Investing in Women’s Health

Decades of Underinvestment Creating Gaps of Opportunity

The healthcare sector has long been driven by breakthrough innovations, yet one of its largest opportunities has remained significantly overlooked and underinvested. While women account for half of the global population, women’s health receives only about 6% of total private healthcare funding despite representing a substantially larger share of disease burden. Between 2020 and 2024, approximately $175 billion was invested across private healthcare markets, yet only about $23 billion was directed toward women’s health initiatives.¹ This investment shortfall becomes even more striking considering that women spend approximately 25% more of their lives in poor health than men.² Historically, women have been underrepresented in clinical trials, and only a small percentage of trials currently classify participants by sex. As a result, many diseases that disproportionately affect women remain poorly understood, while treatments originally developed using predominantly male data often fail to deliver optimal outcomes for female patients. As scientific research begins to close these gaps, it could unlock approximately $100 billion in annual opportunity within the United States while creating roughly $400 billion in global economic value by 2030.³

A $100 Billion Market Opportunity Across Multiple Disease Categories

Opportunities in women’s health are not dependent on a single product or therapeutic area. Instead, it spans multiple large disease categories that have historically suffered from underdiagnosis, undertreatment, and decades of underinvestment. The four most common conditions that disproportionately impact woman are menopause, osteoporosis, Alzheimer’s disease, and cardiovascular disease. The opportunity is created by improving diagnosis, increasing awareness, expanding access to existing therapies, and leveraging innovation across pharmaceuticals, diagnostics, digital health, artificial intelligence, and medical technology to better serve a historically underserved patient population.

Menopause

Menopause represents one of the least penetrated opportunities in healthcare today. Menopause is a natural stage of aging that marks the end of a woman’s reproductive years, occurring when menstrual periods permanently stop. The transition often lasts 10 to 15 years and can bring symptoms including hot flashes, night sweats, sleep disturbances, anxiety, mood changes, joint pain, and cognitive difficulty. By 2030, approximately 65 million women in the United States will be in one of the three stages of menopause: perimenopause, menopause, or post-menopause.⁴ Despite affecting such a large population, only about one in four women currently use prescription medications or over-the-counter products to manage even one symptom. As a result, the current U.S. menopause market remains surprisingly small at less than $5 billion, approximately the same size as the fertility services market despite serving a dramatically larger patient population.⁵

As more women with moderate to severe symptoms receive appropriate treatment, the menopause market is estimated to expand more than eightfold to over $40 billion by 2030. The opportunity spans approximately $16 billion in pharmaceuticals, $12 billion in consumer health products, $7 billion in digital services such as symptom tracking and telehealth, and roughly $4 billion in medical technology and wearable devices.⁶ We are already beginning to see companies capitalize on this trend through personalized telehealth platforms, wearable technology capable of monitoring physiological changes, and employer-sponsored menopause benefits, which have increased from just 4% of employers in 2023 to 18% expected to offer coverage in 2025.

Osteoporosis

Osteoporosis represents another substantial opportunity created by inadequate screening rather than a lack of available treatments. Osteoporosis is a disease that gradually weakens bones, making them more fragile and significantly increasing the risk of fractures, particularly in older adults. Because bone loss occurs silently over many years, most people do not know they have the condition until they suffer a broken bone. Approximately one in four American women will develop osteoporosis during their lifetime, and roughly one in two women over the age of 50 with the disease will suffer at least one fracture.

Although major medical organizations recommend routine bone-density screening beginning at age 65, screening rates for women remain remarkably low. Among women who suffer osteoporosis-related fractures, fewer than 10% receive a bone health evaluation within six months despite Medicare covering these services. By 2030, researchers project approximately 19 million American women will have osteoporosis.⁷ If current practices continue, nearly 12.2 million women, or 63% of patients, will remain undiagnosed while another 4 million will be diagnosed but left untreated.⁸

Expanding routine screening and improving treatment adherence for this population could increase the osteoporosis market from approximately $5 billion today to between $21 billion and $27 billion by 2030. Pharmaceuticals represent the largest opportunity at roughly $19 billion, complemented by consumer health products, digital monitoring platforms, telehealth, and wearable technologies.⁹ Advances in artificial intelligence are also creating new possibilities. AI-enabled imaging software is already being used to identify low bone mineral density from standard X-rays, allowing providers to detect patients earlier and intervene before debilitating fractures occur.

Alzheimer’s Disease

Alzheimer’s disease is a progressive brain disorder that gradually damages memory, thinking, and the ability to perform everyday activities. Women account for nearly two-thirds of Americans living with Alzheimer’s disease, yet one in three women with the disease are never diagnosed, while another 20% receive a diagnosis but never receive treatment. One reason for the gap in diagnosis is that estrogen helps preserve cognitive function, allowing women to perform better on traditional cognitive screening tests even after the disease has progressed. Consequently, women are often diagnosed later than men, reducing the effectiveness of disease-modifying therapies.

