IncollaborationwithBostonConsultingGroupWomen’s

Health

InvestmentOutlook:6%of

FundingforNearly50%ofthe

Population–

NotJustaGap,

but

Untapped

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6Images:Unsplash

+ContentsForeword

3Executivesummary

4Introduction61Case

study:

IVF

81.1

Proofofscale:

investmentand

market

maturity81.2Wherethe

investmentflowed,andwheregaps

remain91.3Accessasa

limiteroffull

market

reach

91.4

Lessonsfor

investors

92TheWomen’s

Health

Investment

Index112.1The

investmentgap

inwomen’s

health132.2Signalsof

investor

success163Areas

primefor

investment

193.1Women’scancertherapeutics213.2Virtualwomen’s

healthcareand

benefits

management223.3

Remote

maternal

health

monitoring243.4Women-focused

mental

health

platforms263.5Women-first

longevityandwellnessconciergeservices273.6Wearabledevicesand

platformsforwomen’s

metabolic

health293.7Summary304Call

to

action

31Conclusion34AppendixA:

Methodology35Appendix

B:Additionalfigures38Contributors41Endnotes

42DisclaimerThisdocumentispublished

bytheWorld

Economic

Forum

as

acontribution

to

a

project,insight

area

or

interaction.The

findings,interpretationsandconclusionsexpressedherein

are

a

result

ofacollaborativeprocessfacilitatedandendorsed

bytheWorldEconomic

Forumbutwhoseresultsdo

not

necessarily

representthe

views

of

the

World

Economic

Forum,nor

the

entirety

of

itsMembers,

Partnersorotherstakeholders.?2026World

Economic

Forum.All

rights

reserved.

No

part

ofthispublicationmaybe

reproduced

ortransmitted

in

anyform

orbyanymeans,including

photocopyingand

recording,

or

by

anyinformationstorageandretrieval

system.Women’sHealthInvestmentOutlook2andconsumerdemand,are

aligningto

de-risk

innovationandattractcapital.

Newventures

are

redefining

healthcaretechnology,datascience

and

preventivecare.The

investmentcase

is

bothempiricalandcompelling:womendrive

most

healthcaredecisions

globallyandarecentralto

household,

communityand

macroeconomicstability.Ahealthier

population

underpinsastrongerand

more

resilienteconomy.Achievingequity

requirescoordinated

investmentin

researchthatcentresonwomen’s

health;

insex-

andgender-disaggregateddata;

inequitableaccess

tocare;and

infinancing

modelsthat

reward

long-

termvaluecreation.This

report

providesanoutlookonthewomen’s

health

market–

itsscale,

momentum,

barriers

andopportunities–andexamines

how

capital,

policyand

innovationare

beginningto

reshape

itstrajectory.Genderequality

hasadvanced,yetthe

gapbetween

healthoutcomesfor

menandwomenremainssubstantial.

Limited

investment–alongside

disparities

in

researchdesign,clinicaldata

andaccesstocare–continuestoentrench

this

divide.

The

result

is

notonlya

public-healthshortfall

but

a

market

inefficiencyona

historicscale.The

macroeconomiccaseforwomen’shealthis

increasinglyclear.Targeted

investmentcanstrengthen

productivity,

resilienceand

long-term

growth.The

returnsareembedded

inthecoredriversofeconomic

performance:whenwomen’s

health

improves,

labour

participation

rises,productivityexpandsandsystematic

market

risks

may

decline.Momentum

is

building.Acrosssectorsandasset

classes,

investorsare

increasingly

recognizingthat

women’s

health

is

no

longera

nichesegment

but

an

undercapitalizedgrowthfrontier.

