Integrating Technology into Women's Health... Why Femtech is Rising

Suzentec, a company specializing in in vitro diagnostic medical devices, recently received approval from the U.S. Food and Drug Administration (FDA) for its women’s healthcare platform, ‘Surely Smart.’ Launched in November last year, this platform allows users to measure pregnancy, ovulation, and miscarriage risk using urine tests at home. It also offers a smartphone application that measures female hormones and connects the smartphone with the test device via Bluetooth. The app enables users to check their menstrual cycle and manage conditions such as irregular menstruation and premenstrual dysphoric disorder (PMDD). Based on the FDA approval, Suzentec plans to make a full-scale entry into the U.S. market.

[Image provided by Sujentech]

Various industries are entering the so-called ‘Femtech’ sector, which combines technology and services for women’s health. Femtech is a portmanteau of ‘Female’ and ‘Technology,’ referring to technologies and services focused on women’s health management and improving quality of life.

The beauty and healthcare industries are also launching their own services to capture the Femtech market. CJ Olive Young, the number one company in the health and beauty (H&B) sector, added a ‘W Care Service’ to its app last month, allowing users to manage their menstrual cycle. By subscribing to the service on the Olive Young app, users can easily track their menstrual cycle, ovulation, fertility, and premenstrual syndrome (PMS) on a personalized basis. The service also features customized product recommendations along with comments that help manage symptoms and health according to the menstrual cycle.

[Image provided by CJ Olive Young]

Global big tech companies are adding women’s healthcare features using wearable devices. Earlier in February, Samsung Electronics received approval from the Ministry of Food and Drug Safety for its reproductive health diagnostic support software, ‘Cycle Tracking.’ Cycle Tracking uses the temperature sensor of the Galaxy Watch5 smartwatch to predict the menstrual cycle. This feature applies a temperature-based menstrual cycle prediction algorithm. Samsung plans to support Cycle Tracking domestically within the second quarter. Apple also offers similar services overseas through the temperature sensor of the Apple Watch8, such as ovulation prediction, but has not yet received approval from authorities in South Korea.

According to market research firm Global Market Insights, the global Femtech market is expected to grow from $22.5 billion (approximately 27 trillion KRW) in 2020 to over $65 billion (approximately 77 trillion KRW) by 2027. Since the services target women, who make up half of the global population, demand is expected to be sufficient. Kim Do-yeon, a research fellow at KB Management Research Institute, explained, “As women’s participation in society becomes more active, women’s health has emerged as an important issue not only for individuals but also for companies and society. Various Femtech solutions are emerging to address the negative impacts of this.”

There is also potential for services currently focused on menstrual management to expand into other areas such as health management for menopausal women. Research fellow Kim said, “Femtech for menopausal women, which has recently gained attention overseas, is not yet available domestically. We expect the Femtech industry to expand in South Korea as well, with digital technology-based services and menopausal care services for middle-aged women.”