How sustainable is the FemTech sector? A new, first-of-its-kind report has answers.
How sustainable is the FemTech sector? A new, first-of-its-kind report has answers.
The Sustainable FemTech network report has revealed attitudes, perceptions and experiences of sustainability in FemTech.
A first-of-its-kind report from the Sustainable FemTech network has revealed attitudes, perceptions and experiences of sustainability in FemTech.
From a total of 108 global respondents, it has found that while there is positive commitment for sustainability within FemTech, significant barriers including funding and costs mean that often sustainability becomes a low-priority.
As a result, the report revealed that nearly three-quarters (72.2%) of respondents think improvements are needed to make the industry more sustainable.
With the Femtech market set to reach an estimated $75.1 billion by 2025, the Sustainable Femtech Network is now working to promote and support sustainability across the sector.
Amy Guthrie, network founder and Oshun Labs CEO, said:
‘Women’s health and sustainability are intrinsically linked. We fully support the growth of the Femtech sector to improve women's health, while promoting the integration of sustainable practices. For businesses, these goals can be complimentary, rather than conflicting.
“Femtech is a highly innovative sector, and by reporting on the sustainability challenges faced by Femtech companies, we are highlighting the need for additional funding and support to implement sustainable approaches and innovations.”
Here’s five of our key takeaways from the report:
Sustainability is important in FemTech Nearly 93% of respondents (92.6%) said that the FemTech sector has a responsibility to adopt and implement environmentally friendly practices. A significant 62% said that sustainability is relevant to their company’s mission and vision. It’s clear then that there is a strong belief in the role that FemTech can play in supporting sustainability through its work.
Often customers demand drives sustainability innovation. The top motivator for sustainable products was due to customer demand - highlighting the external pressure to adopt sustainable practices.
There are barriers to sustainability in FemTech which means it becomes a lower priority. Materials and circularity were cited as top challenges to sustainability, alongside a lack of funding for sustainable innovation (59.1%). This is despite sustainability being perceived as a key driver for some funders and investors. One respondent commented that “Investors are asking for sustainability.”
Action is being taken. Founders are sourcing sustainable materials, including environmental values in their mission and including recycling schemes in their work despite the barriers.
There is a need - and demand - for support. The report concludes that more funding, knowledge sharing and guidance is needed to drive forward sustainability in FemTech.
The Sustainable Femtech Network now aims to drive sustainable change through research, knowledge-sharing and collaboration across the industry.