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Innovation in Women's Health
2025
Nina Kandilian, Alex Lennox-Miller, Raysa Bousleiman
Key takeaways
Investment in women's health reached an all-time high in 2024, driven by growing recognition of the ways various health conditions affect women differently and disproportionately, and the causes and biological drivers behind this imbalance. While women's health startups will face headwinds in 2025 such as investor reluctance and scarce exits, the long-term potential of the sector remains undeniable.
55%
Growth in VC investment in women’s health in 2024
Total dollars invested exceeded 2023 numbers by almost $1B.
$2.6B
VC investment in women’s health in 2024
When the category is expanded to include all health issues known to disproportionately affect women, the level of investment grows to $10.7B.
38%
Of women's health VC investment that went to healthtech
Healthtech still leads the women's health sector, but its dominance is waning.
The data
A near-record $340B in investment and the best exit environment since 2021 signal a venture rebound, though heavily concentrated in AI mega deals. Barring major disruptions, we anticipate momentum to build in 2026 with moderate deal growth due to an AI platform shift and growing investor confidence.
VC Investment
Women's health experiences massive growth
Total VC dollars going to women's health more than tripled between 2019 and 2024, outpacing healthcare as a whole.
This level of growth is spurred by new data and research showing how various health conditions affect women differently, leading to new treatments and medical applications.
Source: Preqin, PitchBook Data, Inc. and SVB proprietary data.
Sector Investment
The market moves beyond healthtech
As a proportion of total women's health VC investment, healthtech dropped from 54% in 2021 to 38% in 2024 while biopharma skyrocketed to 35% last year, compared to 12% in 2021.
As the women's healthcare space matures, its subsector makeup is beginning to more closely resemble the larger healthcare industry.
Source: Preqin, PitchBook Data, Inc. and SVB proprietary data
US and Europe
Investment in women’s health may be even bigger than it seems
Broadening the scope of women's health sector to encompass conditions that disproportionately affect women brings total VC investment in women's health to nearly $10.6B in the US and Europe.
Knowing the full scope of women's health will help investors better evaluate comparable investments and understand the value propositions startups are bringing to the table.
Source: National Center for Health Statistics, Preqin, PitchBook Data, Inc. and SVB proprietary data.
Preview the Innovation in Women's Health report
Explore our prognosis on the future of women's health innovation and investments.
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