Incollaborationwith

BostonConsultingGroup

Women’sHealthInvestmentOutlook:6%ofFundingfor

Nearly50%ofthePopulation–NotJustaGap,butUntappedWhiteSpace

INSIGHTREPORTJANUARY2026

Images:Unsplash+

Contents

Foreword3

Executivesummary4

Introduction6

1Casestudy:IVF8

1.1Proofofscale:investmentandmarketmaturity8

1.2Wheretheinvestmentflowed,andwheregapsremain9

1.3Accessasalimiteroffullmarketreach9

1.4Lessonsforinvestors9

2TheWomen’sHealthInvestmentIndex11

2.1Theinvestmentgapinwomen’shealth13

2.2Signalsofinvestorsuccess16

3Areasprimeforinvestment19

3.1Women’scancertherapeutics21

3.2Virtualwomen’shealthcareandbenefitsmanagement22

3.3Remotematernalhealthmonitoring24

3.4Women-focusedmentalhealthplatforms26

3.5Women-firstlongevityandwellnessconciergeservices27

3.6Wearabledevicesandplatformsforwomen’smetabolichealth29

3.7Summary30

4Calltoaction31

Conclusion34

AppendixA:Methodology35

AppendixB:Additionalfigures38

Contributors41

Endnotes42

Disclaimer

ThisdocumentispublishedbytheWorldEconomicForumasacontributiontoaproject,insightareaorinteraction.Thefindings,interpretationsandconclusionsexpressedhereinarearesultofacollaborativeprocessfacilitatedandendorsedbytheWorld

EconomicForumbutwhoseresultsdonotnecessarilyrepresenttheviewsoftheWorldEconomicForum,northeentiretyofits

Members,Partnersorotherstakeholders.

?2026WorldEconomicForum.Allrightsreserved.Nopartofthispublicationmaybereproducedortransmittedinanyformorbyanymeans,includingphotocopyingandrecording,orbyanyinformationstorageandretrievalsystem.

Women’sHealthInvestmentOutlook2

Women’sHealthInvestmentOutlook3

January2026

Women,sHealthInvestmentOutlook:6%ofFundingforNearly50%ofthePopulation–NotJustaGap,butUntappedWhiteSpace

Foreword

TrishStroman

ManagingDirector

andSeniorPartner,

BostonConsultingGroup

ShyamBishen

Head,CentreforHealth

andHealthcare;MemberoftheExecutiveCommittee,WorldEconomicForum

Genderequalityhasadvanced,yetthegap

betweenhealthoutcomesformenandwomen

remainssubstantial.Limitedinvestment–alongsidedisparitiesinresearchdesign,clinicaldataand

accesstocare–continuestoentrenchthisdivide.Theresultisnotonlyapublic-healthshortfallbutamarketinefficiencyonahistoricscale.

Themacroeconomiccaseforwomen’shealth

isincreasinglyclear.Targetedinvestmentcan

strengthenproductivity,resilienceandlong-termgrowth.Thereturnsareembeddedinthecore

driversofeconomicperformance:whenwomen’shealthimproves,labourparticipationrises,

productivityexpandsandsystematicmarketrisksmaydecline.

Momentumisbuilding.Acrosssectorsandassetclasses,investorsareincreasinglyrecognizingthatwomen’shealthisnolongeranichesegmentbutanundercapitalizedgrowthfrontier.Regulatoryandpolicycatalysts,togetherwithdemographicshifts

andconsumerdemand,arealigningtode-riskinnovationandattractcapital.Newventuresareredefininghealthcaretechnology,datascienceandpreventivecare.

Theinvestmentcaseisbothempiricaland

compelling:womendrivemosthealthcaredecisionsgloballyandarecentraltohousehold,community

andmacroeconomicstability.Ahealthierpopulationunderpinsastrongerandmoreresilienteconomy.

Achievingequityrequirescoordinatedinvestment

inresearchthatcentresonwomen’shealth;insex-andgender-disaggregateddata;inequitableaccesstocare;andinfinancingmodelsthatrewardlong-termvaluecreation.

Thisreportprovidesanoutlookonthewomen’shealthmarket–itsscale,momentum,barriersandopportunities–andexamineshowcapital,policyandinnovationarebeginningtoreshapeitstrajectory.

Women’sHealthInvestmentOutlook4

Executivesummary

Women’shealthreceivesonly6%ofprivatehealthcareinvestment–astrikingimbalancethatunderscoresboththemagnitudeofthegapandthescaleoftheopportunity.

