October 18th marks World Menopause Day, the period when a woman’s physiological changes are driven by hormonal changes. 50% of the world’s population are or will be going through this critical period, but the subject has historically been surrounded by taboo, stereotypes, misinformation and doubt, which is why 85% of women with menopausal symptoms do not receive effective treatment.
However, a cultural shift in recent years has led to more open and productive conversations around women’s health. The startup ecosystem has also joined the conversation, trying to fill the gaps created by this cultural shift, offering solutions ranging from wearables that reduce hot flashes to mobile apps that support women through each stage of their hormonal cycle. FemTech, the technology sector that caters to needs related to women’s health, continues to attract entrepreneurs and technologists, undoubtedly creating a positive impact for customers.
What is Femtech?
With over 1,224 startups and $20 billion in investment (reported in early 2023), the FemTech sector is here to stay.
The industry’s growth is largely due to the burgeoning diversity initiatives to close the gender gap in healthcare, evidenced across the value chain from scientific research, to improved training of healthcare professionals in female-specific conditions, to the development of gender-specific technologies supported by an increase in female managing partners in venture capital.
FemTech solutions span a range of healthtech products and services focused on women’s biological needs. Femtech, a subcategory of HealthTech, focuses on and mitigates the impact of the historical and systemic exclusion of women’s healthcare needs in the medical industry.
FemTech solutions cater to various stages of a woman’s life from adolescence to older age and include menstruation, contraception, on-demand abortion care, fertility treatments, gynecological conditions, culturally and ethnically inclusive solutions, maternal and fetal health, breastfeeding, menopausal health, geriatric care, cancer screening, and more.
Femtech solutions are highly specialized. Some of the most commonly addressed subcategories include fertility, maternal health, and women’s sexual health. Other types of solutions are less specialized and overlap with general healthcare, such as primary care, telecare, mental health, wellness, cancer, and nutrition.
Gaps in the Femtech Market
FemTech startups have traditionally suffered from a lack of funding or underfunding, but a promising change is happening due to the following reasons:
Cultural and societal factors that have recently been driving new growth opportunities for FemTech, including increased female representation in the venture capital industry and growing awareness and acceptance of women’s health issues.
These developments have led to a steady increase in funding for FemTech over the past decade. In 2019, the global FemTech market generated more than $820 million; according to PitchBook, this figure is expected to reach $3 billion by the end of 2030.
While the majority of FemTech products have traditionally focused on reproductive health, PitchBook analysts believe that new approaches in women’s health research could open the door to new products and services, as well as new investment opportunities, as there are still many unmet needs related to menopause, contraception and infectious diseases.
Source: https://www.mckinsey.com/industries/healthcare/our-insights/the-dawn-of-the-femtech-revolution
MenopauseTech, the new frontier of femtech
If Femtech is a niche category in the healthcare industry, then menopause is truly a niche within a niche. The menopause market is currently in its early stages with a focus on raising awareness and breaking taboos, revealing a previously untapped market. Women aged 45-55 generally have more purchasing power than other age groups and suffer from distressing menopausal symptoms such as cognitive decline, vasomotor symptoms (hot flashes, sweating, etc.) and insomnia. They are seeking solutions to stay active and healthy in all aspects, including medical options and wellness therapies (nutrition, fitness, mental health, etc.).
Additionally, women are living longer (increasing life expectancy) and their unique opportunities for longevity are expected to increase. After all, longevity is about living longer and better. Today, the primary solutions offered to women going through perimenopause (the time when the body naturally transitions into menopause, marking the end of reproductive years) and/or menopause include:
1. Traditional medicine: When specialized medical support is required (where health regulations are strict)
2. Health and Lifestyle:
HRT (Hormone Replacement Therapy) Education & Community Nutrition & Supplements Fitness & Lifestyle Sleep Health Mental Health Smart Fashion Cosmetics
3. Technological solutions: The technologies used (e.g. artificial intelligence (AI)) are the same as those applied in general medical technology, but the difference is in the specificity of women: female data for scientific research.
Women’s data for scientific research. Specific biomarker monitoring + AI diagnostics (for prevention and digital therapeutics)
MenopauseTech startup ecosystem
MenopauseTech startups can be found to fit into four types of solutions:
1. Devices: Not limited to wearable devices, these solutions are catching the attention of the target audience, such as Embr Wave, a wristband that provides instant hot flash relief and improves sleep quality, or Moona, a device with a built-in heat pump that uses water to regulate the temperature of a pillow.
2. Physical Products: In terms of valuation and value proposition, the largest market appears to be physical products that offer various solutions to consumer needs. One example is Mina Health, a home menopausal hormone analysis kit that provides real-time information on users’ menopausal status, duration, and cycles.
3. Digital Support and Therapy: This type of solution focuses on digital trackers and companions to control and regulate the various symptoms during each stage of menopause. MBody (Baby-to-Body) is a Wayra invested company that offers women’s health programs. The programs are designed to help users understand their body, hormones and health during each stage. They can also create a customized program based on age, stage, goals and symptoms.
4. Virtual Care: The main goal of these startups is to connect users with experts who can assist them throughout the patient care journey. Symptom trackers and other support features help medical professionals in their work. For example, Gennev is a platform for menopause experts that provides scientifically backed and proven treatments to ease menopausal symptoms. Gennev’s diagnostics give patients a personalized view of their menopausal journey.
Telefonica’s Femtech and Menopause Tech
Telefonica is already promoting menopause-focused FemTech solutions in the health market, such as Vivo con Vida V (Vivo has just acquired startup Vale Saúde Sempre).
Wayra is also betting on FemTech: Wayra-backed Body Collective has an app for pregnancy health called Baby2Body and a new menopause-related app called MBody, and it is also backing Virtue Health’s app Caria, a support community for pre- and menopausal women offering help and support from experts.
