01 March 2023 | Views | By Anusha Ashwin
The rise in the femtech market can be attributed to a combination of increased awareness, technological advancements, investment, and a growing demand for women's healthcare solutions. BioSpectrum interacts with Navneet Kaur, Founder & CEO, Femtech India, about the evolution of the femtech sector in the country.
How is the femtech industry evolving in Asia? Can you share a few market trends and future growth predictions?
The femtech industry is poised for tremendous growth and has demonstrated unprecedented progress over the past years. The Asia Pacific femtech market is expected to progress with a Compounded growth rate of ~13 per cent over the forecasting years leading to 2028. Despite the COVID and lock-down related headwinds, the industry recorded a massive ~70 per cent jump in the Southeast Asian markets. Countries like India, Thailand, and Singapore have demonstrated massive growth in the post-COVID scenario. While these disparities can surely be bridged soon, I am quite confident that markets such as India, Singapore, and Thailand will flourish and apps and tracking devices will take a front seat.
What are the driving factors in femtech and which among the Asian countries do you see more femtech companies coming up?
While it is difficult to attribute the growth to any one driver, a combination of multiple factors will push the growth. For instance, the Indian market has been favouring lots of pro-women policies that are ably being supported by the State and Central Government. This is enabling women entrepreneurs to explore newer opportunities to seize the tax benefits, mentorship opportunities, and seed funding offers. In a similar vein, countries like Singapore and Thailand are also fostering growth. Also, the digital wave and the increased dependence on gadgets are also making it easy to launch products and services in the electronic space. Trackers and apps are emerging to be the favourites.
Do you see more women entrepreneurs and startup enthusiasts foraying in the femtech space? If so, what is the support they receive in establishing their business?
This is the golden era of innovation. Several women entrepreneurs are perfecting their ideas and concepts and knocking on the doors of opportunities. What might be missing is that these aspiring entrepreneurs need guidance and mentorship to kick things off. With that intent in mind, Femtech India has started a series of mentorship programmes that are available both in the online and offline setup. We are collaborating with industry partners who have expertise in finance, consulting, medical, and legal backgrounds. As a woman entrepreneur, I feel this is the least we can do for other women entrepreneurs to empower femtech in India.
How do you see Indian women making a mark in the femtech industry?
Indian women have already created an indelible mark in the space. The post-COVID landscape is proof of the pudding. With the prevalence of women entrepreneurs who have been dominating the ecosystem, the increased discussion about femtech products, and services is already at its peak. I feel the best is already here. It is just onwards and upwards from now.
What kind of challenges do women entrepreneurs have to face and overcome in the femtech vertical?
Perhaps, funding being in the nascent stages in the femtech space might be the largest hurdle. It is about time that we collectively make the ecosystem more robust and prove that women’s healthcare and the femtech space at large are lucrative and are poised towards remarkable innovation and growth. We at Femtech India are taking several steps to create more awareness about the space. With the aim of getting more startups to get funding, we are looking to partner with leading investors in the women’s health space.