The femtech industry has established itself as a much-needed solution for addressing female concerns about their well-being. Ida Lin coined the term to cover everything associated with women’s health and wellness, and the sector includes apps, software, medical devices, wearables, and other products. Globally, forecasts show that the market will reach USD 103 billion by 2030.
The top 5 femtech apps thriving in Southeast Asia
Femtech in Southeast Asia began growing as more women became aware of the industry and its potential benefits. A survey from 2022 showed that the adoption rate of these emerging female technologies was relatively low, with Vietnam leading the way at 52%, followed by the Philippines at 44%. Thailand had 41%, Malaysia at 40%, Indonesia at 35%, and Singapore surprisingly at 23%.
Examples of femtech companies making a difference in ASEAN include:
- Indonesia’s BukuBumil, which provides pregnancy resources to women
- The Clue App for tracking menstrual health
- SEHATi App for managing health and fitness
- EloCare for watching over older adults through personal wearable devices
- FloHealth for menstrual tracking
Nevertheless, digital healthcare for women continues rising as more ladies speak up and de-stigmatise their bodies, highlighting their wellness concerns, medication needs, and treatment options.
Challenges for women’s health in Southeast Asia
Women face many challenges when dealing with their health. For instance, some cultural taboos prevent them from accessing proper treatment. Secondly, women in rural areas struggle to access healthcare services like their urban counterparts.
Some female patients may not have the same wealth of knowledge about their bodies as other women do. This difference creates gaps in how they approach treatment. This issue is further exacerbated if they meet health officials who are not as understanding as they should be, thereby creating a hostile environment for the women.
Hospital visits have also sometimes proven problematic due to poor experiences with healthcare professionals. Some of the issues raised include a lack of communication by officials and women feeling like their illnesses are not being taken seriously.
Problems affecting the growth of female healthtech solutions
Women’s digital healthcare has problems limiting its growth, including:
Lack of awareness
Most people are unaware of femtech, meaning they miss out on using the services to improve their wellbeing. Furthermore, they are unaware of the benefits of using technology to manage their health.
Inadequate funding
Since the sector is relatively new, investors are not yet pumping money adequately to power the ecosystem and get the startups up and running.
Limited government support
Thus far, most regional ASEAN governments have not done enough to support women’s healthcare needs. They have not provided adequate funding, and they have not worked on the laws governing the sector.
Innovation and tech talent
The femtech industry still needs much innovation, but few people have the skillset and mentality to build the technology. Medical research has a predominately male bias, which prevents or slows the development of women-specific treatments.
Accessibility
According to a Statista survey with Milieu Insight, Southeast Asian women struggle to find information and resources on female health-related questions. For example, 30% of the respondents said they could not get answers on fertility and infertility. Additionally, 29% unsuccessfully searched for details on general wellness, 28% on sexual health, and 23% on pregnancy and postpartum, among others.
Data protection and privacy
When using a lot of technology, the apps and wearables gather lots of data, which runs the risk of information leaking publicly. Cybercriminals may sell the data, making their victims even more vulnerable to identity thieves or illegal activities.
Fostering further growth in femtech
The ever-growing population in ASEAN means there is a large market for delivering health and wellness solutions to women. Women are taking control of their medical needs and finding products and services to help them manage their concerns. Well-designed tech products can offer greater personalisation, offering tracking tools to monitor and record data.
Governments can work to establish regulations for the new female-oriented companies. It may help create investor-friendly policies, leading to the generation of more money. Moreover, regional governments can provide financial support and tax incentives to attract more femtech startups, contributing to women’s well-being and the economy. They should also fix the infrastructure and develop it further—especially in rural areas—to be more inclusive to women.
Furthermore, regional governments can set up mentorship hubs to enable women to build their businesses and receive guidance in bringing products and services to the market. They should encourage young girls to enter tech fields and study STEM (Science, Technology, Engineering, and Mathematics) courses to continue the talent pipeline.
Improvements are happening constantly in different sectors, and femtech in Southeast Asia will follow suit. Technologies like artificial intelligence (AI) can help analyse data and give women vital health insights. Moreover, female-led companies will have opportunities to come together and collaborate to find solutions if investments and encouragement in this sector increase.