The Indian digital health sector is witnessing unparalleled expansion, driven by technical advancements and changing healthcare demands. Investing in women’s health startups in India has emerged as a compelling economic potential in this context.
Women’s Health, India’s growing market
Surpassing China, India has risen to become the world’s most populous nation. The exponential growth in population and economy fuels an increasing demand for specialised healthcare services tailored to women, who constitute 48.5 percent of the world’s most populous country. This presents an opportunity for investment in women’s health startups, tapping into a vast and relatively untapped market that holds great potential for substantial growth and profitability.
At the same time, there are pressing women’s health concerns as well that need urgent attention. Over 50 million women suffering from reproductive health issues and anaemia affecting around 50 percent of Indian women in their reproductive years. Tragically, the challenges persist in the field of oncology as well. Breast cancer and cervical cancer continue to top the list of the most common cancers among Indian women.
In 2022, the national average for cancer cases was 100.4 per 100,000 people, with a particularly alarming rate of breast cancer diagnoses among women reaching 105.4 per 100,000. A study published in The Lancet medical journal revealed that a striking 23 percent of global cervical cancer deaths occur in India. Therefore, no doubt, it is one of the priority areas to be focused within the Indian healthcare space.
Addressing Unmet Needs in Women’s Health
Traditional healthcare systems have fallen short of focusing on multifaceted women’s health issues like reproductive health, maternal care, and menopause management. Equally essential is the integration of women’s mental health concerns, including postpartum depression and anxiety, as fundamental elements of comprehensive women’s healthcare services.
Technology is crucial in early cancer detection and prevention, particularly in detecting early signs and risk factors, as seen in the prevalent cases of preventable cervical cancer among Indian women.
Even in the field of clinical research, gender disparities persist. Clinical trials and research largely lack adequate inclusion of female participants.
In this quest for a comprehensive and responsive women’s healthcare service, the union of technology, research, and collective effort is crucial.
Government Support and Policies
To reinforce the growth of innovation, start-ups, and private investments within India, the Government of India established the Startup India initiative on January 16, 2016. The Department for Promotion of Industry and Internal Trade (DPIIT) extends a broad range of incentives to Indian start-ups. Remarkably, the number of recognised startups has now increased beyond 98,000 as of April 30, 2023.
The initiative mainly focuses on streamlining and guiding processes, providing financial support and incentives, and promoting collaborations between academia and industry. Schemes such as the Funds of Funds Scheme (FFS), Start-up India Seed Fund Scheme (SISFS), and Credit Guarantee Scheme for Start-ups (CGSS) deliver targeted support across different phases of a startup’s journey.
The Growing Femtech Market
In the last decade, there has been a notable rise in women’s awareness of monitoring and managing their own health. This surge, largely attributed to technological advancements, has facilitated access to precision health solutions.
The global femtech market is expected to grow from $18 billion in 2019 to $60 billion by 2027. This development highlights the growing need for healthcare innovations tailored to women’s health requirements.
An Empowering Opportunity
The convergence of an expansive, growing market, unmet healthcare needs, disruptive technological innovations by Indian health startups, and supportive governmental frameworks creates an inviting prospect for investors to explore.
Beyond monetary rewards, this investment journey expands on a broader goal—one of the most important societal transformations and empowerments. With thoughtful distribution of resources and the promotion of innovative solutions tailored to women’s well-being, investors pivot towards a future marked by holistic well-being and equitable progress for all.
— The author, Bala Deshpande, is Founder Partner at MegaDelta Capital, and a Jury for Digital Health Innovation Challenge India 2023
(Edited by : C H Unnikrishnan)
First Published: Aug 22, 2023 8:51 AM IST