Regulatoryand

policycatalysts,togetherwithdemographicshiftsWomen,sHealthInvestment

Outlook:

6%of

Funding

for

Nearly50%

of

the

Population–

NotJustaGap,

but

UntappedWhiteSpaceForewordShyam

BishenHead,Centre

for

Healthand

Healthcare;

Memberofthe

ExecutiveCommittee,World

Economic

ForumTrishStromanManaging

Directorand

Senior

Partner,BostonConsultingGroupWomen’sHealthInvestmentOutlook3January2026ExecutivesummaryWomen’s

health

receivesonly6%of

private

healthcare

investment–astriking

imbalance

that

underscores

boththe

magnitudeofthe

gapandthescale

ofthe

opportunity.Women’shealthrepresentsa

largeandundercapitalizedopportunityinglobalhealthcare.Despitewomenandgirlsrepresentingnearlyhalftheworld’spopulation,women’shealthhascaptured

just6%

of

private

healthcare

investment.Thefundamentalsarestrong,

butfunding

remains

limitedand

narrowlyfocused,

historicallyconfinedto

reproductiveand

maternal

health.This

narrowfocus

hasoverlooked

majorareasof

unmet

need

andopportunityacrosshigh-burden,high-prevalenceconditionsthataffectwomen

uniquely,differentlyanddisproportionately,suchascardiovasculardisease,osteoporosis,

menopauseandAlzheimer’s.

The

potential

isconsiderable:a

recentanalysis

bythe

BostonConsultingGroup(BCG)

estimatesthat

effectivelyaddressingthesefourtherapeuticareasforwomen

inthe

UnitedStatescouldunlock

a

$100

billion-plusmarketopportunity

by2030.1Unfortunately,

limited

investmentandthe

resultinglackof

productsandservices

that

meet

the

needs

ofwomenandgirls

exacerbate

health

disparities.

Women

may

live

longerthan

men,yetspend25%

moreoftheir

lives

in

poor

healthor

with

adisability,2

an

imbalancethaterodeswell-beingandworkforce

participation.Toquantify

private

investmentflows

inwomen’shealthcare(includingconditionsthataffectwomenuniquely,differentlyanddisproportionately)over

the

pastfiveyears,this

report

introducestheWomen’s

Health

Investment

Index.Women’sHealthInvestmentOutlook4Theanalysesconductedforthis

report

revealed:Chronic

underinvestment:Women

s

healthreceivesonly6%of

private

healthcare

capital,andcompaniesfocusedexclusivelyonwomen

s

healthcapture

lessthan

1%.An

early-stage

market:50%

of

privateinvestment

inwomen

s

health-specificcompanies

remainsattheearlieststages

(vs.32%across

healthcare).Capital

concentration:80%of

funding

events

and90%ofcapitalflow

to

three

areasreproductive

health,

maternalcareandwomen

s

cancers,

leavingsignificantwhitespace

inwomen-specificconditions,aswellas

high-

prevalence,

high-burdenconditionsthataffect

womendifferentlyanddisproportionately.Emerginghorizontal,cross-therapeutic

solutions:

Nearlyhalfofwomen

s

healthcompaniesoperate

incross-therapeuticor

functionalareas,suchas

diagnostics,

digital

platformsandpharmaceuticals.Geographic

imbalance:North

America

andEuropedominatedealactivity,while

low-and

middle-incomecountries(LMICs)are

under-

representeddespite

highdisease

burden.Proofofscale:The

invitrofertilization

(IVF)marketshowswhat

is

possible

inwomen

shealth;whenscientific

reliability,

reimbursement

and

policyalign,a

niche

marketcan

become

a

multibillion-dollar,

high-growth

industry.3,4The

reportalsospotlightssix

high-potentialareasthatserveasexemplarsof

where

current

activityandforwardsignals

pointto

investmentopportunity:women

scancertherapeutics;virtualwomen

shealthcareand

benefits

management;

