Women's Health on the Rise: A Promising Forecast for 2024 and Beyond
While 2023 may have been a bumpy ride for the startup world, the realm of women's health is brimming with optimism for the future. Forbes delves into these exciting trends, highlighting the surge in investment, the increasing role of government initiatives, and the rise of female leaders in the field.
Funding on the Upward Curve
While overall VC funding dipped in 2023, women's health startups saw a silver lining in the form of a rising average deal size, reaching a record-breaking $10.4 million. This indicates that investors are recognizing the potential of women's health innovations and are willing to put their money behind them. Furthermore, women's health startups secured a larger slice of the general healthcare VC pie, claiming 4.3% of the total $26.5 billion pool. This growing share demonstrates that women's health is no longer a niche market but a valuable and increasingly recognized sector.
Government Steps Up to the Plate
2024 marks the first full year of the White House Initiative on Women's Health Research, a significant step towards boosting research and innovation in this critical area. This initiative signals the government's commitment to addressing women's health needs and paves the way for exciting advancements. Additionally, initiatives like the Menopause Research and Equity Act and the Women's Health Protection Act further showcase the government's growing attention to women's health concerns. These legislative efforts, if passed, aim to improve research on menopause and reproductive health, respectively, and demonstrate a willingness to address long-standing gaps in care.
Women's Health Unicorns: Mythical Beasts No More
Companies like Kindbody, Maven, and Tia are shattering expectations by securing record-breaking funding rounds, proving the lucrative potential of women's health investments. The number of women's health unicorns is steadily growing, with companies like Myovant Sciences, Progyny, Maven, and Kindbody achieving this coveted status in recent years. This rising unicorn population further underscores the sector's increasing value and its potential for significant returns on investment.
Female Leaders Take the Helm
Despite historical biases, female founders and CEOs in women's health are closing larger deals on average than their male counterparts. This is a heartening trend that signifies a shift towards greater recognition of the capabilities and contributions of women in this field.
Female leaders in women's health broke fundraising records in 2023, with female founders raising $434.9 million and female CEOs raising $593.1 million. These impressive figures demonstrate the power and potential of women in leadership roles within the women's health sector.
A Brighter Future for Women's Health
These trends paint a promising picture for 2024 and beyond. With increased funding, greater government involvement, and strong female leadership, women's health is poised for a breakout year. This translates to more resources, better medical care, and ultimately, improved health outcomes for women everywhere. The current landscape suggests that 2024 could be a turning point for women's health.
As we move forward, it's crucial to keep the momentum going by supporting women-led businesses and organizations in the women's health sector, advocating for policies that promote women's health research and access to care, and raising awareness about the importance of women's health and challenging existing gender biases. So, let's celebrate the progress made thus far and continue to advocate for this crucial field. By working together, we can create a future where women's health is not just a priority, but a reality. Let's make 2024 and the years to come a defining moment for women's health, paving the way for a healthier and more equitable future for all.