Women’s healthcare in the United States is a rapidly expanding field. The demand for discreet care combined with open and honest conversations about potentially challenging topics has created opportunities for healthcare startups to slot into.
Evidence of this lies in the increased investment in women’s health, bucking trends across the overall healthcare industry. Venture funding for healthcare-related tech fell by 27% last year, but women’s healthcare received 5% more funding than in 2022.
There has also been a positive trend towards more discussions around destigmatizing women’s healthcare. This can be seen in the growing number of startups offering products and services aimed at making women’s lives easier.
Current Market Trends and Growth Opportunities in Women’s Healthcare
Despite women driving 80% of consumer choices for healthcare, the options for women’s healthcare are limited. Yet, times are changing. In November 2023, the White House announced its Initiative on Women’s Health Research, led by Dr. Jill Biden. While this will bring gradual change on a national scale, some companies are already making transformations.
FemTech is a growing trend. The use of apps, digital platforms, and online resources to help women stay informed and make safer choices about their bodies and their futures is big business. From menstruation trackers to help with conceiving, there are support functions for all aspects of women’s health.
Some startups are helping women out by coming at it from the opposite angle – providing more contraceptive choices for men. Couples can decide between them which option is better, or single men can opt to use a product for their own peace of mind.
Investment in Women’s Health Startups and Innovators
Startups aren’t on their own. Many investors are interested in funding supportive apps and schemes for women who may feel let down by recent political decisions. RH Capital from RHIA Ventures is one example of a venture capital fund set up solely to support early-stage startups promising to revolutionize women’s health.
Collectively, women’s health companies raise an impressive $1.14 billion in 2023, a trend that looks set to continue into 2024.
Major Players in the Sector
Who is making waves? Kindbody raised $100 million in new funding in March 2023, helping to further its goal of making high-quality fertility care accessible. Maven is one of the fastest-growing FemTech firms, supporting parents from contraception to postpartum care.
While it’s clear that women’s healthcare provides plenty of opportunities for innovation and profit, what’s most interesting is that attitudes surrounding this sector of the health industry are shifting. Previously, there’s been some stigma around certain aspects of women’s healthcare. Ob/gyn medicine is a mystery to some, while menstruation and menopause remain taboo topics. Yet they’re parts of life most women have to experience.
New Generations Leading Changes in Women’s Healthcare
Thankfully, there are some medical professionals and experts working to change the attitude that women’s healthcare should occur in secret. That’s evidenced by Dr. Mary Claire Haver’s book, The New Menopause, topping a New York Times Best Sellers list in May 2024. The book’s tagline is “Navigate Your Path Through Hormonal Change with Purpose, Power, and the Facts.” This refers to the fact that so many women simply don’t know what to expect when they reach menopause age – or even perimenopause age.
Considering the fact that there may be 1.1 billion post-menopausal people in the world by the end of 2025, these changing attitudes and more open discussions are necessary to ensure women get the best of care. It’s inevitable that as women’s health becomes more accessible and mainstream, hiring trends will change. For medical facilities and healthcare providers, here are a few hiring tips:
- Check the date of degrees and other qualifications to ensure they align with current practices.
- Consider soft skills like listening and compassion – many women feel that they’re not listened to by medical professionals, and research backs this up with women having to wait 33% longer to have pain treated than men.
- Ask what situations a candidate has been in where they’ve had to advocate for a woman to get the right treatment.
- Check that their experience is with the relevant women’s health fields rather than just generic healthcare so they can provide the specialist support required.
- FemTech companies, ensure your hiring practices are free of gender bias – check if your DevOps team has as many women as your content creation team, for example.
- Work with a hiring specialist who can help connect you with the right talent for your niche.
Related reading: How Will Healthcare Be Impacted by AI and New Roles Created
As women’s healthcare evolves into a more caring and compassionate discipline, MRINetwork can help you find the team you need amid shifting hiring trends. Contact us today to find out more.