remotematernal

health

monitoring;women-focusedmental

health

platforms;women-first

longevityand

wellnessconciergeservices;andwearable

devices

and

platformsfor

metabolic

health.What

is

needed

now

istargeted,

multistakeholder

actionacrosssix

fronts:Buildademand-drivenevidence

basewith

sex-

specific

researchand

real-worldoutcomesto

de-riskpipelinesMobilize

blendedcapitalto

bridgethetranslational“valleyofdeath”and

attract

private

investmentModernize

regulatoryandclinicalend-pointsto

accelerate

marketentryExpand

reimbursementtoestablish

predictable

revenue

modelsEncourage

participationfromadjacentincumbentswiththecapabilitiestoaddress

women-specificneedsIncreasetransparencyoneconomic

returns

andclinicaloutcomestoenable

investors

to

accuratelyassess

market

potentialand

make

informed

investmentdecisionsThe

businesscaseforwomen

s

health

isclearand

compelling.Significantwhitespace

remainsacross

therapeuticareasanddelivery

models,

offeringinvestorsthechancetoshapea

high-growth,underdeveloped

market.Aligningcapitalwithinnovationwill

notonly

unlockmeaningfulfinancial

returns

butalsocreatedurablevalue

acrossthe

broader

healtheconomy.Women’sHealthInvestmentOutlook5Eventhoughwomen

represent

nearly

halftheglobal

populationand

makethe

majorityofhouseholdhealthcaredecisions,5,6

women’sspecific

healthneedsarechronically

underfunded.Womentendto

live

longerthan

men

butspend25%

moreoftheir

lives

in

poor

healthorwitha

disability,7

a

disparity

thaterodes

individualwell-beinganddampenseconomicproductivity.This

burdenextendsfar

beyond

reproductiveand

maternal

health.

Manydiseasesandconditionsaffectwomen

uniquely,differentlyanddisproportionately.Cardiovasculardisease(CVD),forexample,

isthe

leadingcause

of

death

amongwomen,8,9

yet

isoften

misdiagnosedbecauseclinicalstandards

historically

have

beenbasedon

male

physiology.10,11

Autoimmunedisordersdisproportionatelyaffectwomen,12

and

anestimated

1

in

10womenself-reports

missingworkduetomenopause-relatedsymptoms.13Collectively,women

loseanestimated75

millionyearsofhealthy

lifeeachyear,

equivalent

to

a

week

ofhealth

lost

perwoman

peryear.14

Closingthisgap

isa

public

health

imperative–and

itcan

also

unlocksubstantialeconomicandsocial

returns.15Alarge,underserved

private

marketwith

significantcommercialopportunityWhilewomen’s

health

hasattractedonly6%

ofprivate

healthcarecapitaloverthe

pastfiveyears,

the

imbalance

becomeseven

more

pronounced

in

sectorssuchas

healthtech,wherewomen’s

health

companiescapturedjust2%of$41.2

billion

inventure

health-techfunding

in2023.16Fundinggaps

persist

in

research,aswell.

National

Institutesof

Health(NIH)fundingfor

men-dominant

diseases

isapproximatelytwotimes

higherthanfor

women-dominantdiseases.17

Fiveconditions

unique

toor

prevalent

inwomen(endometriosis,

maternal

health,

premenstrualsyndrome(PMS),

menopause

andcervicalcancer)accountfor

14%of

the

female

disease

burden

but

have

received

lessthan

1%of

relevant

researchfunding

in

recentyears.18What’s

more,

men’s

health

has

long

beenthedefault

baselinefor

researchand

productdevelopment,withclinicalstandards,trialdesignsand

innovation

pipelinesoftencalibratedtomale

physiologyand

needs.19

Thisapproachsystematicallysidelinesconditionsthataffectwomen

uniquely,differentlyordisproportionately,leavingcriticalareasunderfunded,under-researchedand

underserved.Withouta

robustunderstanding

ofwomen’s

underlying

biology,

it’s

harderto

build,

validateandscaleeffective

productsforwomen.Thisevidencegapdrives

a

perception

of

higherinvestment

riskand

lower

returnon

investment,creatingaself-reinforcingcycleof

underinvestment.Yetthecommercial

potential

issignificant.

