The Greek philosopher Aristotle made derogatory remarks about women, describing them as a “deformity” and suggesting that they were the inverse of strong and healthy men due to their supposed anatomical differences in the third century BCE. This biased perspective contributed to the dismissal and misunderstanding of women’s health issues throughout history. In 1993, women of childbearing age were finally given the opportunity to participate in clinical trials.
However, even today, women are still underrepresented in research studies, especially those related to women’s health. As per insights many post-graduate physician trainees reported a lack of discussion about gender medicine concepts in their training programs. The medical field has traditionally used a “Reference Man” as the standard, but it wasn’t until 2022 that a comprehensive 3-D model of a “Reference Woman” was finally created.
As a result of these biases, women’s health has been under-researched, misunderstood, and disregarded. In 2018, only 4% of research and development funding was allocated to products and services addressing women’s healthcare specifically. Additionally, 20% of women who had negative experiences with healthcare providers believed that their gender played a role. On average, women are diagnosed four years later than men across over 750 diseases, and female pain is often perceived as less intense than male pain.
However, there is growing recognition and conversation around women’s health, driven by several factors. First, the market size is substantial, with women spending an estimated $500 billion annually on medical expenses. The women’s health market is projected to reach $1 trillion within the next five years. Women have a significant influence on healthcare decisions, accounting for about 80% of household healthcare choices. They also have higher healthcare expenditures, visit healthcare providers more frequently, and often provide unpaid medical care to others.
Another contributing factor is the emergence of the term “FemTech” coined by entrepreneur Ida Tin in 2016. It encompasses technologies and products designed to meet women’s specific healthcare needs. This term has helped legitimize and generate interest in the women’s health market, attracting investments from various sources. The proliferation of FemTech has been evident in the increased number of published articles, new companies, investment deals, and funding in this sector since 2008.
According to insights, there has been a rise in both the number of funded FemTech companies and the amount of capital raised. In 2015, 29 women’s health and/or FemTech companies collectively raised about $62 million in venture capital funding. By 2021, this number had grown to 110 companies raising approximately $857 million. Despite this growth, the funding dedicated to women’s health and FemTech companies remains relatively small compared to the broader healthcare market.
There is considerable potential for progress and innovation in various areas of women’s health. Key opportunities include addressing conditions like endometriosis (often undiagnosed), improving menopause care, addressing maternal health disparities (especially among Black mothers), and utilizing digital healthcare tools to address stigmatized conditions like urinary tract infections and postpartum depression.
Culturally sensitive healthcare is crucial to address racial biases and reduce disparities. Targeted innovations can improve access and potentially save billions of dollars by eliminating race-based health disparities. Despite recent growth in women’s health and FemTech, it still falls behind general healthcare in attention and investment. Investing in this field can greatly improve well-being, drive research, and combat long-standing gender biases.