Women’shealthrepresentsalargeand

undercapitalizedopportunityinglobalhealthcare.

Despitewomenandgirlsrepresentingnearly

halftheworld’spopulation,women’shealthhas

capturedjust6%ofprivatehealthcareinvestment.

Thefundamentalsarestrong,butfundingremainslimitedandnarrowlyfocused,historicallyconfinedtoreproductiveandmaternalhealth.Thisnarrowfocushasoverlookedmajorareasofunmetneedand

opportunityacrosshigh-burden,high-prevalence

conditionsthataffectwomenuniquely,differently

anddisproportionately,suchascardiovascular

disease,osteoporosis,menopauseandAlzheimer’s.Thepotentialisconsiderable:arecentanalysisby

theBostonConsultingGroup(BCG)estimatesthateffectivelyaddressingthesefourtherapeuticareasforwomenintheUnitedStatescouldunlocka$100billion-plusmarketopportunityby2030.1

Unfortunately,limitedinvestmentandtheresultinglackofproductsandservicesthatmeettheneedsofwomenandgirlsexacerbatehealthdisparities.Womenmaylivelongerthanmen,yetspend

25%moreoftheirlivesinpoorhealthorwithadisability,2animbalancethaterodeswell-beingandworkforceparticipation.

Toquantifyprivateinvestmentflowsinwomen’s

healthcare(includingconditionsthataffectwomenuniquely,differentlyanddisproportionately)overthepastfiveyears,thisreportintroducestheWomen’sHealthInvestmentIndex.

Women’sHealthInvestmentOutlook5

Theanalysesconductedforthisreportrevealed:

Chronicunderinvestment:Womenshealth

receivesonly6%ofprivatehealthcarecapital,

andcompaniesfocusedexclusivelyonwomenshealthcapturelessthan1%.

Anearly-stagemarket:50%ofprivate

investmentinwomenshealth-specific

companiesremainsattheearlieststages(vs.

32%acrosshealthcare).

Capitalconcentration:80%offundingeventsand90%ofcapitalflowtothreeareas

reproductivehealth,maternalcareandwomenscancers,leavingsignificantwhitespacein

women-specificconditions,aswellashigh-prevalence,high-burdenconditionsthataffectwomendifferentlyanddisproportionately.

Emerginghorizontal,cross-therapeuticsolutions:Nearlyhalfofwomenshealth

companiesoperateincross-therapeuticorfunctionalareas,suchasdiagnostics,digitalplatformsandpharmaceuticals.

Geographicimbalance:NorthAmericaandEuropedominatedealactivity,whilelow-andmiddle-incomecountries(LMICs)areunder-representeddespitehighdiseaseburden.

Proofofscale:Theinvitrofertilization(IVF)

marketshowswhatispossibleinwomens

health;whenscientificreliability,reimbursementandpolicyalign,anichemarketcanbecomeamultibillion-dollar,high-growthindustry.3,4

Thereportalsospotlightssixhigh-potentialareas

thatserveasexemplarsofwherecurrentactivity

andforwardsignalspointtoinvestmentopportunity:

womenscancertherapeutics;virtualwomens

healthcareandbenefitsmanagement;remote

maternalhealthmonitoring;women-focused

mentalhealthplatforms;women-firstlongevityandwellnessconciergeservices;andwearabledevicesandplatformsformetabolichealth.

Whatisneedednowistargeted,multistakeholderactionacrosssixfronts:

Buildademand-drivenevidencebasewithsex-specificresearchandreal-worldoutcomestode-riskpipelines

Mobilizeblendedcapitaltobridgethe

translational“valleyofdeath”andattractprivateinvestment

Modernizeregulatoryandclinicalend-pointstoacceleratemarketentry

Expandreimbursementtoestablishpredictablerevenuemodels

Encourageparticipationfromadjacent

incumbentswiththecapabilitiestoaddresswomen-specificneeds

Increasetransparencyoneconomicreturnsandclinicaloutcomestoenableinvestorstoaccuratelyassessmarketpotentialandmakeinformedinvestmentdecisions

Thebusinesscaseforwomenshealthisclearandcompelling.Significantwhitespaceremainsacrosstherapeuticareasanddeliverymodels,offering

investorsthechancetoshapeahigh-growth,

underdevelopedmarket.Aligningcapitalwith

innovationwillnotonlyunlockmeaningfulfinancialreturnsbutalsocreatedurablevalueacrossthebroaderhealtheconomy.

