as breast cancer or maternal disorders); women- disproportionately (conditions with higher prevalence in women than men, such as depression, migraine or COPD); women-differently (conditions with a higher disease burden per case for women compared to men, such as diabetes, Alzheimer’s disease or iron deficiency); and no sex difference (conditions without measurable sex-based differences). This provided a baseline for assessing the size and type of women’s health gaps. Conditions were prioritized by DALY burden and/ or meaningful prevalence differences, as well as weighted by investor interest (obtained through one- on-one consultations). High-burden, innovation- ready areas were advanced for deeper analysis. To ensure a balanced view of the women’s health investment landscape, it was also important to look at representation across conditions that are unique to women, those that affect women differently and those that affect women disproportionately. Stakeholders had the opportunity to review the report and provide feedback before publication. (See Detailed analysis: Areas prime for investment for a full analysis.) Together, these steps produced a set of exemplar opportunities grounded in disease burden and investor interest and balanced across conditions that affect women uniquely, differently and disproportionately. Stakeholder consultations Consultations were integral to every stage of analysis. One-on-one interviews and a dedicated stakeholder workshop gathered perspectives from investors, philanthropists and industry leaders. Their insights refined the areas highlighted, confirmed the robustness of the findings and ensured that the Women’s Health Investment Index reflected both quantitative trends and the lived realities of those shaping the ecosystem. Total addressable market (TAM) calculations TAM was first calculated for North America and extrapolated to the global level using data on the North American market share from established market research providers. The method incorporated targetable population (including prevalence of disease) and annual spend per individual on similar services or products, with adjustments for reachable population where applicable. Results were triangulated against third- party market reports for alignment and robustness. Women’s Health Investment Outlook 37

Womens Health Investment Outlook 2026