Digital health technology targeted toward women, also known as "femtech," is poised to be the next disruptor in the global healthcare market, according to a Frost & Sullivan report.
The femtech sector comprises software, diagnostics, products and services that leverage technology to improve women's health. These tools tend to help women manage their reproductive health, pregnancy care, uterine care, and general health and wellness.
Here are three insights into the emerging femtech market.
1. Today, women are already 75 percent more likely to use digital tools for healthcare than men are, according to the report. This demographic represents a large market share, since 90 percent of women report they are the primary healthcare decision-makers for their family.
2. Eighty percent of household healthcare spending is done by women, and working-age women spend 29 percent more per capita on healthcare compared to their male counterparts. Female consumers' impact on the market is expected to grow, as global earnings by women are slated to increase by $6 trillion between 2014 and 2020.
3. The femtech market has experienced a positive regulatory environment in recent years. The European Union approved the first mobile app designed for contraception in 2017, and the FDA approved a colposcope that uses a smartphone for cervical cancer screenings in 2016.
To access the "Femtech: Digital Revolution in Women's Health" report, click here.