Women’sHealthInvestmentOutlook6

Introduction

Underinvestmentlimitsevidenceand

innovation,reinforcingtheperception

thatfundingwomen’shealthishigh-risk.

Eventhoughwomenrepresentnearlyhalftheglobalpopulationandmakethemajorityofhousehold

healthcaredecisions,5,6women’sspecifichealth

needsarechronicallyunderfunded.Womentendtolivelongerthanmenbutspend25%moreoftheirlivesinpoorhealthorwithadisability,7adisparitythaterodesindividualwell-beinganddampens

economicproductivity.

Thisburdenextendsfarbeyondreproductive

andmaternalhealth.Manydiseasesand

conditionsaffectwomenuniquely,differently

anddisproportionately.Cardiovasculardisease

(CVD),forexample,istheleadingcauseofdeathamongwomen,8,9yetisoftenmisdiagnosed

becauseclinicalstandardshistoricallyhavebeen

basedonmalephysiology.10,11Autoimmune

disordersdisproportionatelyaffectwomen,12andanestimated1in10womenself-reportsmissingworkduetomenopause-relatedsymptoms.13

Collectively,womenloseanestimated75million

yearsofhealthylifeeachyear,equivalenttoaweekofhealthlostperwomanperyear.14Closingthis

gapisapublichealthimperative–anditcanalsounlocksubstantialeconomicandsocialreturns.15

Alarge,underservedprivatemarketwithsignificantcommercialopportunity

Whilewomen’shealthhasattractedonly6%of

privatehealthcarecapitaloverthepastfiveyears,theimbalancebecomesevenmorepronouncedinsectorssuchashealthtech,wherewomen’shealthcompaniescapturedjust2%of$41.2billionin

venturehealth-techfundingin2023.16

Fundinggapspersistinresearch,aswell.NationalInstitutesofHealth(NIH)fundingformen-dominantdiseasesisapproximatelytwotimeshigherthanforwomen-dominantdiseases.17Fiveconditionsuniquetoorprevalentinwomen(endometriosis,maternalhealth,premenstrualsyndrome(PMS),menopauseandcervicalcancer)accountfor14%ofthefemalediseaseburdenbuthavereceivedlessthan1%ofrelevantresearchfundinginrecentyears.18

What’smore,men’shealthhaslongbeen

thedefaultbaselineforresearchandproduct

development,withclinicalstandards,trialdesignsandinnovationpipelinesoftencalibratedto

malephysiologyandneeds.19Thisapproach

systematicallysidelinesconditionsthataffect

womenuniquely,differentlyordisproportionately,

leavingcriticalareasunderfunded,under-researched

andunderserved.Withoutarobustunderstandingofwomen’sunderlyingbiology,it’shardertobuild,validateandscaleeffectiveproductsforwomen.

Thisevidencegapdrivesaperceptionofhigher

investmentriskandlowerreturnoninvestment,

creatingaself-reinforcingcycleofunderinvestment.

Yetthecommercialpotentialissignificant.BCG

researchshowsthatproperscreeningandbetter

careforUSwomenforjustfourconditions–

menopause,osteoporosis,Alzheimer’sdiseaseandcardiovasculardisease–couldunlockmorethan

$100billioninmarketvalue.20

Themomentum:Earlysignsofscale

Inrecentyears,fundingforwomen’shealthhas

comefromabroadmixofinvestors,includingearly-stageandmission-drivengroups.

–Venturecapital:In2024,women’shealthstart-upsraised$2.6billion–up55%fromtheprior

year.21Includingconditionsthatdisproportionatelyaffectwomen,thetotalreached$10.7billion,22

signallingthatwomen’shealthisbreakingintomainstreamventureportfolios.

–Institutionalinvestors:In2022,institutionalandprivateinvestors23investedmorethan

$1billioninwomen’sdigitalhealthcompanies.

–Philanthropy:In2025,theGatesFoundation

pledged$2.5billionoverfiveyearstoacceleratewomen’shealthresearchanddevelopment

(R&D)24–thelargestphilanthropiccommitmentthefoundationhasmadetowardswomen’s

health–targetingunderfundedareassuchasmenstrual,reproductiveandmaternalhealth.

