【硅谷銀行】女性健康創(chuàng)新-2025.4

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PublishedApril2,2025

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Startupsarefindingthat

servinghistorically

underservedor

disadvantagedpopulationsinhealthcarecanboostthebottomline,aidinretentionandplayavitalrolein

improvingandmaintainingpatienthealth.”

svb》SBianck。nvaley

ADivisionofFirstcitizensBank

2024wasthebiggestyearforwomen’shealthinvestmentyet.Andit’sprobablyevenbiggerthanwethink.

Corewomen’shealthinvestmentreachedanewhighof$2.6Bin

2024.Butwhenyouincludefundingforadjacentdiseaseswhere

womenareaffecteddifferentlyordisproportionately,theinvestmentamountgrowsto$10.7B.Thatdataisn’tincludedinwhat’s

generallyconsideredtobewomen’shealth,butmaybeitshouldbe.

Inour2023

InnovationinWomen’sHealth

report,weexaminedthepowerfulreasonswomen’shealthbecameafocusfor

healthcareinnovationanddiscussedtwowavesofwomen’shealthinvestment.

Morerecently,theemergenceoffertilityandmaternalappsbroughtanewwaveofinvestmentandconversation.Inthenextwave,

fundingwasfocusedonsolutionsfortheuniqueconditions

affectingwomen.Excitinginnovationisstillhappeninginthosespaces.Startupsaretacklingissueslikemenopauseand

perimenopause,maternalhealth,pregnancyriskanalysisandfertility.

Nowwe’reinanewstage.

Newclinicalresearchisdrivingawarenessofhowdeeply

interconnectedwomen’shealthistotherestofhealthcare.

We’relearningmoreaboutthecausesandbiologicaldriversbehindconditionsthataffectwomendifferentlyanddisproportionately.

lfgapsincarearecausingwomen’shealthoutcomestobeworse,orifmajordiseasesarepredominantlyaffectingwomen,thenthosearewomen’shealthissues,evenifwomenaren’texclusively

affected.

Increasedawarenesshasbroughtincreasedgrowth.Investmentin

women’shealthhasmorethantripledsince2020,creatingnew

segmentsforpersonalizedmedicine.Startupsarefindingthat

servinghistoricallyunderservedordisadvantagedpopulationsinhealthcarecanboostthebottomline,aidinretentionand

playavitalroleinimprovingandmaintainingpatienthealth.

Withallthatupside,women’shealthstartupsfaceadifficult

climate.Inthedepressedmarketsofthelastfewyears,noonewasexpectedtofindexits.In2025,thepressuretoexitisgetting

stronger,andinvestorsareincreasinglyapprehensiveaboutfundinglate-stagecompanieswithnoexitinsight.Similarcompanieswith

initialpublicofferings(IPOs)in2021and2022areshowing

performancesthatdon’tmakeanyoneeagertotestthewaters.M&AismorecommonthanIPOs,butactivitythereisslowingtoo.As

investmentsandattentiontothespacecontinuetodevelop,itcouldbeadangerousmistaketounderestimatethevalueinwomen’s

health.

JackieSpencer

HeadofRelationshipManagementforLifeScience&HealthcareBanking

jspencer@

lNNOVATlONlNWOMEN’SHEALTHI20252

Wedefinewomen’shealthashealthtech1,biopharma,diagnostics(Dx)/toolsandmedicaldevicecompaniesthataddresscareneedsforwomenandindividualswithfemalebiologies.Diseasesthataffectwomenfallintothreecategories:diseasesthatareuniquetowomen,diseasesthataffectwomendifferentlyanddiseasesthataffectwomen

disproportionately.2

ConditionsThatAreUniqueToWomen3

ContraceptionFertility

MaternalHealth

Menopause

Gynecology

Women’sOncology

ConditionsThatAffectWomenDisproportionately

ConditionsThatAffectWomenDifferently

MigrainesAutoimmuneDiseaseOsteoporosis

CardiovascularDiseaseDiabetes

Alzheimer’sDisease

AnxietyandDepressionUrinaryTractInfectionsLungCancer

RacialDisparities&InequitiesInWomen’sHealth

Lackofculturallycompetent

careproviders

Systemicracismthat

impactsthehealthandwell-beingofwomenofcolor

Conditionsthataffect

ConditionsWithGender-basedDiscrepanciesInCare

womenofcolordifferently/disproportionately

Pain

BehavioralHealth

Accesstocare,qualityof

careandaffordabilitygaps

experiencedbywomenofcolor

Notes:1)Healthtechincludesdigitalhealthcompaniesandtech-enabledhealthcareservices.Wedonotincludecompaniesthataresolelyconsumergoods,suchasTheHoneyPotorLola.2)Forthepurposesofthisreport,weacknowledgetheinvestmentinwomen’shealth-adjacentconditionsaffectingwomen

differentlyordisproportionately,butwhenreferringto“women’shealth”weprimarilyfocusoncompanieswithsolutionstoissuesthatareuniquetowomen.