BCGresearchshowsthat

properscreeningand

bettercarefor

USwomenforjustfourconditions–menopause,osteoporosis,Alzheimer’sdiseaseand

cardiovasculardisease–could

unlockmore

than$100

billion

in

marketvalue.20Themomentum:

Earlysignsof

scaleIn

recentyears,fundingforwomen’s

health

hascomefroma

broad

mixofinvestors,

including

early-

stageand

mission-drivengroups.–Venturecapital:In2024,women’shealthstart-

upsraised$2.6billion–

up

55%fromthe

prioryear.21

Includingconditionsthatdisproportionately

affectwomen,thetotalreached$10.7billion,22signallingthatwomen’shealthis

breaking

into

mainstreamventureportfolios.–Institutionalinvestors:

In2022,

institutionaland

private

investors23

invested

morethan$1

billion

inwomen’sdigital

healthcompanies.–Philanthropy:

In2025,theGates

Foundationpledged$2.5

billionoverfiveyearsto

accelerate

women’s

health

researchanddevelopment(R&D)24

–the

largest

philanthropiccommitmentthefoundationhasmadetowards

women’shealth–targeting

underfundedareassuchas

menstrual,

reproductiveand

maternal

health.–Privateequity

(PE):

Investorsare

drivingconsolidation

infertilitycare,

bringingsmallerclinicstogether

under

larger

networks,withnearlyall

large

invitrofertilization

(IVF)

networks

now

PE-backed.25–

Blendedfinanceandcatalyticcapital:Global

partnershipsare

piloting

risk-sharingmodelsthat

blenddonor,

publicand

privatefundstocreatecatalystsfor

new

investment

in

women’sandgirls’health.26

Inwomen’s

cancer

care,guaranteesandconcessional

capital

are

unlocking

private

participation

inareasoncedeemedtoo

risky.27IntroductionUnderinvestment

limitsevidenceandinnovation,

reinforcingthe

perceptionthatfundingwomen’s

health

is

high-risk.Women’sHealthInvestmentOutlook6(SBIR)grant

programme,35

havecompoundedthese

pressures.

Inthe

United

Kingdom,thewithdrawalofnationalfunding

incentivesforwomen’s

healthhubs36

had

asimilareffect,

perpetuatingthe

cycle

of

underfinancingdespitecleardemand.TheWomen’s

Health

Investment

IndexTo

providegreatertransparency

intoglobalinvestments

inwomen’shealth,thisreportintroducestheWomen’s

Health

Investment

Index–

acomprehensivetoolthattracksprivate-sectorcapitalflows–acrosstherapeuticareas,industry

areasandtypeof

investment.Inspired

bytheClimate

Policy

Initiative

(CPI)’sGlobalLandscapeof

ClimateFinance

report,theindex

isdesignedtoclarifyafragmented,

opaqueinvestment

landscape.

BeforetheCPI’sclimatemapping,climatefinancealsosufferedfromfragmenteddata,

unclearvalue

pathwaysandperceived

risk.Oncetransparentdataemerged,climate

investments

nearlydoubled.37

Thegoal

here

istoenableasimilaracceleration

in

women’s

health.Byofferingstandardized,data-driven

insights,the

index

reducesthe

information

barriersthathave

long

hinderedcapitalflows

intowomen’shealth.

Itcapturesthecurrent

state

ofthewomen’s

health

market

relativetothe

broaderhealthcare

landscape,

highlightingwherecapitalisconcentrated,wherewhitespace

remains,andwhichareasshowfavourableconditions

forinvestment.The

indexcan

help

investors

identifyunderserved

marketswithstronggrowth

potential,

pinpointsaturatedspaceswhere

newtechnologies

couldgainanedge

and

evaluatethe

commercial

outlookofemergingsegments.Ultimately,the

index

providesasharedevidencebaseto

understandthewomen’s

health

investment

landscape,

including

its

bottlenecksandexemplar

areaswheregrowthand

investment

potentialare

strong.

