Women’s Health Tech: Unveiling a $50 Billion Opportunity

Women’s Health Tech: A Trillion Dollar Opportunity Waiting to be Seized 

There has been growing recognition in recent years that women’s health issues require specialized medical devices tailored to their needs. 

The market for women’s health medical devices is expanding rapidly as manufacturers increasingly focus attention on this underserved segment. The global market for women’s health medical devices is projected to reach $50 billion by 2025, reflecting a compound annual growth rate of over 7% 

Key factors driving this growth include rising awareness of women’s health issues, demand for improved diagnosis and treatment options for conditions affecting women, and greater consumer willingness to discuss and address sensitive health topics. 

This newsletter will explore the expanding market for medical devices targeting women’s health, including analysis of the scope of this market, key areas of innovation, challenges faced in the development and adoption of these devices, consumer acceptance, pricing trends, geographic differences, and profiles of leading companies in this emerging segment of the medical device industry. 

Market Scope 

The market for women’s health devices is substantial and growing. According to one estimate, the global women’s health devices market was valued at over $40 billion in 2021 and is projected to grow to $60 billion by 2028. This growth is being driven by several factors: 

1. An aging population of women globally, leading to increasing demand for devices that address conditions like incontinence and osteoporosis.  

1. Greater awareness and diagnosis of conditions like breast cancer, cervical cancer, endometriosis, and polycystic ovary syndrome (PCOS). This is increasing demand for screening, monitoring, and treatment devices. 

1. Technological advances that are enabling the development of improved diagnostic tests, monitoring tools, and minimally-invasive devices for women’s health conditions. 

 

Key Segments 

Some of the key segments within the global women’s health devices market include: 

1. Gynecological Devices – Products like uterine fibroid embolization devices, ablation systems, female sterilization devices, and pelvic floor electrical stimulators. This segment accounted for over 30% of the total market in 2021. 

1. Breast Cancer Screening and Treatment Devices – Mammography equipment, breast biopsy devices, breast implants, radiation therapy machines for breast cancer, etc.  

1. Obstetric and Neonatal Care Devices – Fetal monitors, infant warmers and incubators, ultrasound scanners, etc. 

1. Reproductive Health Devices – Contraceptives devices like intrauterine devices (IUDs) and tubal ligation devices; assisted reproductive technology devices. 

1. Urogynecological Devices – Products for treating conditions like urinary incontinence and pelvic organ prolapse, such as urodynamics equipment, slings, and vaginal mesh implants. 

Key players in the industry are investing in R&D to develop cutting-edge products targeting major conditions affecting women. 

Key Innovation Areas 

The key innovation areas in medical devices targeting women’s health include digital health, at-home testing/monitoring, and FemTech.  

Digital health is transforming women’s healthcare through connected devices and apps that provide personalized insights and care. Key innovations include fertility and pregnancy trackers, menstruation and menopause management apps, and wearables that monitor heart health and other vitals. Digital health is empowering women with data-driven, customized solutions. 

At-home testing and monitoring has seen rapid growth, especially in fertility and pregnancy. Ovulation prediction kits allow women to pinpoint peak fertility at home. Pregnancy tests are now available that estimate how far along the pregnancy is. Other at-home devices can monitor blood pressure and glucose levels during pregnancy. This allows expectant mothers to closely track their health and catch problems early. 

FemTech is an exciting new category of technology devoted to women’s health. Innovations in Femtech include smart breast pumps, pelvic floor exercisers, wearable sensors to improve postpartum health, precision vaginal health devices, and more. AI-enabled Femtech applications provide women with science-backed insights and recommendations personalized to their bodies and life stages.  

Challenges 

The medical device industry faces several challenges in developing products targeting women’s health needs.  

1. There is a historic gender bias in medical research that has resulted in fewer studies focused on women’s health compared to men’s health. This lack of research makes it more difficult for companies to design devices tailored specifically for women. 

1. Startups focused on women’s health often struggle to find funding. Venture capitalists tend to be majority male with little understanding of women’s medical needs. This funding gap slows innovation and adoption of new women’s health technologies.  

1. Social stigma still surrounds many aspects of women’s health like menstruation, contraception, and menopause. This can discourage open discussion and disclosure of medical issues by women, limiting the customer feedback needed to create better products. There is a need for discreet and thoughtfully designed devices that address women’s sensitivities. 

Companies need to prioritize research, access funding, and design carefully to successfully tap into this underserved market. 

Consumer Acceptance 

The demand and adoption of women’s health devices has steadily increased over the past decade. Studies show that in 2020, sales of women’s health devices totaled $20 billion globally, up 15% from 2019.  

Several factors are driving the demand for these devices: 

1. Increased focus on women’s health and wellbeing 

1. Desire for discreet and convenient solutions  

1. More awareness and open discussion of women’s intimate health issues 

1. An aging female population in many countries 

However, cultural taboos and stigma still pose barriers to adoption in some markets. A survey across emerging markets found that only 40% of women were comfortable using devices related to menstrual and pelvic health. Education and awareness campaigns by health agencies are aimed at increasing acceptance. Ultimately, the demand outlook remains strong as women globally have greater access to information and open dialogue on health issues. 