–Privateequity(PE):Investorsaredriving

consolidationinfertilitycare,bringingsmaller

clinicstogetherunderlargernetworks,with

nearlyalllargeinvitrofertilization(IVF)networksnowPE-backed.25

–Blendedfinanceandcatalyticcapital:

Globalpartnershipsarepilotingrisk-sharing

modelsthatblenddonor,publicandprivate

fundstocreatecatalystsfornewinvestmentinwomen’sandgirls’health.26Inwomen’scancercare,guaranteesandconcessionalcapitalareunlockingprivateparticipationinareasonce

deemedtoorisky.27

Women’sHealthInvestmentOutlook7

Thesetrendspointtotheemergenceofabroader,moredurableinvestmentbase.Withstrongerdata,fasterR&Dandwiderparticipation,thismomentumcouldprogressintosustainedcapitalflows

poweringahigh-growthmarket.

Whyunderfinancingpersists

Keybarriersinclude:

–Limitedfoundationalscience:Until1993,

USclinicaltrialsdidnotrequiretheinclusion

ofwomen,skewingevidencetowardsmale

physiology.Manylargestudiesstillfailtoreportsex-disaggregatedoutcomes.28

–Reimbursementgaps:Coverageforwomen’shealthisinconsistentandoftenlimitedto

narrowbenefits,leavingmanytreatmentsandpreventiveservicesuncovered.29

–Fragmentedfinancing:Women’shealthhas

noclear“home”inmainstreamcapitalmarkets.Fundingisdispersedacrosspublicbudgets,

philanthropyandsmallimpactfunds,leavingnocentreofgravitytoaggregateatscale.

–Measurementgaps:Inconsistentdataon

prevalence,outcomes,capitalflowsandreturnoninvestment(ROI)makemarketsizingdifficult.

–Regulatoryfriction:Standardsbasedonmalephysiology,combinedwithexclusionofpregnantandlactatingwomenfromtrials,extend

timelinesandincreaserisk.30Manywomen’shealthareasalsolackvalidatedsurrogate

end-points(e.g.endometriosis),31whileothersoverlookoutcomesmostmeaningfultowomen,suchaspain,functionandqualityoflife.32

–Pipelinebottlenecks:Despiterisinginterest,

70–80%ofwomen’shealthdealsareearly-stage,vs.two-thirdsinbroaderhealthcare,33leavingfewscaledassetstoattractinstitutionalinvestors.

IntheUS,cutstotheWomen’sHealthInitiative34andconstrainedfederalinnovationfunding,

includingtheSmallBusinessInnovationResearch

(SBIR)grantprogramme,35havecompoundedthesepressures.IntheUnitedKingdom,thewithdrawal

ofnationalfundingincentivesforwomen’shealth

hubs36hadasimilareffect,perpetuatingthecycleofunderfinancingdespitecleardemand.

TheWomen’sHealthInvestmentIndex

Toprovidegreatertransparencyintoglobal

investmentsinwomen’shealth,thisreport

introducestheWomen’sHealthInvestmentIndex–acomprehensivetoolthattracksprivate-sector

capitalflows–acrosstherapeuticareas,industryareasandtypeofinvestment.

InspiredbytheClimatePolicyInitiative(CPI)’s

GlobalLandscapeofClimateFinancereport,the

indexisdesignedtoclarifyafragmented,opaque

investmentlandscape.BeforetheCPI’sclimate

mapping,climatefinancealsosufferedfrom

fragmenteddata,unclearvaluepathwaysand

perceivedrisk.Oncetransparentdataemerged,

climateinvestmentsnearlydoubled.37Thegoalhereistoenableasimilaraccelerationinwomen’shealth.

Byofferingstandardized,data-driveninsights,

theindexreducestheinformationbarriersthat

havelonghinderedcapitalflowsintowomen’s

health.Itcapturesthecurrentstateofthe

women’shealthmarketrelativetothebroader

healthcarelandscape,highlightingwherecapital

isconcentrated,wherewhitespaceremains,

andwhichareasshowfavourableconditionsfor

investment.Theindexcanhelpinvestorsidentify

underservedmarketswithstronggrowthpotential,pinpointsaturatedspaceswherenewtechnologiescouldgainanedgeandevaluatethecommercialoutlookofemergingsegments.

Ultimately,theindexprovidesasharedevidence

basetounderstandthewomen’shealthinvestmentlandscape,includingitsbottlenecksandexemplarareaswheregrowthandinvestmentpotentialarestrong.Itsupportsevidence-informeddecision-

makingforinvestors,withtheaimofdirecting

greaterfinancialbackingtowardswomen’shealthR&Dandenterprises,scalinginnovationand

improvinghealthoutcomesforwomen.

Women’sHealthInvestmentOutlook8

Casestudy:IVF

IVFillustrateshowscientificinnovation,increaseddemandandpolicysupportwereabletotransformaonce-

stigmatizedexperimentintoaglobal,multibillion-dollarindustry.

