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1、December 2023For millions of women,its an all too-familiar scene.Sitting in an exam room describing medical concerns to a trusted physician,yet not feeling heard.More than one in three women say a doctor either did not believe them,assumed something about them without asking or blamed them for a hea

2、lth problem.1Study after study shows that bias in healthcare disproportionately impacts outcomes for women,often leading to delayed diagnosis,misdiagnosis or undertreatment.The inequality and bias pervades deeper than the healthcare experience into the science itself.Women are underrepresented acros

3、s all steps of the R&D continuum,from data collection to clinical trials to outcome measurement.Diseases impacting women receive significantly less federal research funding than diseases impacting men(of the same burden).However,momentum to solve these systemic issues is building.In November,the Bid

4、en administration announced the first-ever womens health research initiative,a partnership between academics,doctors,patient-advocates and policymakers to recommend concrete steps for improvement in womens health research and funding.In our inaugural Innovation in Womens Health report,we leverage SV

5、Bs unmatched data and sector expertise to dive into the trends propelling this space forward.Despite headwinds in the larger venture capital(VC)landscape and the many obstacles facing this space,our analysis reveals an optimistic picture for womens health,which is undervalued and quickly growing com

6、pared to other healthcare sectors.Investors and companies are challenging the misconception that womens health is restricted to reproductive years and realizing the enormous opportunity to meet womens health needs throughout their lives.Investments are increasingly shifting into emerging areas such

7、as menopause,pelvic health and mental health.Our market outlook(page 6)offers four emerging themes for the future of womens health,informed by our own deep sector knowledge and client conversations.The Fundraising and Investment section(page 12)provides a rundown on capital trends and deal activity,

8、including top deals(page 17)and valuation trends(page 14).We also spotlight investment across every age with a startup market map(page 18)and a double-click into companies addressing menopause(page 19).We hope the insights in this report will add to the blue ocean opportunity in this segment,which i

9、ncludes 76%female-founded companies.They believe in what theyre building,and we believe in them.Jackie SpencerHead of Relationship Management for Life Science and Healthcare Banking 2Innovation in Womens Health 2023Note:1)Among women ages 18-64,38%experienced one of these in the last two years accor

10、ding to KFFs Womens Health Survey 2022.3Innovation in Womens Health 2023Jackie SpencerHead of Relationship Management,Life Science and Healthcare BLead Authors Jackie heads up the US Relationship Management team for Life Science and Healthcare Accelerator and Growth.Jackie and her team are focused o

11、n providing banking and financing solutions to innovative companies in the sector.Sarah WalkerResearcher,Market I Raysa BousleimanVice President,Healthcare VC Relationship MRaysa manages relationships with traditional venture capital firms focused on healthcare and life science investments.She is al

12、so responsible for conducting data-driven analyses on the global healthcare innovation economy that SVB serves.Contributing Authors Pooja MajmudarDirector,Startup BJosh PherigoSenior Researcher,Market ITimot LamarreResearcher,Market IJulie EbertManaging Director,Life Science and Healthcare BNina Kan

13、dilianVice President,Healthcare VC Relationship MMegan ScheffelHead of Credit Solutions,Life Science and Healthcare BMarket Insights Team Authors 4Innovation in Womens Health 2023When FemTech became a movement,it was all about getting healthcare directly to female consumers because women were left o

14、ut of the healthcare conversation for so long.Id caution investors,dont shy away from the hard science companies.Dont get so focused on treating women as consumers of healthcare that the only things being funded are direct to consumer products.Lets fund the companies that are working in the hard sci

15、ences and lets treat women as they should be treated,which is as stakeholders in this process and engaged in their healthcare,not simply consumers of it.”Somer BaburekCo-founder and CEOHera BiotechWomens health was seen as taboo even though its VCs job to invest in large markets and the data clearly

16、 showed this is a big market.But recently womens health has really taken its rightful place as a multibillion-dollar industry.It is no longer just about period tracking and reproductive health.Its not just about the needs of 50%of the population.Women are responsible for 80%of all dollars spent on h

