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What Does the Future Hold for the FemTech Industry?


By Maxim Manturov,

Head of Investment Advice, 

Freedom Finance Europe.


In honour of International Women’s Day, Maxim Manturov, Head of Investment Advice at Freedom Finance Europe outlines trends we can expect to see in the FemTech sector over the next year and what Femtech companies investors should watch out for.

Female Technology, or FemTech, is the technology that improves women’s health and wellbeing. The term is often applied to products, services, applications and software, medical devices, telemedicine, wearable devices, equipment, therapeutic products, vitamins and supplements, digital platforms, and consumer products designed to improve or support women’s health, including but not limited to those that identify themselves as cisgender and women of gender or sexual minority. With new organisations in the sector popping up at a rapid rate, FemTech is clearly growing, so what can we expect from this industry over the coming months?

Expect significant growth 

1. Expect to see the FemTech industry grow in 2022 as the industry moves away from its “niche” title to a more “essential” one. Globally, around 37% of the FemTech market belongs to the Pregnancy & Care, Reproductive Health & Contraception sub-sectors; however, it is not limited to these categories. The global FemTech market was worth £30.1bn ($40.2bn) in 2020 and is projected to grow at an average of 13.3% per annum from 2020 to 2025 to reach £56.3bn ($75.1bn).

Despite growing interest in recent years, the industry remains undervalued and has high growth potential. Market drivers for the industry would be a growing interest from venture capitalists and business angels; inclusive solutions for women’s health and wellbeing; growing demand for reproductive health; overall growing demand for digital health solutions; normalisation of the conversation on taboo women’s health topics; increased self-esteem for women; Innovative products and partnerships to expand offerings.

2. FemTech companies should go public soon with their large number of growth points, which could attract investors and give a strong boost to the industry, eventually, we could see a lot of interesting placements in the coming years. In recent years, new start-ups have been developing and launching new and sophisticated digital tools targeting women while attracting major investment in the industry.

According to PitchBook, the FemTech industry raised more than £750m ($1bn) in 2021, which is the first time in its history. One interesting non-public company in the industry is Flo Health. The company has developed an artificial intelligence-based women’s health app that supports women at every stage of their reproductive cycle. According to, the company has raised a total of £56.6m ($75.5m) and has an estimated valuation of £600m ($800m) in 2021. In total, the company’s app has been downloaded 210 million times, with 43.5 million monthly active users.

Promising FemTech companies to watch

Although most of these companies are start-ups that are not traded on equity markets, they still are exciting prospects for investors.

1. Progyny (PGNY), a benefits management company, specialises in fertility and family benefits solutions for employers in the US. The company also offers Progyny Rx, a comprehensive pharmacy benefits solution that gives its members access to the medicines they need during treatment. In addition, it provides employers with reimbursement programmes for surrogacy and adoption.

2. Invitae (NVTA), provides genetic tests for many diseases, “including inherited cancer, cardiology, neurology, paediatrics, oncology, metabolic disorders, and rare diseases”.  Invitae also recently completed the acquisition of Archer DX, which has developed treatments for “precision oncology”. Archer’s Stratafideplatform can detect DNA changes that can help doctors prescribe better treatments for cancer patients. The FDA has granted Stratafide breakthrough treatment status.

3. Myriad Genetics (MYGN), appropriately offers many genomic tests that can help patients and doctors look for genetic markers for everything from breast cancer to depression, arthritis, and more. The medical community believes in the power of genetic testing, and the American Society of Breast Surgeons now recommends genetic testing for all breast cancer patients.

Challenges to overcome

While FemTech organisations face challenges, some of these challenges have a silver lining. For example, raising capital is one of the industry’s biggest challenges, but with more unicorns and exits, investors will see the potential in FemTech. Some other key challenges will be the lack of research, funding, education, and cultural acceptance of women’s health as a priority. Women’s health has historically been perceived as private and not covered by social medicine, which limits its commercial prospects if market participants cannot obtain coverage. Overall, business owners and managers need to increase their brand recognition and visibility to achieve positive outcomes.