Pricing Trends 

The pricing landscape for women’s health devices presents several challenges. Costs for medical devices continue to rise, even as insurance coverage lags behind. This dynamic impacts women’s access to critical technologies that can improve health outcomes. 

Specifically, costs for women’s health devices like breast pumps, fertility trackers, and menstrual products have steadily increased over the past decade. Market research indicates the average price for a breast pump, for example, has risen from $200 in 2010 to over $300 today. Fertility tracking wearables that provide basal body temperature readings and ovulation prediction now retail for $150-$300, up from $100 just five years ago.  

While costs rise, insurance coverage for women’s medical devices remains spotty. Most private insurance and Medicaid plans do not cover at-home breast pumps as a durable medical equipment benefit. Fertility trackers are generally not covered either. The lack of coverage forces women to pay out-of-pocket if they want access to these devices. With prices going up, fewer women can afford them. 

Closing the pricing and coverage gap will be key to improving access to women’s medical technologies moving forward. 

Geographic Differences 

There are significant geographic differences in the women’s health medical device market. Developing countries often represent major growth potential due to rising incomes and increasing access to healthcare. However, regulation varies greatly by region which can impact market access and adoption of new technologies. 

For example, Asia-Pacific countries like China and India have seen rapid growth in demand for women’s health devices in recent years. Key factors include rising awareness, increasing focus on women’s health by governments, and expanding middle class populations gaining access to private healthcare. The Asia-Pacific market for gynecological devices alone is predicted to grow at 13% CAGR from 2022-2027.  

However, regulation in Asia remains fragmented. Some countries like China have established regulatory systems comparable to Western markets. Others like India still lack strong clinical evidence requirements. This affects availability and time-to-market for the latest medical technologies targeting women. 

The European women’s health device market, while more mature, also varies significantly by country. Western European markets like Germany and the UK have well-defined regulatory systems and reimbursement pathways supporting rapid adoption of innovative devices. But Central/Eastern European markets can face longer timelines for new product registration and insurance coverage. 

The US remains the largest geographic market for women’s focused MedTech. But regulatory uncertainty created by recent policy changes around reproductive healthcare make it difficult for companies to plan investments and new product development targeting women’s health. 

So while developing markets offer exciting growth opportunities, regulatory variations across geographies remain an ongoing challenge for women’s health device makers looking to maximize global impact. Companies must develop market-specific regulatory and access strategies. Those that navigate these nuances successfully can significantly expand their addressable market. 

Key Players 

The medical device industry targeting women’s health is dominated by several major companies along with some innovative startups making waves. 

Major Companies

– Johnson & Johnson is a leader in women’s health medical devices like intrauterine devices and surgical products for gynecological procedures. Their ETHICON biosurgery division focuses on devices for women’s surgical needs.

– Medtronic is another dominant player in women’s health, providing devices for conditions like uterine fibroids, pelvic organ prolapse, and urinary incontinence. Their therapies for abnormal uterine bleeding are impactful.

– Merck Group manufactures fertility drugs and contraceptive devices. They have a women’s health division specifically focused on contraception, fertility, and menopause.

– Bayer is known for birth control and women’s healthcare products. They market intrauterine devices, oral contraceptives, and devices for osteoporosis and menopausal symptoms.

Startups to Watch

– NextGen Jane, Inc. is a startup making a tampon alternative that extracts menstrual fluid for diagnostic purposes. Their technology could revolutionize women’s health tracking.

– Bloomlife Inc has created a smart pregnancy contraction monitor to track contractions and provide insights during labor. Their app and wearable device aim to give expectant mothers more information.

– Elvie develops innovative products for women like a wearable breast pump and smart pelvic floor exerciser. They focus on discretion and technology to improve women’s health experiences.

– Minerva Surgical, Inc. has developed a device for abnormal uterine bleeding using minimally invasive radiofrequency ablation. Their technology reduces bleeding without hormonal side effects.

Conclusion

The market for women’s health medical devices offers tremendous growth potential in the coming years. Women’s health issues have often been overlooked and underfunded, but that is beginning to change. There is now greater advocacy and awareness around conditions primarily affecting women, and driving more investment and innovation focused on women’s needs.

Further innovation can help provide women with more options and personalized solutions for their health issues.

Advocacy and consumer acceptance will play a big role in realizing the full potential of the market. There is a clear unmet need in this area that innovative companies can help address.

Overall, the market for women’s health medical devices represents an area of huge potential growth and impact. With the right mix of innovation, advocacy and consumer demand, companies can develop life-changing products that specifically help women manage their health and wellbeing. There is both a social need and business opportunity to better serve this market.

If you are looking to expand your medical device business into different markets, book a free explanatory call at www.taevasglobal.com to know how we can help you launch and scale globally.