Approximately half of the world’s population are women, yet only about 6% of private investment is directed toward their health. Companies operating exclusively in the women’s health segment attract less than 1% of total sector capital. These conclusions are contained in the latest report by the World Economic Forum (WEF) and Boston Consulting Group.
Money Does Not Follow Disease
Investment in women’s health is distributed unevenly. Eighty percent of all deals and 90% of capital are directed into just three areas: reproductive health, maternal health and oncology.
These segments operate within clear regulatory frameworks, have established reimbursement mechanisms, and are supported by well-studied clinical practice.
Investment Versus Actual Disease Burden
| Area | Investment, $ bn | Share of investment | Disease burden (DALY), mln | Prevalence, mln |
|---|---|---|---|---|
| Women’s oncology | 127 | ~73% | 46.8 | 32 |
| Reproductive health | 22 | ~13% | 12.4 | 955 |
| Maternal health | 9 | ~5% | 15.6 | 11 |
| Menopause | 1 | <1% | 5.9 | ~1,000 |
| Endometriosis | 1.7 | <1% | 1.9 | 21 |
| Cardiovascular diseases | 0.01 | <1% | 188.4 | 344 |
| Metabolic diseases | <0.01 | <1% | 82.8 | 2,668 |
DALY — disability-adjusted life years
However, these investments do not reflect the real structure of women’s morbidity and do not cover the main sources of long-term medical and economic losses.
Around 1 bn women are in peri- or postmenopause, and up to 190 mln suffer from endometriosis. Cardiovascular diseases remain the leading cause of death among women, while metabolic and autoimmune disorders affect women more often than men.
These areas receive less than 2% of private investment in women’s health. There is a clear mismatch between disease burden and investment flows.
A Medical Problem Becomes a Macroeconomic One
Women live longer than men, but spend 25% more time living with illness or limited work capacity. Globally, this amounts to 75 mln lost years of healthy life annually. On average, a woman loses one week of health for every year she lives.
These losses directly affect:
- labor force participation;
- productivity;
- the sustainability of social insurance systems.
The Market Is Stuck at an Early Stage of Development
Funding in women’s health is mainly directed toward launching projects rather than scaling them. Almost half of investments are at the earliest stages, whereas in healthcare overall, such early-stage investments account for a much smaller share.
At the same time, women’s health companies are neither younger nor technologically weaker than the market average. Startups pass early validation but stall at the growth stage due to unstable regulation, weak reimbursement mechanisms, and a lack of capital for scaling.
IVF as Proof of Market Scalability
The history of in vitro fertilisation demonstrates that the barriers are institutional rather than technological. Over four decades, IVF evolved from an experimental procedure into a multibillion-dollar global industry.
Key growth factors included:
- standardisation of clinical outcomes;
- transparent reporting;
- expanded insurance coverage;
- active participation of private equity, which consolidated the market.
This path can be replicated in other segments of women’s health.
Returns Comparable to the Rest of Healthcare
The argument of «low investment attractiveness» is not supported by data. Deal analysis shows that women’s health companies are sold and go public with returns comparable to healthcare projects overall.
Here are just a few examples cited in the report:
- a strategic player acquired a medical technology company in women’s pelvic health for approximately $3.7 bn;
- a biopharmaceutical company developing treatments for uterine fibroids and endometriosis was sold after an IPO for $1.7 bn;
- a large private equity fund valued a diagnostics and breast health company at nearly $18.3 bn.
The main barrier is not economics, but conservative risk assessment and the lack of large-scale benchmarks.
Major Players Are Still Not Using the Potential
Only about 25% of the top 100 global pharmaceutical and medtech companies have a noticeable presence in women’s health, mainly in diagnostics and screening.
Chronic women’s diseases, such as endometriosis, polycystic ovary syndrome, autoimmune and hormonal disorders, are still not a priority for major medical companies.
At the same time, in terms of scale and impact, they are comparable to the largest areas of medicine.
This opens up wide opportunities for acquisitions, partnerships, and the creation of large medical platforms.