17、ealthcare.This is a truly inclusive category.”Deena ShakirPartnerLux CapitalUnfortunately there has been a lack of transformative innovation in womens health.One issue that plagues the space is that,for some reason,weve normalized pain,repeated procedures and subpar outcomes.We are satisfied with ju

18、st“OK.This has to change.At its least,its an embarrassment.At its most,its an injustice.”Amar SawhneyCo-founder and CEORejoniAdvancing health equity among all populations,including women,should be a top priority for health care leaders and their organizations.It is essential to expand the availabili

19、ty of necessary diagnostics and therapeutics not only for reproductive health,but also for all medical conditions impacting women.Applying innovative solutions to address gaps in womens health care can and will help lead to better health outcomes for all.”Kate WallisVP Clinical InnovationPoint32Heal

20、thOur investment thesis spans from conditions only affecting women to conditions that disproportionally and differently affect women.Were very excited about the massive opportunity in womens health that is inclusive beyond reproductive health.”Jessica KarrFounding General PartnerCoyote VenturesAfter

21、 a long history of stigmatization and under-investment,womens health is at an exciting inflection point with increasing awareness,investment and innovation.There are significant needs-and therefore white space opportunities -everywhere you look,from reproductive health to broader conditions that aff

22、ect women.The potential for outsized returns makes womens health attractive not just for health equity,gender equity and overall societal impact,but financial returns as well.Alice ZhengPrincipalRH CapitalThe womens health category is just getting started.Early investors in Google and Facebook didnt

23、 have proof points on social networks and search engines,but they understood emerging trends and behaviors.The same mentality should be how investors now approach womens health.The emerging trends and behaviors are clear and we should all be running after it.The proof points will come.Big bets that

24、can unlock an arbitrage opportunity are the longstanding strategy of venture.”Naseem SayaniCo-founder and Managing Director Emmeline VenturesFour Predictions in Womens Health InnovationWomens Health:Past and PresentFundraising and InvestmentSpotlight:Womens Health Beyond FertilityExits:On Hold as a

25、Backlog Builds 5Innovation in Womens Health 2023A greater realization of the unmet health needs of women is driving investment and research toward non-reproduction focus areas.We expect this trend to accelerate as early adopters tout the benefits and importance of improved care for menopause,pelvic

26、floor health,incontinence,endometriosis and other issues that greatly impact both physical and mental well-being.Growth in Non-Reproduction Focus AreasWomens health solutions have leaned toward healthtech rather than life sciences.But not everything can be solved with an app.One roadblock to science

27、-based solutions has been the relative scarcity of clinical research and outcomes data.Thats beginning to change.As clinical trials move forward and more data becomes available,the clinical development of diagnostics,devices and therapeutics to address womens health issues will progress.Addressing U

28、nmet Needs with Life Sciences As an emerging space,womens health investment has skewed toward earlier stage companies about 50%of investment goes into early-stage deals compared to 40%for the broader healthcare sector.While we dont expect early stage deals to slow,we believe later stage deals will t

29、ake a larger share of investment as the sector matures and more companies demonstrate value.VC Investment TiltsToward Later StageThe massive market opportunity for womens health is too big to ignore,yet the cohort of investors devoted to the space is relatively small.We expect investment firms will

30、devote more resources and develop expertise in this undervalued segment,both from emerging managers choosing to specialize and general investors adding womens health into their investment theses.The Rise of Dedicated Womens Health Funds 6Innovation in Womens Health 20237Innovation in Womens Health 2

31、023We define womens health as healthtech1,biopharma,diagnostics/tools and medical device companies that address underserved care needs for women and individuals with female biologies.They address the following:8Innovation in Womens Health 2023Notes:1)Healthtech includes digital health companies and

32、tech-enabled healthcare services.We do not include companies that are solely consumer goods,such as The Honey Pot or Lola.2)Lists are not exhaustive.Source:Womens Health Access Matters,McKinsey Unlocking opportunities in womens healthcare.Conditions that are women-specific2Conditions that affect wom

