According to recent research, the MedTech market was valued at over $50 billion in 2023, and experts predict it will reach a staggering $108.7 billion by 2032.
Furthermore, research reveals that in 2022, approximately half of the femtech companies were based in North America, with 27% located in Europe and 9% in Asia. With the rise of digital health apps popularity and at-home diagnostics, female entrepreneurs are tapping into these innovations to provide accessible, personalized solutions.
Here are 4 standout female entrepreneurs’ startups driving change in the Medtech space:
1. AAVIA
Founded in 2017 by Aagya Mathur and Aya Suzuki, two forward-thinking entrepreneurs, Aavia is a daily hormone health tracking app. It provides individual health patterns, educates users about the nature of their symptoms and how to deal with them, and helps manage their hormone health.
In 2020, the company raised over $3 million in seed funding as it works to refine its product and conduct clinical studies. Under the visionary leadership of Mathur and Suzuki, AAVIA has bold plans to continue innovating. Its seamless digital platform backed by female experts in women’s health aims to assist women with professional insights and valuable precision data so that they can understand their ovarian hormone cycles better.
AAVIA represents the tremendous potential of female entrepreneurs to drive transformative change in healthcare. By bringing a fresh approach to a tangible problem, Aagya, Aya, and their team demonstrate that diversity and outside-the-box thinking are key to impactful innovation.
2. Clue
The Berlin-based tech firm BioWink GmbH created Clue — a mobile application focused on female reproductive health monitoring — in 2013. Clue has become a leading player in the femtech industry, boasting over 10 million monthly active users. But the story of Clue begins with the vision of one woman: Ida Tin.
In 2012, Ida Tin, the ex-leader of global motorcycle expeditions, co-founded Clue, a menstrual cycle tracking application. In 2017, Clue had more than 8 million active users from over 190 countries, thus presenting a diverse and global audience.
Clue can track and predict a female user’s menstrual cycle, fertility windows, and symptoms before and during menstruation. Additionally, it can monitor over 30 health areas, comprising intimacy, rest, discomfort, fitness, complexion, digestion, feelings, and vitality.
Clue is an example of how female entrepreneurs are driving change in the MedTech industry. Tin pioneered the femtech movement with Clue — an app that enables people to track their periods and better understand reproductive health.
Clue is leading the charge in the reproductive health revolution. And with more women-led startups disrupting the MedTech industry, the future looks bright for female entrepreneurs.
3. Oculogica
Founded in 2013, Oculogica is a medtech startup dedicated to developing innovative diagnostic tools for concussion injuries and other neurological conditions. Its co-founder, Dr. Rosina Samadani, is a famous leader advocating for an emphasis on initial customer research and data collection in the Medtech industry.
Dr. Samadani holds a BS and MS from MIT in engineering and over 20+ experience of working with medical device providers. She helped steer Oculogica to develop EyeBOX, a diagnostic device for concussions. EyeBOX uses eye-tracking technology to detect abnormalities that may indicate a concussion or brain injury. Dr. Samadani urges medtech entrepreneurs to focus on function over form, especially in the early stages of development.
Oculogica and Dr. Samadani are poised to transform concussion diagnosis and fundamentally change how brain injuries are detected and treated. By prioritizing an evidence-based approach and close collaboration with researchers, clinicians, and patients, Oculogica is pioneering Medtech that fulfills a clear clinical need.
4. Inne
Inne was founded in 2017 by Eirini Rapti. Based in Berlin, Inne aims to give women greater control over their reproductive health through an easy-to-use fertility monitoring system.
Inne’s saliva-based ovulation test strips allow women to conveniently track their hormone levels and identify their fertile window each month. Inne’s test strips can be connected to the device like a flash drive, and then the Reader will interpret them through Bluetooth or Wi-Fi connection, providing personalized fertility insights. Users can understand their bodies better and track ovulation to get pregnant or simply get insights into one’s menstrual cycle. Compared to traditional urine-based ovulation tests, Inne provides a non-invasive, mess-free way to monitor fertility daily.
Since its launch, Inne has empowered thousands of women with knowledge about their cycles and greater reproductive autonomy. Users report feeling more in tune with their bodies and having an enhanced ability to prevent or plan pregnancy naturally. By providing convenient at-home fertility insights, Inne is fulfilling its mission of putting women in control of their reproductive health.
In 2022, the company raised €10 million in funding, demonstrating the demand for femtech innovations that improve women’s health options. As women continue trailblazing in the male-dominated MedTech sector, companies like Inne are driving positive change.
Conclusion
These 4 examples have clearly demonstrated that many women are committed to driving innovation and change in MedTech. They use science and technology to develop solutions that will not only revolutionize the industry but also make the lives of other women better and more organized.
Medtech presents various opportunities for female entrepreneurs. By taking a risk and leading by example, they create unique businesses that support women’s needs worldwide and create communities of like-minded individuals.