If current trends persist, researchers estimate that by 2030 approximately one million American women with Alzheimer’s disease will remain undiagnosed, while another half-million will be diagnosed but untreated.¹⁰ Improving diagnosis so women receive care at stages comparable to men could increase the Alzheimer’s treatment market nearly tenfold, from approximately $2 billion today to more than $20 billion by 2030. Much of this growth would come from increased use of disease-modifying therapies, with pharmaceutical opportunities estimated between $16 billion and $18 billion.¹¹ Additional growth exists across wearable technologies, digital monitoring platforms, telehealth, and AI-enabled diagnostics. Emerging blood-based biomarker testing and artificial intelligence systems capable of analyzing electronic medical records may identify high-risk patients earlier by recognizing combinations of risk factors including hypertension, elevated cholesterol, vitamin D deficiency, and osteoporosis, allowing physicians to intervene before significant neurological decline occurs.

Cardiovascular Disease

Cardiovascular disease represents perhaps the largest overlooked opportunity within women’s healthcare. Approximately 45% of American women have some form of cardiovascular disease, making it the leading cause of death among women. Despite its prevalence, women continue to be diagnosed later and treated less aggressively than men because traditional medical education has largely focused on male trials and symptoms. Women frequently present with different warning signs, including fatigue, nausea, shortness of breath, or back pain rather than the classic chest pain more commonly associated with men. Pregnancy-related complications such as gestational diabetes and pre-eclampsia, along with menopause-related hypertension, also significantly increase long-term cardiovascular risk but historically have not been routinely incorporated into cardiovascular screening protocols, with the American Heart Association only recently updating its prevention guidelines to recognize menopause as an important cardiovascular risk factor.

Addressing these diagnostic gaps represents a meaningful commercial opportunity as improving diagnosis and treatment of common cardiovascular conditions such as hypertension, coronary heart disease, and atrial fibrillation could expand the market from approximately $11.5 billion today to roughly $20 billion by 2030. Approximately $13 billion of this opportunity resides in pharmaceuticals, while another $7 billion comes from medical technologies.¹² Future advances combining AI-assisted diagnostics with ECGs, mammograms, phonocardiograms, electronic medical records, and routine health screenings have the potential to identify cardiovascular disease much earlier, improving both clinical outcomes and long-term healthcare efficiency.

Consumer Health and Digital Wellness Opportunity

While improving diagnosis and treatment across major disease categories represents a significant investment opportunity, the opportunity extends well beyond traditional pharmaceuticals and medical devices. Women are increasingly taking a proactive approach to managing their health, creating growing demand for consumer health products, digital health platforms, wearable technologies, and preventive care solutions that support every stage of life. Approximately 85% of adults consider health and wellness a top priority, yet only 13% report being satisfied with their overall health.

The commitment is translating into meaningful spending. Roughly 82 million Americans plan to pursue health and fitness goals this year, with expected spending averaging approximately $733 per person, representing nearly $60 billion of planned health and fitness spending in 2026.¹³ Nearly nine out of ten Americans believe regular physical activity is one of the most effective forms of preventive healthcare, and when asked where they would reduce spending, only 23% said they would cut fitness and exercise before other discretionary expenses.¹⁴ Technology is becoming a key enabler of this trend as wearable devices, connected sensors, digital health platforms, and artificial intelligence are allowing women to monitor health metrics continuously rather than relying solely on periodic physician visits. From tracking sleep quality, heart health, menstrual cycles, fertility, pregnancy, and menopause symptoms to identifying early warning signs of chronic disease, these technologies are generating valuable longitudinal health data while enabling more personalized care. We believe the convergence of consumer wellness, wearables, digital health, and AI is expanding the women’s health investment opportunity far beyond disease treatment alone, creating attractive long-term growth opportunities across medical technology, diagnostics, preventive healthcare, and consumer wellness.

As investors increasingly recognize the economic costs associated with decades of underinvestment, we believe capital allocation toward women’s health will accelerate. Improving research, expanding diagnostics, utilizing artificial intelligence, integrating wearable technologies, and developing more personalized treatment pathways have the potential to improve healthcare outcomes while creating meaningful long-term growth opportunities for innovative companies.

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Sources:

1. UBS Analyst Note, as of January 28, 2026 ↩︎
2. UBS Analyst Note, as of January 28, 2026 ↩︎
3. UBS Analyst Note, as of January 28, 2026 ↩︎
4. UBS Analyst Note, as of January 28, 2026 ↩︎
5. UBS Analyst Note, as of January 28, 2026 ↩︎
6. UBS Analyst Note, as of January 28, 2026 ↩︎
7. UBS Analyst Note, as of January 28, 2026 ↩︎
8. UBS Analyst Note, as of January 28, 2026 ↩︎
9. UBS Analyst Note, as of January 28, 2026 ↩︎
10. UBS Analyst Note, as of January 28, 2026 ↩︎
11. UBS Analyst Note, as of January 28, 2026 ↩︎
12. UBS Analyst Note, as of January 28, 2026 ↩︎
13. UBS Analyst Note, as of January 13, 2026 ↩︎
14. UBS Analyst Note, as of January 13, 2026 ↩︎

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