Asia event, a highly anticipated gathering aimed at revolutionising the FemTech industry within Asia, is scheduled for the 20th and 21st of June 2024. This event is set to host 100 delegates from across the region in Singapore and presents a unique opportunity for partners to be at the heart of innovation, fostering new pathways for the advancement of women's health and technology.
In conclusion, FemTech represents a paradigm shift in how we approach women's health, offering personalised, proactive, and empowering solutions to address the unique needs of women across different stages of life. In Singapore, the adoption of FemTech is rapidly gaining momentum, driven by a combination of technological innovation, regulatory support, and a commitment to improving healthcare outcomes.
By harnessing the potential of FemTech to empower women through data, address unique healthcare needs, and support maternal health, Singapore is not only revolutionising women's health within its borders but also setting a precedent for the rest of the world to follow. As we look ahead, the possibilities for FemTech are limitless, promising a future where every woman has the tools and resources she needs to live a healthy, fulfilling life.
To delve deeper into the world of FemTech and its impact on women's health, feel free to contact us at [email protected]. Start your exploration by engaging in technology scouting and learn about the diverse range of innovations IPI has curated.