33、en differently than menConditions that affect women disproportionallyConditions characterized by gender-based discrepancies in careContraceptionFertilityMaternal HealthMenopauseGynecologyWomens OncologyCardiovascular DiseasePainBehavioral HealthAlzheimers DiseaseRacial disparities and inequities in

34、womens healthConditions that affect women of color differently/disproportionallyAccess to care,quality of care,and affordability gaps experienced by women of colorLack of culturally competent care providersSystemic racism that impacts people of colors health and well-beingDiabetesMigrainesAutoimmune

35、 DiseaseOsteoporosisAnxiety and DepressionUrinary Tract InfectionsLung CancerCancerContraceptionAbortionLegislationThis year marks one year since the overturning of Roe v.Wade,30 years since women were required to be included in National Institutes of Health(NIH)clinical trials,63 years since the fi

36、rst contraceptive pill gained Food and Drug Administration(FDA)approval,and 100 years since the invention of the Pap smear.1Over the past century,our understanding of what constitutes womens health(WH)has evolved,expanding beyond just reproductive health to recognize all conditions impacting women d

37、ifferently or disproportionately.At the same time,medical,political and social advancements have contributed to improved health outcomes for women.Average life expectancy for US women has increased to 81,the five-year relative survival rate for localized breast cancer is 99%,and women under 35 under

38、going IVF have over a 50%success chance of treatment resulting in a live birth.But despite tremendous progress,disparities particularly for women of color,women in rural areas and women in poverty continue to persist.Despite womens inclusion in clinical trials,women are still underrepresented in the

39、m for diseases that disproportionally impact women,and there are still no requirements to report separate findings on thebasis of sex.Looking to the future,efforts to expand access to reproductive care continue through the Womens Health Protection Act introduced in the House this March and new techn

40、ologies,such as AI-aided ultrasounds,are capturing national interest.2000 Mifepristone is approved for medication abortion in the US,12 years after its original synthesis1977 FDA issues a policy recommending women of childbearing potential be excluded from Phase I and early Phase II drug trials 1960

41、 FDA approves the first oral contraceptive,Enovid(known as“the pill”)1973 Roe v.Wade:Supreme Court rules that the US Constitution generally protects the right to have an abortion1985 National Cancer Institute study finds lumpectomy and radiation as effective as mastectomy for treatment of many breas

42、t cancers1993 Congress passes the NIH Revitalization Act law,requiring that women be included in NIH-funded clinical trials2022 The Supreme Court in Dobbs v.Jackson Womens Health Organization overturns Roe v.Wade(1973)2023 FDA approves the first nonprescription daily oral contraceptive,Opill(norgest

43、rel)1994 BRCA 1 and BRCA 2 genes are identified as genetic mutations associated with breast cancer2006 FDA approves HPV vaccine Gardasil2015 The NIH Policy on Sex as a Biological Variable requires that sex differences be considered at the outset of clinical studies2010 Congress passes the Affordable

44、 Care Act,prohibiting sex discrimination in health insurance and requiring coverage of all preventative healthcare(including all FDA-approved forms of contraceptives)without copays19601968 FDA approves use of intrauterine devices(IUDs)1998-1999 FDA approves the first brands of emergency contraceptiv

45、e pills,Preven(98)and Plan B(99)2023 First Lady Jill Biden establishes the first-ever White House initiative on womens health research197019801990200020102020Note:1)Though findings relating to Pap smears were first published in 1928,the tests creation is dated back to 1923.Source:PitchBook and SVB a

46、nalysis.Penn Medicine,American Cancer Society,Society for Assisted Reproductive Technology,National Institutes of Health(NIH).9Innovation in Womens Health 20232021 Virtual care clinic Maven becomes first womens health unicornUS and European VC-Backed Companies with a Female Founder176%29%24%Womens H

47、ealthAll HealthcareAll Tech76%of womens health companies include a female founder,a rate 3x higher than the overall innovation ecosystem.Layers of Bias in Womens HealthSocial factorsMedical researchInvestor backingPatient careMisdiagnosisPain dismissedGender bias in provider payPower imbalance Aware

