PR for femtech - Building mass-market appeal
Femtech - a contraction of Female Technologies. Ida Tin, co-founder of the menstrual tracking app Clue, was instrumental in coining the term at the TechCrunch Disrupt Conference in 2016. Digital health software, technology services, electronic devices like wearables and other, diagnostic technologies count as femtech. In the wider sense, so do product innovations like period underwear. Who would have thought that it took well into the 21st century until businesses would finally discover that half of the world's population is in fact a target group! Now femtech stands for technologies that are developed specifically for women and aim to support women's healthcare.
Nevertheless, femtech companies in Germany are still mainly concerned with topics that are considered taboo, at least for men, such as the menstrual cycle and menstruation or pregnancy. Thus, femtech is still considered a niche market. Yet the market does not stop at primarily reproductive issues. Very young women who are just becoming familiar with their menstrual cycle have different demands, also with regards to contraception. Women dealing with their menopause and yet are far from being part of the "senior" target group also have different expectations. So there is still a lot of potential to be realised. In business and communications.
Femtech is a market with gigantic potential but little funding
According to the consulting firm Frost and Sullivan, the femtech industry will have reached a market potential of 50 billion US dollars (about 44.5 billion Euros) by 2025. Nevertheless, investors have been hesitant so far, albeit with a marked increase in the last few years. Across Europe, there were only two venture capital deals in the femtech sector in 2011. Last year, in 2021, there were twenty-two, amounting to about 250 million Euros. The global funding volume for femtech startups was over $590 million in 2019, already 10 times higher than in 2009. On the other hand, this means that just 10% of global investments go to femtech startups. And yet, women make up half of the world's population and require an estimated $500 billion annually for medical health expenditure.
The investor community consists largely of men who often do not understand women's health issues.Anita Haak, Account Manager
In fact, more femtech companies are founded by women than by men, and they have a significantly tougher time than men in securing funding. One reason being that the investor community is largely made up of men (94% for the top 100 companies), who often do not understand women's health problems. This is also the conclusion of the Female Founders Monitor 2020 of the German Startups Association. According to the report, only about 1.6 percent of female founders raised venture capital. The figure for men was 17.6 per cent.
Gender data gap: Science lacks good data
In medicine, the male body is considered the reference point, but there is still far too little research on the female body. (Not so) fun fact: It wasn't until 1998 that the true size of a clitoris was discovered by urologist Helen O'Connell. There is a lack of data - scientists and journalists refer to this as the "gender data gap". In this context, technologies that work with sensor data offer the possibility of advancing care and diagnostics for the early detection of cervical cancer or endometriosis, for example. There is also huge market potential in this area: women require an estimated $500 billion a year in medical health spending.
Therefore, it will be one of the most important tasks in communication: to overcome the taboos surrounding female bodies and to discuss them as important and, above all, completely normal in public. Femtech companies can contribute to this accordingly and, with studies and surveys, significantly provide more data and ultimately greater acceptance.
We must liberate the female body and its health issues from taboos and discuss them publicly as important and, above all, completely normal.Anita Haak, Account Manager
Let's discuss how we can help your Femtech company!
If you would like to find out how we can support your femtech communications, we would be very pleased to meet you for an introductory meeting. In this meeting, we will explain how we work, talk about your business and communication goals and approach the question of how these can be achieved. One hour of your time is enough.