Womens Health Investment Outlook 2026

Case study: IVF1 IVF illustrates how scientific innovation, increased demand and policy support were able to transform a once- stigmatized experiment into a global, multibillion-dollar industry. The world’s first IVF birth in 1978 marked the start of a revolution in reproductive medicine (see Figure 1). In its early years, the field was fragmented and costly, with inconsistent results.38 Today, more than 12 million children worldwide have been born via assisted reproductive technology (ART),39 and the IVF sector has become one of the most commercially mature areas of women’s health. Its evolution demonstrates how science, demand and policy can support market growth and scale. Yet, the story is far from complete: the next wave of market expansion will come from advancing innovation and expanding access – two forces that can unlock new demand, improve outcomes and sustain long-term growth across the sector. Based on BCG research,40 the global ART market was estimated at approximately $13 billion in 2024 (see Figure 2), comprising $9–10 billion in treated fertility procedures and an additional $3–4 billion in ancillary services. A total addressable market of approximately $32 billion was estimated for 2024, reflecting the $13 billion market size, plus approximately $11 billion in remaining fertility procedure opportunity and $8 billion in ancillary opportunity. Between 2021 and 2023, deal activity surged, with 257 identified transactions totalling $9.2 billion. PE has played a dominant role: by 2025, nearly all large IVF platforms were backed by PE investors.41 Roll-ups and growth-stage investment helped standardize operations, expand scale and elevate visibility. Several drivers supported the evolution of the ART market, which provides lessons for other segments in women’s health: Scientific advancement and outcome transparency Breakthroughs such as intracytoplasmic sperm injection (ICSI) in 1992, vitrification for egg and embryo freezing in the 2000s and preimplantation genetic testing (PGT) gradually improved outcomes.42 Transparent reporting by entities such as the UK’s Human Fertilisation and Embryology Authority (HFEA) and the US Centers for Disease Control and Prevention (CDC) and Society for Assisted Reproductive Technology (SART) provided verifiable benchmarks, helping patients, payers43 and investors assess quality and build confidence.44 These improvements transformed IVF into an investible, scalable segment of healthcare.Increased demand driven by cultural, demographic and lifestyle shifts IVF use grew not only because the science advanced, but because culture, demographics and lifestyle needs aligned. Demographic and social shifts – delayed parenthood, rising infertility for both men and women, and inclusive family-building among lesbian, gay, bisexual, transgender and queer populations – broadened demand. In 2012, removal of the “experimental” label for elective egg freezing45 further expanded the addressable market and normalized fertility care. Payment, policy and reimbursement catalysts Regulatory reform, self-pay dynamics and the gradual expansion of benefits each played a catalytic role in enabling the IVF industry to scale. In the US, the market’s early commercial traction was driven largely by self-pay patients, making reproduction one of the earliest outlier fields to attract venture capital and PE interest.46,47 Over time, state-level coverage mandates expanded gradually, while employer-sponsored IVF benefits rose from 13% to 32% between 2016 and 2024, and employer-sponsored fertility medication coverage rose from 8% to 32% over the same period.48 Progyny’s 2019 IPO49 demonstrated the commercial viability of integrating reproductive health into employer-sponsored insurance, catalysing broader adoption. In Europe, public funding now covers one to six or more IVF cycles, depending on the country.50 As coverage expanded, predictable reimbursement and lower out-of-pocket costs made IVF financially viable for more patients and laid the foundation for long-term market growth.1.1 Proof of scale: investment and market maturity 12 3 Women’s Health Investment Outlook 8