48、ness gapLower check sizesBias in valuationsAdded stress from gender rolesDomestic violenceDiscriminationPoor data qualityExclusions from clinical trialsUnderfundingNIH Funding For Disease by Sex Prevalence and Disease Burden260%+affected are female60%+affected are maleSize of disease burdenNote:1)Ve

49、nture-backed US and European company founders based on available records.2)Disease burden measured by disability-adjusted life expectancy.3)Study referenced in UBS Report“The funding gap.”Source:National Institutes of Health(NIH),Nature(Journal),Boston Consulting Group(BCG),PitchBookand SVB analysis

50、.10For founders of womens health companies,the entrenched stigmas and deep prejudices against women in society make the already difficult challenge of startup-building that much harder.Bias makes an impact at nearly every point on the value chain,from the underrepresentation in clinical research to

51、the quality of their healthcare.Increasingly,female founders are stepping up to solve these problems.In comparison to the entire healthcare industry and the wider tech industry,womens health companies have a significantly higher proportion of female founders.Over 76%of VC-backed womens health compan

52、ies have at least one female co-founder,a concentration three times higher than the broader innovation ecosystem.Startups with female founders tend to be undervalued compared to companies founded by men.Such a bias underscores the challenges female-focused companies continue to face in the male-domi

53、nated VC landscape,defying evidence that women-led companies perform better.A Boston Consulting Group study found that women founders generate twice as much revenue per funding dollar as men.3The same funding gaps that impact female founders also impact clinical research.NIH funding data shows that

54、womens health research is underfunded compared to conditions primarily affecting men.This likely results in an insufficient amount of trials and data that is collected,creating a headwind for companies in this space when trying to demonstrate the need for their product and when seeking investors,FDA

55、 approval and reimbursement.Innovation in Womens Health 2023AlcoholismADDDrug abuse(NIDA only)HIV/AIDSLiver cancerPreterm,low birth weightProstate cancerSubstance abuseAlzheimers diseaseAnxiety disordersArthritisBreast cancerDepressionHeadachesMental illnessMigrainesPerinatal conditions-$1,000M-$500

56、M$0M$500M$1,000M$1,500M$2,000M$2,500M$3,000M$3,500MFemale dominant conditions exhibit higher disease burden compared to male dominant conditions that receive similar levels of funding.Womens health has been a long overlooked segment within the larger healthcare ecosystem.Diseases affecting women are

57、 routinely underfunded and understudied compared to diseases impacting men.Yet the market opportunity for womens healthcare is massive and growing.Working-age US women collectively spend about$15 billion more than men on out-of-pocket healthcare costs per year,partly because of pregnancy and deliver

58、y costs,but also because women seek more treatment than men.1Today,more than 93%of US women are covered by a health insurance provider,up from 86%since the Affordable Care Act became law in 2010.These higher rates are improving patient outcomes by expanding access to preventive care and making neede

59、d medical procedures more affordable.However,disparities in the level of coverage contribute to unequal outcomes along racial and ethnic lines.Among the non-elderly population,66%of white women are covered by employer-sponsored plans and only 7%are uninsured.By contrast,45%of Hispanic women have emp

60、loyer-sponsored insurance while 22%are uninsured.One reason women spend more on healthcare is that it often takes longer to diagnose them.Studies show that women experience misdiagnosis at higher rates than men.Exacerbating this trend is the fact that female doctors are underrepresented(and underpai

61、d)in most fields.Men are the majority of physicians in 24 of 29 medical specialties,including 9 of the 10 highest paid.2The average urologist,for example,makes 50%more than the average OB-GYN.Health Insurance Coverage:US Women3US Average Total Healthcare Spending by Sex and AgeHealth Insurance Cover

62、age for Non-Elderly US Women by Race/Ethnicity4US Physician Pay by Gender and Specialty86%89%92%93%120M130M140M150M160M2010201420182022Number of women coveredPercentage of women coveredEmployer-sponsoredMedicaidOtherUninsured66%65%53%51%45%38%14%14%25%28%23%33%13%14%11%10%10%7%7%7%11%11%22%22%WhiteA

