The Future of Women's Health: Moving Beyond a Niche Market

For decades, women's health has been underfunded, understudied and underserved. But something fundamental is shifting. At a recent panel discussion featuring leaders from biotech, venture capital and philanthropy, the message was clear: women's health is transitioning into one of healthcare's most significant untapped opportunities.

According to data from PitchDeck, venture capital investment in women's health reached $2.6 billion in 2024, a 55% increase over 2023, and outpacing the broader healthcare industry. Research suggests that a $300 million investment in women's health research could generate $13 billion in economic returns.

Yet challenges remain. Hakan Gokker, Managing Director of M-Ventures, noted these numbers are still modest compared to other therapeutic areas. The problem isn't pricing; it's too few buyers and insufficient focus on efficient market pathways.

Jean Duvall, CEO and Co-Founder of Repronovo, revealed that when raising its $65 million Series A, fewer than five VCs explicitly stated interest in women's health. Success came from emphasizing science and commercial viability over mission. “You really have to show them the commercial case,” Duvall stressed.

Colleen Acosta, CEO of Freya Biosciences, who raised $38 million in 2023 plus $10 million from the Gates Foundation, noted the funding environment remains volatile due to macroeconomic factors affecting all healthcare investment.

The most exciting developments lie in the shift from symptom relief to addressing underlying disease drivers, developing truly disease-modifying drugs. Reproductive longevity, extending the natural fertility window, emerged as particularly promising given that fertility drops after age 30 while many delay childbearing into their thirties.

Areas like adenomyosis and polycystic ovary syndrome (PCOS), represent significant opportunities but require better diagnostics and biomarkers. The strategy should mirror oncology, the panel agreed: start with targeted populations, demonstrate success, then expand.

The Gates Foundation's $2.5 billion commitment through 2030 represents a watershed moment. Micke Sharpe, Deputy Director of Diagnostics at Gates Foundation, explained that its innovative partnership model allows companies to retain high-income country rights while ensuring access in lower-income countries, transforming equitable access while maintaining commercial viability.

Sharpe emphasized that unlike neglected tropical diseases, buying power exists for women’s health products. The gaps stem from decades of underinvestment in understanding female biology. She encouraged all life science companies to examine existing data for sex and gender differences, noting cardiovascular diseases manifest completely differently in women, insights that could reveal reproductive function connections.

For this era to be sustainable, several elements must align. Investors increasingly back teams with deep expertise before technology. Companies need clear commercial stories and patient selection strategies powered by diagnostics to keep trials manageable.

Critically, the buyer side must strengthen. Major pharma companies interested in women's health can currently be counted on one hand, though this is changing as more players enter the space.

By 2028-2030, success means actual products on market that are safe, effective, and commercially successful, not just apps but disease-modifying drugs, advanced diagnostics, and innovative treatments addressing fundamental biological issues. It means larger pharma engagement, global innovation sourcing beyond the US and Europe, and products addressing both biological and psychological burdens.

This moment feels different. The combination of improving science, increasing capital, philanthropic support, and commercial recognition suggests a genuine inflection point. Statistics that once seemed depressing (such as women of pre-menopausal age being excluded from trials until 1993) now serve as rallying points for change.

The future of women's health isn't about charity alone. It's about recognising one of healthcare's most significant commercial opportunities and building the ecosystem to capture it. The next decade will reveal whether this is the genuine beginning of a new era in health for half the world's population.