Women’s health: seeing what others are still missing

July 20, 2026

 
The theme of ‘women’s health’ encompasses three categories: conditions specific to women (endometriosis, the menopause), conditions that present differently in women (cardiovascular diseases), and conditions that occur disproportionately often in women (autoimmune diseases, Alzheimer’s).

For a long time, it was assumed that biological sex differences were irrelevant to medical research into diagnosis and treatment, and conditions specific to women were scarcely studied. The result is that half the population is systematically underserved in healthcare.

But where there is a gap, a market also emerges. The Netherlands, several European countries and the EU now have a strategy for women’s health, whilst the Horizon research and innovation programme funds medical research. Capital follows. The European women’s health market is currently estimated at €13 billion and is set to grow by 5 per cent per year until 2033.

The digital sub-market (FemTech) is growing even faster: analysts estimate annual growth of 17 per cent until 2033. AI diagnostics within women’s health are growing by as much as 60 per cent a year in Europe, driven by applications for breast cancer, endometriosis and cervical cancer. Europe lags behind the United States: whereas there are seven FemTech unicorns in North America, there is only one in Europe – Flo Health in the United Kingdom. The market is still relatively small, but it is growing rapidly and the direction is clear.

Four factors make this growth market attractive: a structurally underserved market and therefore high demand with opportunities for innovation, demographic and societal tailwinds, proven returns, and concrete opportunities.

1) High demand and significant opportunities for innovation

Historically, governments and pharmaceutical companies have invested little in research into women’s health. The result is a significant unmet healthcare need. It still takes an average of seven years for a diagnosis of endometriosis to be made, a condition that affects one in ten women. According to a Danish population study, women wait an average of 4 years longer for a diagnosis and are 7 times more likely than men to be misdiagnosed with cardiovascular disease.

Between 2020 and 2025, only 6 per cent of all private healthcare funding worldwide was allocated to women’s health. In Europe, 44 per cent of the 540 FemTech start-ups have not yet secured external funding.

Of the capital that is invested in women’s health, 90% goes to just three areas: cancer in women, reproductive health, and maternal and child care. Cardiovascular disease is the leading cause of death among women, yet only 0.01% of investment in cardiovascular innovations over the past five years has been directed towards women-specific innovations.

This demonstrates that there is enormous scope for innovations in diagnostics and treatment options within women’s health.

2) Demographic & societal tailwinds

Many couples are having children later in life and experiencing fertility problems. Women are working more frequently and for longer periods. Employers are feeling the impact: untreated menopausal symptoms alone cost British companies 14 million working days per year. In Germany, the annual loss of productivity due to days not worked by women amounts to $9.9 billion. In some hospitals in the Netherlands, the absenteeism rate for women is twice that of men.

Women’s health is increasingly becoming a productivity issue. Menopause, fertility and pregnancy are becoming mainstream HR topics, and employers are willing to pay.

3) Proven returns and institutional confidence

The biggest misconception is that women’s health is a high-risk niche without proven exits. Globally, there were more than 500 exit events between 2020 and 2025, around 80 per cent of which were via mergers and acquisitions. The returns are in line with the wider healthcare sector. In Europe, there are clear signs of institutional confidence: Flo Health (an AI-based health symptom tracker) raised $200 million in 2024 at a valuation of over $1 billion. Natural Cycles (the only FDA-certified digital contraception app in Sweden) raised $55 million. The German company Inne (CE-certified non-hormonal contraception based on saliva) has raised €25 million to date.

The IVF market provides concrete evidence of what is possible when scientific reliability, reimbursement and policy align: two decades ago, IVF was a medical niche. Today, it is a growing multi-billion industry, funded by private equity.

4) Concrete market opportunities

Menopause: The fastest-growing funding category in Europe: 24% annual growth. Around 100 million European women are peri- or post-menopausal; 80% experience symptoms, and around a third deal with severe to very severe symptoms. The Netherlands is actively investing in public-private programmes such as Menopause Matters. Germany is leading the way with a framework for the reimbursement of digital healthcare apps.

Employer benefits: Employers are recognising women’s health as a key factor in staff retention. Menopause, fertility and reproductive health are emerging as strategic employment conditions. Maven Clinic in the US demonstrates how this works at scale: the company has now grown into a unicorn with over 2,000 employer clients, who experience an average ROI of 2:1. According to CNV research, the Netherlands is still lagging behind in this area. Platforms such as Vi Health, funded by Nationale Nederlanden, are targeting employers who want to turn this lag into a retention advantage.

Digital primary care: Women are already tracking their health en masse via apps and wearables. Flo Health, with 75 million active users worldwide, demonstrates the potential. The opportunity lies in the next step. Data on symptoms, combined with AI, enables early detection. Consider endometriosis, for which it takes 7–10 years before a diagnosis is made. Or cardiovascular conditions, which present different symptoms in women. The concrete short-term opportunities include: apps evolving into recognised medical devices, the clinical integration of data from wearables, and AI tools that support GPs and facilitate digital-first care.

AI diagnostics. Medical image analysis is one of the most tangible opportunities in women’s health. Conditions that present differently in women (including heart disease and lung cancer) have long been missed or diagnosed too late. AI trained on women-specific datasets is changing that. Nijmegen-based ScreenPoint Medical is proving it: their software, Transpara, detects breast cancer 29 per cent more often than standard screening and reduces the workload of radiologists by 44 per cent.

The business case is clear. It is an emerging market, but women’s health offers something few markets do: returns and social impact that reinforce one another. McKinsey estimates the global economic potential at $1 trillion. In the Netherlands alone, this represents at least €7.6 billion in productivity growth and lower healthcare costs. And behind those figures lies something everyone is familiar with: a woman who has waited too long for a diagnosis, treatment or recognition. Resulting in unnecessary suffering for herself and her loved ones. The market is correcting a historical mistake. That is rarely a bad investment.
 

IN SHORT Chronic underinvestment in women’s health has created a market inefficiency, and thus an investment opportunity. The European women’s health market is now worth €13 billion and is growing rapidly: +5% per year. FemTech is growing by +17% per year, and AI diagnostics by +60% per year. Between 2020 and 2025, the women’s health sector generated more than 500 exit events, around 80 per cent of which were through mergers and acquisitions. Menopause, employer benefits and AI diagnostics offer tangible opportunities in Europe. McKinsey estimates the global economic potential at $1 trillion: financial returns and social impact reinforce one another.

 

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