63、sianNHOPIBlackHispanicAIANMenWomen$2.6K$2.3K$3.4K$6.3K$10.3K$13.4K$2.2K$4.7K$5.9K$7.2K$10.1K$12.7KUnder 1919-3435-4445-5455-6465+AgeWomen have significantly higher health spending than men in their 20s,30s and 40s.2.1x1.7x1.1xNotes:1)According to Deloitte study“Hiding in Plain Sight:The Health Care

64、Gender Toll.”2)About 37%of doctors are women,up from 28%in 2008.However,women are a majority of med students.3)American Community Survey,one-year estimates.4)KFF estimates based on ACS data.NHOPI refers to Native Hawaiian and other Pacific Islander.AIAN refers to American Indian and Alaska Native.So

65、urce:US Census Bureau,Peterson-KFF Health System Tracker,Association of American Medical Colleges and SVB analysis.11Majority menMajority womenNumber of doctors in specialtyOrthopedicsUrologyPulmonary medicinePlastic surgeryOncologyFamily medicineDermatologyDiabetes and endocrinologyOB-GYNPediatrics

66、$100K$300K$500K$700K0%25%50%75%100%Percentage of female doctors in specialtyMale doctors hold the majority of positions in 9 of the 10 highest-paying specialties.Innovation in Womens Health 202312Innovation in Womens Health 2023Fund managers investing in womens health tend to fall into one of three

67、categories:1)firms exclusively investing in womens health,2)general firms investing in womens health deals that overlap a broader strategy or 3)healthcare VC firms with womens health as a dedicated focus area.For founders,the differences in these investor types tend to show up in the fundraising pro

68、cess.While specialized investors have the domain knowledge to understand the technical complexities,they often command smaller funds and therefore write smaller checks a factor that can prolong the fundraising timeline.This is particularly frustrating in capital-intensive areas such as biopharma.Alt

69、ernately,general investors may write larger checks,but their limited sector knowledge is a considerable,often insurmountable hurdle,especially for life science founders.The sweet spot for founders may be the third group:general healthcare funds with a dedicated womens health focus area.Midi Health,a

70、 perimenopause and menopause-focused company,banked$25 million in their GV-led Series A to build out virtual midlife care for women.Health-focused VC funds across the US and Europe have raised nearly$37 billion since the start of 2022,with much of it remaining undeployed.While only a handful of the

71、top-raising funds have participated in womens health deals,there are signs of momentum.Lux Capital,a prolific womens health investor,raised the largest health fund($1.2 billion)in 2023.US and Europe Fundraising:Healthcare VC and Growth Funds1Closed fundsFunds still raisingInvested in a womens health

72、 company$1.6B$4.2B$7.7B$17.4B$30.2B$25.0B$6.6B$8.6B2017201820192020202120222023$15.1B$6.6B The amount of new health-specific VC and growth capital raised so far in 2023,on par with 2019 levels.Notable firms by fund sizeNotable Investors in Womens Health8companies20companies21companies7companiesNote:

73、1)Firms headquartered in US and Europe with a focus area in the healthcare industry or on healthtech.Funds still raising includes announced funds that have not closed.Data as of 10/30/23.Source:Preqin,PitchBook and SVB analysis.13Notable CompaniesInnovation in Womens Health 2023-63%-4%-52%-13%-24%-4

74、3%-41%-13%Diagnostics/ToolsDeviceBiopharmaHealthtechAcross all stages and sectors,womens healthdeals have discounted valuations relative to healthcare deals overall.$511M$970M$889M$1.8B$1.9B$1.3B6996127155184128163201820192020202120222023As with most VC sectors,womens health has seen a drop in deal

75、activity this year compared to last,with deal counts down 12%year to date.However,investment dollars are up 8%relative to the first three quarters of 2022.Compared to the screeching slowdown happening to the innovation economy broadly,womens health is seeing more of a speed bump.The current pace wou