3)Listsarenotexhaustive.

lNNOVATlONlNWOMEN’SHEALTHI20253

Source:

Women’sHealthAccessMatters

andMcKinsey

Unlockingopportunitiesinwomen’shealthcare

.

svb》SBianck。nvaley

ADivisionofFirstcitizensBankHEALTHCAREINVESTMENTS&EXITS|ANNUALREPORT20244

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Innovationinwomen'SHealth2025report

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LeadAuthors

JackieSpencer

HeadofRelationship

ManagementforLifeScience&HealthcareBanking

jspencer@

JackieSpencerleadstheUSRelationshipManagementteamforLifeScienceandHealthcareAcceleratorandGrowth.Jackieandherteamarefocusedonprovidingbankingandfinancingsolutionstoinnovative

companiesinthesector.SincejoiningSVBin2007,Jackiehasworkedacrossboththetechnologyandhealthcarepracticesfromemergingmarkettolate-stagecorporatefinance.

JackiegraduatedfromSt.Mary’sCollegeofCaliforniawithhonors,receivingabachelor’sinfinance.

JulieEbert

ManagingDirector,LifeScience&

HealthcareBanking

jbetts@

JulieBettsEbertisaManagingDirectoronthe

NationalLifeScience&HealthcareteamatSVB,

coveringtheMid-AtlanticandSoutheastmarkets.Julieprovidesspecializedbankingservices,debt-financingsolutionsandadviceonstrategicgrowthtolife

sciencecompaniesacrossallsectorsandlifestages.

JuliereceivedanMBAwithhonorsfromColumbia

BusinessSchoolandaB.S.fromtheMcIntireSchoolofCommerceattheUniversityofVirginiawitha

concentrationinfinance.

NinaKandilian

SeniorVicePresident,

HealthcareVentureCapitalRelationshipManagement

nkandilian@

NinaKandilianmanagesrelationshipswithtraditional

VCfirmsfocusedonhealthcareandlifescience

investments.PriortoSVB,sheledproductmarketing

andstrategyatvarioushealthtechstartupsandwaspartofthefoundingteamattheMassChallengeHealthtechstartupacceleratorprogram.NinastartedhercareerattheMassGeneralBrighamhealthsysteminvarious

productanddigitaltransformationroles.

NinareceivedherMBAatBabsonCollegeandabachelor’sdegreefromSuffolkUniversity.

contributors

RaysaBousleiman

VicePresident

HealthcareVentureCapitalRelationshipManagement

rbousleiman@

NuziBarkatally

VicePresident

LifeScience&HealthcareStartupBanking

nbarkatally@

AnjalikaKomatireddy

Researcher

MarketInsights

akomatireddy@

MarketInsightsTeamAuthors

AlexanderLennox-Miller

SeniorResearcherMarketInsights

alennoxmille@

TimotLamarre

Researcher

MarketInsights

tlamarre@

svb》SBianck。nvaley

ADivisionofFirstcitizensBank

Allnon-SVB-namedcompaniesareindependentthirdpartiesandarenotaffiliatedwithSiliconValleyBank,

Acknowledgments

Thankyoutothefollowingforlendingtheirsubject-matterexpertisetothisreport:

Amboyst.ventures

VALTRUIS

令systolewvisana

adivisionofFirst-CitizensBank&TrustCompany.lNNOVATlONlNWOMEN’SHEALTHI20255

?2025First-CitizenscBank&aTrusytCompany.SiliconValleyBank,adivisionofFirst-CitizensBank&TrustCompany.MemberFDIC.

ADivisionofFirstcitizensBankINNOVATIONINWOMEN’SHEALTH|20256

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Disclaimers

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Thismaterial,includingwithoutlimitationtothestatisticalinformationherein,isprovidedforinformationalpurposesonly.Thematerialisbasedinpartoninformationfromthird-partysourcesthatwebelievetobereliablebutwhichhasnotbeenindependentlyverifiedbyus,and,assuch,wedonotrepresenttheinformationisaccurateorcomplete.Theinformationshouldnotbeviewedastax,accounting,investment,legalorotheradvice,nor