Theworld’sfirstIVFbirthin1978markedthestartofarevolutioninreproductivemedicine(seeFigure1).Initsearlyyears,thefieldwasfragmentedandcostly,withinconsistentresults.38Today,more

than12millionchildrenworldwidehavebeen

bornviaassistedreproductivetechnology(ART),39andtheIVFsectorhasbecomeoneofthemostcommerciallymatureareasofwomen’shealth.

Itsevolutiondemonstrateshowscience,demandandpolicycansupportmarketgrowthandscale.Yet,thestoryisfarfromcomplete:thenextwaveofmarketexpansionwillcomefromadvancing

innovationandexpandingaccess–twoforcesthatcanunlocknewdemand,improveoutcomesandsustainlong-termgrowthacrossthesector.

1

1.1

Proofofscale:investmentandmarketmaturity

BasedonBCGresearch,40theglobalARTmarketwasestimatedatapproximately$13billionin2024(see

Figure2),comprising$9–10billionintreatedfertilityproceduresandanadditional$3–4billioninancillaryservices.Atotaladdressablemarketofapproximately$32billionwasestimatedfor2024,reflectingthe$13billionmarketsize,plusapproximately$11billionin

remainingfertilityprocedureopportunityand$8billioninancillaryopportunity.

Between2021and2023,dealactivitysurged,with

257identifiedtransactionstotalling$9.2billion.

PEhasplayedadominantrole:by2025,nearlyalllargeIVFplatformswerebackedbyPEinvestors.41Roll-upsandgrowth-stageinvestmenthelped

standardizeoperations,expandscaleandelevatevisibility.SeveraldriverssupportedtheevolutionoftheARTmarket,whichprovideslessonsforothersegmentsinwomen’shealth:

1Scientificadvancementandoutcometransparency

Breakthroughssuchasintracytoplasmicsperm

injection(ICSI)in1992,vitrificationforeggand

embryofreezinginthe2000sandpreimplantationgenetictesting(PGT)graduallyimproved

outcomes.42TransparentreportingbyentitiessuchastheUK’sHumanFertilisationandEmbryology

Authority(HFEA)andtheUSCentersforDisease

ControlandPrevention(CDC)andSocietyfor

AssistedReproductiveTechnology(SART)providedverifiablebenchmarks,helpingpatients,payers43

andinvestorsassessqualityandbuildconfidence.44TheseimprovementstransformedIVFintoan

investible,scalablesegmentofhealthcare.

2Increaseddemanddrivenbycultural,demographicandlifestyleshifts

IVFusegrewnotonlybecausethescience

advanced,butbecauseculture,demographicsandlifestyleneedsaligned.Demographicandsocial

shifts–delayedparenthood,risinginfertilityfor

bothmenandwomen,andinclusivefamily-buildingamonglesbian,gay,bisexual,transgenderand

queerpopulations–broadeneddemand.In2012,removalofthe“experimental”labelforelectiveeggfreezing45furtherexpandedtheaddressablemarketandnormalizedfertilitycare.

3Payment,policyandreimbursementcatalysts

Regulatoryreform,self-paydynamicsandthegradualexpansionofbenefitseachplayedacatalyticrole

inenablingtheIVFindustrytoscale.IntheUS,the

market’searlycommercialtractionwasdrivenlargelybyself-paypatients,makingreproductiononeoftheearliestoutlierfieldstoattractventurecapitalandPEinterest.46,47Overtime,state-levelcoveragemandatesexpandedgradually,whileemployer-sponsoredIVFbenefitsrosefrom13%to32%between2016and

2024,andemployer-sponsoredfertilitymedicationcoveragerosefrom8%to32%overthesame

period.48Progyny’s2019IPO49demonstratedthe

commercialviabilityofintegratingreproductivehealthintoemployer-sponsoredinsurance,catalysing

broaderadoption.InEurope,publicfundingnow

coversonetosixormoreIVFcycles,dependingonthecountry.50Ascoverageexpanded,predictable

reimbursementandlowerout-of-pocketcostsmadeIVFfinanciallyviableformorepatientsandlaidthe

foundationforlong-termmarketgrowth.