76、ld make this year the third best funding year on record for the space.Investment has been building for years,with deal counts up 314%since 2018,compared to 28%in healthcare overall.This increase in demand along with rising inflation resulted in increasing seed stage valuations for womens health comp

77、anies in recent years,in line with all healthcare companies.However,that trend backslid this year,with the median valuation falling 16%to 2021 levels.What is more surprising is the consistency with which womens health companies are valued lower than healthcare companies overall.This discount is appl

78、ied to womens health companies regardless of stage or focus area.One reason for the lower valuations could be the lack of data collection on womens health conditions.This is a roadblock when it comes to convincing investors there is a need,accurately estimating market size,receiving FDA approval and

79、 getting reimbursement in unchartered waters.However,there are promising signs of a changing tide most clearly demonstrated by the White House initiative on womens health research,which aims to close the research gaps in the space.VC Investment in Womens Health Companies(US and Europe)1Median Pre-Mo

80、ney Valuations for Seed Stage CompaniesChange in VC Investment Since 2018Median Valuation Discount for Womens Health vs all Healthcare Since 2019$1.7BCapital investedDealsEstimateAll healthcareWomens health314%28%-100%0%100%200%300%400%H1H2H1H2H1H2H1H2H1H2H1201820192020202120222023All healthcareWome

81、ns health$3.3M$5.0M$5.2M$8.0M$9.6M$8.0M$8.0M$8.0M$8.0M$10.0M$11.8M$10.0M201820192020202120222023Early stageLate stageNote:1)Investments include venture-backed deals in US-,EU-and UK-based companies.Data is through Q3 2023.Source:PitchBook and SVB analysis.14Innovation in Womens Health 2023The womens

82、 health space has long been led by the healthtech sector.Successful healthtech companies such as Maven(the first unicorn in womens health)and Kindbody are among the most recognized and highly valued womens health startups.While healthtech leads the womens health space,there is an underrepresentation

83、 of the life sciences(biopharma,diagnostics/tools and devices).Life sciences comprise 66%of overall healthcare deals but only 46%of womens health deals.Recently,however,biopharma is seeing impressive increases in investment.Just a few years ago the segment amounted to a small fraction of overall wom

84、ens health investment,but it has emerged as the top funded subsector over the last four quarters with an average investment in that period of$182 million per quarter,dwarfing the prior 15-quarter average of$36 million.The life sciences face an uphill battle in womens health because of the lack of cl

85、inical trial data on women.This lack of data stems from women being largely excluded from clinical trials up until 1993,due to concerns about the added complication of pregnancy.Companies may find success in bringing proven,de-risked science from non-womens health indications to the womens health sp

86、ace.Therapeutics,devices and diagnostics that can quickly and clearly demonstrate efficacy(including lowered costs and improved outcomes)may see quicker paths to clinical development and reimbursement.As clinical trials move forward and more data becomes available,we expect to see more life science

87、investment in the womens health space.VC Investment Dollars in Womens Health,US and Europe1BiopharmaHealthtechDeviceDiagnostics/Tools9Number of deals91010121420161918212922382920193123143424352226537656485104886589755410118101512108107$0M$100M$200M$300M$400M$500M$600M$700M$800MQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3

88、Q4Q1Q2Q3Q4Q1Q2Q320192020202120222023BiopharmaHealthtechDeviceDiagnostics/Tools2023 Notable Deals15Note:1)Investments include venture-backed deals in US-,EU-and UK-based companies.Data is through Q3 2023.Source:PitchBook and SVB analysis.Innovation in Womens Health 202316Innovation in Womens Health 2

89、023The womens health industry has long been constricted by the prevailing misconception that womens health is solely focused on fertility and pregnancy.Consequently,fertility and pregnancy-focused companies have earned the majority of attention and investment in the womens health space.However,in re

90、cent years,the tides are changing,and investors are warming up to the untapped opportunity to serve the vast spectrum of womens health concerns across their full life courses.This year saw record investment into non-reproduction companies,with$435 million invested in Q3 2023 alone,a single-quarter r