Itsupportsevidence-informeddecision-makingfor

investors,withtheaimof

directinggreaterfinancial

backingtowardswomen’s

health

R&Dandenterprises,scaling

innovation

andimproving

healthoutcomesforwomen.Thesetrends

pointtotheemergenceofa

broader,

moredurable

investment

base.Withstrongerdata,

faster

R&Dandwider

participation,this

momentum

could

progress

intosustainedcapitalflowspoweringahigh-growth

market.Whyunderfinancing

persistsKey

barriers

include:–Limited

foundational

science:Until

1993,USclinicaltrialsdid

not

requirethe

inclusionofwomen,skewingevidencetowards

malephysiology.

Many

largestudiesstillfailto

report

sex-disaggregatedoutcomes.28–Reimbursementgaps:Coverageforwomen’s

health

is

inconsistentandoften

limitedtonarrow

benefits,

leaving

manytreatmentsand

preventiveservices

uncovered.29–Fragmentedfinancing:Women’shealth

hasnoclear

“home”

in

mainstreamcapital

markets.

Funding

isdispersedacross

public

budgets,philanthropyandsmall

impactfunds,

leaving

no

centreofgravitytoaggregate

at

scale.–Measurementgaps:

Inconsistentdataonprevalence,outcomes,capitalflowsand

return

on

investment

(ROI)

make

marketsizingdifficult.–Regulatoryfriction:Standardsbasedon

male

physiology,combinedwithexclusionofpregnantandlactatingwomenfromtrials,extendtimelinesand

increase

risk.30

Manywomen’s

healthareasalso

lackvalidatedsurrogateend-points(e.g.endometriosis),31

whileothers

overlookoutcomesmostmeaningfultowomen,

suchas

pain,functionand

qualityof

life.32–Pipelinebottlenecks:

Despiterising

interest,70–80%ofwomen’shealthdealsare

early-stage,

vs.two-thirdsinbroader

healthcare,33

leavingfew

scaledassetstoattractinstitutional

investors.Inthe

US,cutstotheWomen’s

Health

Initiative34

andconstrainedfederal

innovationfunding,includingtheSmall

Business

Innovation

ResearchWomen’sHealthInvestmentOutlook72

Increaseddemanddriven

by

cultural,demographicand

lifestyleshiftsIVF

usegrew

notonly

becausethe

scienceadvanced,

but

becauseculture,demographicsand

lifestyle

needsaligned.

Demographicandsocialshifts–delayed

parenthood,

rising

infertilityforboth

menandwomen,and

inclusivefamily-building

among

lesbian,gay,

bisexual,transgenderandqueer

populations–

broadeneddemand.

In2012,

removalofthe“experimental”labelforelective

egg

freezing45

furtherexpandedtheaddressable

market

and

normalizedfertilitycare.3

Payment,

policyand

reimbursementcatalystsRegulatoryreform,self-paydynamicsandthegradual

expansionofbenefitseachplayeda

catalytic

roleinenablingthe

IVFindustrytoscale.

Inthe

US,themarket’searlycommercialtractionwasdrivenlargely

byself-paypatients,makingreproduction

one

ofthe

earliestoutlierfieldstoattractventurecapitaland

PE

interest.46,47

Overtime,state-levelcoveragemandates

expandedgradually,whileemployer-sponsored

IVF

benefitsrosefrom

13%to32%between2016and2024,andemployer-sponsoredfertilitymedication

coveragerosefrom8%to32%overthesameperiod.48

Progyny’s2019

IPO49

demonstratedthecommercialviabilityofintegratingreproductivehealth

intoemployer-sponsoredinsurance,catalysingbroaderadoption.