Women’sHealthInvestmentOutlook9

1.2

Wheretheinvestmentflowed,andwheregapsremain

Muchofthecapitalflowingintofertilitytodatehasgonetocaredelivery,diagnosticsandplatform

infrastructure,largelydrivenbyPEroll-upsof

clinicsintolargerprovidergroups.Meanwhile,

thereremainsasignificantgaponthescientific

andR&Dfront,withlimitedfundingfortranslationalresearchandthedevelopmentofnewtargets

andtherapeutics.51Mostfertilitydrugsstillrelyonhormonalprotocolsdevelopeddecadesago,albeit

withincrementalimprovementstodrugdelivery

andoralformulationsnowindevelopment.52,53,54,55Thoughearly-stageinnovationisemerging–

includinginducedpluripotentstemcells(iPSCs)-

derivedovariancells56andoralembryoimplantationenhancers57–theseremaintheexception.Arecentpipelinereviewcalledthefertilitytherapeuticsspace“sparse”,58pointingtosignificantroomforgreaterinvestmentindiscovery-stageinnovation.

1.3

Accessasalimiteroffullmarketreach

Whilereimbursementhasfuelledgrowth,increasingaccessremainsacriticalfrontier.Useremains

concentratedamonghigher-income,privately

insuredanddisproportionatelywhitepopulations.59Only24%ofinfertilecoupleshaveaccesstothefullrangeofcare.60Globally,ARTaccessisevenmore

constrained.Inlow-andmiddle-incomecountries(LMICs),availabilityislimitedtourban,private

centres–oftenatsignificantout-of-pocketcost.61Expandingaccessandcoveragerepresentsan

untappedleverforlong-termmarketgrowth.

1.4

Lessonsforinvestors

IVFprovidesavaluableroadmapforhowscientificreliability,increaseddemandandregulatoryand

reimbursementtractioncanturnanichemarket

intoamultibillion-dollarglobalindustry.Investorsplayedadefiningrole–notjustbyfundinggrowth,

butbyshapingtheecosystem.Theystandardizeddeliverymodels,consolidatednetworksandprovedthatprofitablegrowthandimprovedaccesscan

reinforceeachother.

FIGURE1IVFinvestmenttimelineandkeymilestones

$4.6B

$3.9B

Capitalinvested●Dealcount

$762M

100

4,000

$253M

$927M$373M

$656M

2,000

$520M

$307M

$206M

$45M

$220M

$50M

$4M

50

8785

85

76

0

62

$167M$383M$495M$446M

$1M

$149M

57

41

51

36

29

25

6

59

1517

310

-2,000

10

2

1978

1980–

1990s

1992

2000s

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

0

1990

Late

PGT/PGSand

data-driven

embryoselection

Reliability

increases;

outcomesdatastrengthens

payer/bene?tsROIcases

Eggfreezing

nolonger

“experimental”

Fertilitybene?tsadoptedbyemployers

Earlyclinic

roll-ups

(MSOmodels)

Consolidation

andcapital

stacks

Clinicroll-upsatnational/

globalscale

Supplier/

platform

consolidation

Navigationandbene?ts

platformsemerge

Vitri?cation

foregg/embryo

freezing

Regulatoryandreporting foundations

IVFintroducedglobally

IVFprogrammesspreadglobally,including:

US,Australia,

Canada,Japan,India,ChinaandLatinAmerica

ICSI

introduced

Expandsmarketbyaddressingmaleinfertility,boostssuccessrates

FirstIVF

birth(UK)

IVFcoverageexpands

Proofof

concept;

setsstageforamarkettoexist

ASRM

removalof

”experimental”labelexpandselective,

lifestyle-drivendemand

Employer

coverage

expandsinUS;

government

subsidies/

mandatesdriveadoptionin

Israel,EuropeandAsia

Employer

andregional

mandatesleadtoreimbursed

carewithclearerrules;capital

?oodsacrossventure,growthandPE

Predictable

preservationunlocksnewdemand

Professionalizationofthebusinesssidebegins

UKHFEA

oversight

increasespatienttrust.US

CDC/SART

success-ratereportingleadstotransparentoutcomes,

basisfor

benchmarkingandcoverage

Note:HFEA=HumanFertilisationandEmbryologyAuthority;CDC/SART=CentersforDiseaseControlandPrevention/SocietyforAssistedReproductiveTechnology(SART);ASRM=AmericanSocietyforReproductiveMedicine;ICSI=intracytoplasmicsperminjection;PGT/PGS=preimplantationgenetictesting/screening.

Source:Pitchbook;Yuzpe(2019).JOGC;IVFWorldwide

FIGURE2Globaltreatedfertilityproceduresandancillaryservicesmarket,$billion

+8%

CAGRs2

2019–20242024–2029

9%