91、ecord.Big fertility and pregnancy players Maven and Kindbody recently expanded their platforms into menopause and mental healthcare.Companies like Gameto are studying ovaries beyond reproductive years and aiming to delay menopause through regenerative medicine.There is clearly a huge white space opp

92、ortunity to fill gaps in womens healthcare outside of the fertility and pregnancy spaces.One notable opportunity is in conditions that are disproportionately or differently impacting women,such as cardiovascular disease and mental healthcare.Unfortunately,because research today still lacks sex-based

93、 analysis of data,there are gaps in our medical knowledge of these conditions and their female-specific impacts.As the gaps and their health impacts are better studied,diagnosed and understood,we expect for more companies and investors to capitalize on this opportunity.50 Largest Womens Health Deals

94、 by Indication1OncologyPregnancyFertilityAdvanced primary care and gynecologyPlatformOtherPelvic healthMenopause17Note:1)Venture-backed deals in US-,EU-and UK-based companies since 2015.Data is through Q3 2023.“Other”includes any womens health area outside of pregnancy and fertility,including menopa

95、use,endometriosis,oncology,mental health,etc.Source:PitchBook and SVB analysis.Innovation in Womens Health 2023$35MAdolescents and Young AdultsPuberty 24Middle Years25 50Later Years51+PregnancyOncologyFertilityPelvic healthSexual and reproductive healthAdvanced primary care and gynecologyPlatformMen

96、opauseMenstruationBreastfeedingFamily supportHPVMental healthHormone healthDermatology$13M$19M$49M$84M$91M$194M$196M$223M$325M$594M$637M$755M$1,167M$1,238M$1,358MNotable Companies1VC Investment Since 201923 18Notes:1)Non-exhaustive examples.2)Investments include venture-backed deals in US-,EU-and UK

97、-based companies.Data is through Q3 2023.3)Herself health focuses on primary care for women ages 65+.Source:PitchBook and SVB analysis.Innovation in Womens Health 2023Despite virtually all women eventually going through“the change,”taboos around menopause persist.Less than one-third of women report

98、talking about menopause symptoms with their healthcare providers,and even fewer report speaking about menopause with their friends or family.For years,hormone replacement therapy(HRT)was the only clinically proven treatment for menopause symptoms.But as the association between HRT and breast cancer

99、fell out of favor,a lack of substitute treatments left a care gap behind.This is evident in the fact that most(73%)menopausal women are not seeking help for their symptoms.Taking note of this opportunity,companies like Embrare embracing cutting-edge tech such as wearables capable of regulating hot f

100、lashes.And increasingly,platform providers such as Kindbodyand Maven are expanding their scope of practice to include menopause and perimenopause care.Additionally,investment in menopause increased 2x between 2021 and 2022 with investment on pace to exceed 2022 levels this year.Together,these effort

101、s recognize menopause as a condition warranting attention,rather than merely a state women must endure.Left untreated,menopause symptoms including hot flashes(16%),vaginal dryness(12%),brain fog(10%),insomnia(14%)and anxiety,can have significant impacts on womens day-to-day well-being and productivi

102、ty.Today,menopausal women account for 20%of the US workforce,and according to Mayo Clinic,costs associated with lost work productivity due to menopause total$1.8 billion annually.$22M$32M$33M$69M$66M681010620192020202120222023of women worldwide are postmenopausalaverage age for onset of menopauselos

103、t wages per year due to menopausewomen in the US reach menopause each yearMenopause StatsMenopause Investment and Deal Count126%51$1.8B1.3MTotal dollars investedNumber of dealsBiopharmaDeviceHealthtech05/06/2022,$3M05/08/2023,$35M05/12/2021,$7M04/06/2022,$29M09/27/2023,$25M03/19/2021,$4M05/17/2019,$

104、8M10/01/2019,$6M08/10/2021,$4M02/10/2022,$12M10/18/2021,$4MNotable DealsNote:1)Investments include venture-backed deals in US-,EU-and UK-based companies.Data is through Q3 2023.Source:PitchBook,SVB analysis,Mayo Clinic“Impact of Menopause Symptoms on Women in the Workplace,”Bonafide“State of Menopau