InEurope,publicfunding

nowcoversonetosixormore

IVFcycles,

depending

on

thecountry.50

Ascoverageexpanded,predictablereimbursementandlowerout-of-pocketcostsmade

IVFfinanciallyviableformorepatientsand

laidthefoundationforlong-termmarketgrowth.BasedonBCG

research,40

theglobalARTmarketwas

estimatedatapproximately$13billionin2024(seeFigure2),comprising$9–10billion

in

treated

fertility

proceduresandanadditional$3–4billioninancillary

services.Atotaladdressablemarketofapproximately

$32billionwasestimatedfor2024,reflectingthe$13

billionmarketsize,plusapproximately$11billion

inremainingfertilityprocedureopportunityand$8billion

inancillaryopportunity.Between2021and2023,deal

activity

surged,

with257

identifiedtransactionstotalling$9.2

billion.PE

has

playedadominant

role:

by2025,

nearly

all

large

IVF

platformswere

backed

by

PE

investors.41

Roll-upsandgrowth-stage

investmenthelpedstandardizeoperations,expandscaleand

elevate

visibility.Severaldriverssupportedthe

evolution

of

theARTmarket,which

provides

lessonsforother

segments

inwomen’s

health:1

ScientificadvancementandoutcometransparencyBreakthroughssuchas

intracytoplasmicsperminjection

(ICSI)

in

1992,vitrificationforeggandembryofreezing

inthe2000sand

preimplantation

genetictesting(PGT)gradually

improvedoutcomes.42

Transparent

reporting

byentitiessuch

asthe

UK’s

Human

Fertilisationand

EmbryologyAuthority

(HFEA)andthe

USCentersfor

DiseaseControland

Prevention(CDC)and

Society

forAssisted

ReproductiveTechnology

(SART)

provided

verifiable

benchmarks,

helping

patients,

payers43and

investorsassessqualityand

buildconfidence.44

These

improvementstransformed

IVF

intoaninvestible,scalablesegmentof

healthcare.Casestudy:

IVFIVF

illustrates

howscientific

innovation,

increaseddemandand

policysupport

wereabletotransforma

once-stigmatizedexperiment

intoaglobal,

multibillion-dollar

industry.Theworld’sfirst

IVF

birth

in

1978

markedthestart

ofa

revolution

in

reproductive

medicine

(see

Figure

1).

In

itsearlyyears,thefieldwasfragmented

and

costly,with

inconsistent

results.38

Today,

morethan

12

millionchildrenworldwide

have

beenbornviaassisted

reproductivetechnology(ART),39

andthe

IVFsector

has

becomeoneofthe

most

commercially

matureareasofwomen’s

health.Itsevolutiondemonstrates

howscience,demand

and

policycansupportmarket

growth

and

scale.

Yet,thestory

isfarfromcomplete:the

next

wave

ofmarketexpansionwillcomefrom

advancinginnovationandexpandingaccess–twoforcesthatcan

unlocknewdemand,

improveoutcomes

and

sustain

long-termgrowthacrossthesector.Proofofscale:investmentandmarket

maturityWomen’sHealthInvestmentOutlook811.1with

incremental

improvementstodrugdeliveryandoralformulations

now

indevelopment.52,53,54,55

Thoughearly-stage

innovation

isemerging–including

induced

pluripotentstemcells(iPSCs)-derivedovarian

cells56

andoralembryo

implantation

enhancers57

–these

remaintheexception.A

recent

pipeline

reviewcalledthefertilitytherapeuticsspace

“sparse”,58

pointingtosignificant

roomforgreater

investment

indiscovery-stage

innovation.Muchofthecapitalflowing

intofertilityto

date

has

gonetocaredelivery,diagnostics

and

platforminfrastructure,

largelydriven

by

PE

roll-upsofclinics

into

larger

providergroups.

Meanwhile,there

remainsasignificantgap

onthe

scientificand

R&Dfront,with

limitedfundingfortranslational

researchandthedevelopmentof

newtargetsandtherapeutics.51

Mostfertilitydrugsstill

rely

on

hormonal

protocolsdevelopeddecadesago,albeitWhile

reimbursement

hasfuelledgrowth,

increasing

access

remainsacriticalfrontier.

Use

remainsconcentratedamong

higher-income,

privatelyinsuredanddisproportionatelywhite

populations.59

Only24%ofinfertile

couples

have

accessto

the

full

rangeof

care.60

Globally,ARTaccess

iseven