Womens Health Investment Outlook 2026

IVF investment timeline and key milestones FIGURE 1 Note: HFEA = Human Fertilisation and Embryology Authority; CDC/SART = Centers for Disease Control and Prevention/Society for Assisted Reproductive Technology (SART); ASRM = American Society for Reproductive Medicine; ICSI = intracytoplasmic sperm injection; PGT/PGS = preimplantation genetic testing/screening. Source: Pitchbook; Yuzpe (2019). JOGC; IVF Worldwidetnuoc lae D detsevni latipa C 2 36 5915 1729 25364162 5785 85 51$1M$220M $149M$4M $167M$50M $383M$45M $495M$206M $446M$520M$927M$373M$762M $307M 5000 1 000,2 -0 000, 2000, 4 0 2008 200910201010 201120072006 2013 20142000s 2015 2016 20171992 2018$656M 20191990s 2020B9.3 $ 20211980– 199087 2022B6.4 $ 2023$253M1978762024 20252012 Proof of concept; sets stage for a market to existFirst IVF birth (UK) IVF introduced globallyICSI introducedRegulatory and reporting foundationsVitrification for egg/embryo freezingEarly clinic roll-ups (MSO models)Fertility benefits adopted by employersEgg freezing no longer “experimental”PGT/PGS and data-driven embryo selectionConsolidation and capital stacksIVF coverage expands IVF programmes spread globally, including: US, Australia, Canada, Japan, India, China and Latin AmericaExpands market by addressing male infertility, boosts success ratesEmployer coverage expands in US; government subsidies/ mandates drive adoption in Israel, Europe and AsiaASRM removal of ”experimental” label expands elective, lifestyle-driven demandReliability increases; outcomes data strengthens payer/benefits ROI casesEmployer and regional mandates lead to reimbursed care with clearer rules; capital floods across venture, growth and PEClinic roll-ups at national/ global scale Supplier/ platform consolidation Navigation and benefits platforms emergePredictable preservation unlocks new demandProfessionalization of the business side begins UK HFEA oversight increases patient trust. US CDC/SART success-rate reporting leads to transparent outcomes, basis for benchmarking and coverageLate Global treated fertility procedures and ancillary services market, $ billion FIGURE 2 Sour ce: Boston Consulting Group research and analysis62Note: 1. New Zealand; 2. CAGR = compound annual gr owth rate$3.8B$6.1B$9.6B$3.0B$4.2B$5.8B$1.1B 910 2 920 2B0.91 $ 420 2B4.8 $B9.21 $+9%+8% lears I aciremA nita LtsaE elddi M ZN dna ailartsu A1eporu E eropagni SadanaC dna S UCAGRs2 2024–2029 2019–2024 8% 9% 9% 10% 6% 7% 9% 9% 5% 7% 10% 11% 6% 9% 12% 12% Women’s Health Investment Outlook 10