105、se.”19Innovation in Womens Health 202320Innovation in Womens Health 2023$236M$144M$67M$47M$29M$60M$26M$1M$23M$6M-100%-75%-50%-25%0%As the VC downturn persists,exit-ready womens health companies are stacking up,but exit opportunities are limited.In keeping with the broader trend in the innovation eco

106、system,depressed valuations are keeping the IPO window latched.Among the five VC-backed womens health companies that went public since 2018,all have lost at least 50%of their peak value.Sera Prognostics,the highest valued of this cohort,has seen 74%of its market cap evaporate since January 2022.The

107、struggle of these recently IPOdcompanies isnt unique to the space,but it is having a knock-on effect on valuations earlier in the VC life cycle.M&A buyers are seizing the opportunity to acquire customers and products at a discount.Fifteen womens health companies have been acquired in the past two ye

108、ars more deals than inthe prior four years combined.None of the five womens health acquisitions this year have disclosed details,a sign that often means terms favored the buyer.In some cases,other VC-backed companies are doing the buying.In March,the womens health clinic Maven bought the London-base

109、d digital clinic Naytal.The undisclosed deal is an example of the kind of growth strategies late-stage companies are deploying.Maven,last valued at$1.35 billion,is one of six womens health companies valued at over$500 million that may be looking to exit in the not-distant future.We expect consolidat

110、ion to continue as companies struggle with valuations and seek partners in an effort to control their own destinies.Point solution fatigue is also likely to contribute to deal activity as platforms consolidate.VC-Backed Womens Health Exits1Change in Market Cap for Public Womens Health Companies25134

111、10512320172018201920202021202220232023 Acquisitions in Womens HealthTargetBuyerDeal sizeTotal raisedFocus arean/d$107MPelvic healthn/d$72MFertilityn/d$53MSexual health and reproductive healthn/d$500KFertilityn/d$4.5MWomens mental health$0.0B$0.2B$0.4B$0.6B$0.8B$1.0B$1.2B$1.4B123456789Years since fou

112、ndingTop Womens Health Startups by Valuation Since Founding2M&AIPOVC-backed acquirerNov 2023Size of Market CapJan 202221Notes:1)In US and Europe.IPOs include SPAC exits.2)Years since founding calculated from January of founding year to most recent deal.Source:S&P Capital IQ,PitchBook and SVB analysi

113、s.-74%-82%-99%-51%-80%Innovation in Womens Health 2023See complete disclaimers on following page.2023 First-Citizens Bank&Trust Company.Silicon Valley Bank,a division of First-Citizens Bank&Trust Company.Member FDIC.3003 Tasman Drive,Santa Clara,CA 95054 Silicon Valley Bank(SVB),a division of First-

114、Citizens Bank,is the bank of some of the worlds most innovative companies and investors.SVB provides commercial and private banking to individuals and companies in the technology,life science and healthcare,private equity,venture capital and premium wine industries.SVB operates in centers of innovat

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116、FDIC.Learn more .#SVBHealthcareSilicon Valley B22Innovation in Womens Health 2023The views expressed in this report are solely those of the authors and do not necessarily reflect the views of SVB.This material,including without limitation to the statistical information herein,is provided for informa

117、tional purposes only.The material is based in part on information from third-party sources that we believe to be reliable but which has not been independently verified by us,and,as such,we do not represent the information is accurate or complete.The information should not be viewed as tax,accounting

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119、uire or dispose of any investment,or to engage in any other transaction.All non-SVB named companies listed throughout this document,as represented with the various statistical,thoughts,analysis and insights shared in this document,are independent third parties and are not affiliated with Silicon Val

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121、:2023 First-Citizens Bank&Trust Company.Silicon Valley Bank,a division of First-Citizens Bank&Trust Company.Member FDIC.3003 Tasman Drive,Santa Clara,CA 95054Are not insured by the FDIC or any other federal government agencyAre not deposits of or guaranteed by a bankMay lose value23Innovation in Womens Health 2023