There’s a truth in health innovation: “Where data meets intent, change follows.” The latest Galen Growth report—FemTech 2.0: Doubling Down on Growth—is not just another data drop into the expanding ocean of digital health statistics. It’s a clarion call, a meticulously mapped road forward. It tells us that the investment conversation around FemTech is evolving from app hype and pink-washed branding to clinical reality, infrastructure integration, equitable access and a vision for ROI.

With nearly 1,000 active ventures, a decade trajectory of expansion, and $2.2 billion in funding in 2024 alone, FemTech is shedding its early identity as a fertility-and-fitbit category. As Galen Growth CEO, Julien de Salaberry, reinforces, “FemTech is no longer a fringe movement – it’s an essential component of public health and economic equity.” The question we now face isn’t if FemTech matters, but how we scale it to truly serve women’s health needs across the lifespan.

The FemTech Foundation—and Fault Lines

In 2015, fewer than 300 ventures focused on women’s health existed. That number has tripled to 942, according to the Galen Growth HealthTech Alpha™ platform. These ventures now span the female health continuum—gynecology, menopause, oncology, cardiovascular disease, mental health and beyond.

Yet the investment tide has not fully turned in FemTech’s favor. While partnerships have risen 15.3-fold during the past decade, capital deployment has grown only 1.4 times. Compare that to the 2.6x expansion of digital health investments. In 2024, FemTech secured $2.2 billion in funding, a sliver of the $26 billion digital-health pie.

This disparity isn’t due to a lack of innovation—quite the opposite. The problem is systemic: funding gaps, policy voids, and clinical blind spots that overlook the $360 billion “ghost market” of women’s health. That phrase— “ghost market”—is the report’s haunting term for the opportunities left untouched by current investors and providers alike.

From Fertility to Full Spectrum

One of the report’s most critical takeaways is how much the FemTech category is maturing. Fertility tracking and pregnancy apps put the field on the map. But FemTech today is far more.  It recognizes the vast need for medicine to engage with women’s unique health needs, long unaddressed.

The Galen Growth data shows that while gynecology and oncology account for more than half of all FemTech ventures, menopause, chronic pain, autoimmune conditions, cardiovascular disease and mental health are surging into the investment and innovation spotlight. These are not “niche” categories—they represent common, often underdiagnosed or misdiagnosed conditions that disproportionately affect women and impair their quality of life.

This expansion reflects a growing recognition that women’s health is not a subset—it’s a central pillar of public health. As de Salaberry writes in a soon-to-appear Health Tech World byline: “To be transformative, FemTech must address the entirety of the women’s health continuum, including those therapeutic areas that are not traditionally branded as female-specific but affect women in distinct ways.”

Twice the Clinical Evidence—But Still Under Scrutiny

Perhaps the report’s most sobering—and telling—data point is that FemTech ventures generate nearly twice the volume of clinical trials, peer-reviewed research, and regulatory filings as their digital health peers. Twice. That’s not due to past scientific rigor; these companies are held to a higher standard. Founders and advocates must go the extra mile to validate the clinical value of their solutions.

Despite this, systemic barriers remain. The report shows 71 percent of early-stage FemTech ventures struggle to raise a Series A round. Funding the “middle”—those post-seed but pre-scaleup companies—is an urgent priority. Without it, too many promising solutions will stall before reaching the women who need them.

Let’s be clear: this isn’t just about meeting investor milestones. It’s about delivering equity in care. Cardiovascular disease is the leading cause of death among women, yet it remains underrepresented in FemTech portfolios. Alzheimer’s and autoimmune conditions disproportionately affect women, yet receive comparatively little innovation focus.

Those are not oversight gaps. They are deep, systemic failures – disparities in our health innovation system.

From Direct-to-Consumer to Deep Health Integration

Another significant signal of maturity is the shift away from pure direct-to-consumer (DTC) models. In 2024, 42 percent of FemTech partnerships involved health systems, up from just 10 percent in 2020. That’s a tectonic shift from point solutions to systemic integration.

As de Salaberry puts it, “DTC strategies alone cannot reach underserved populations or secure the reimbursement pathways necessary for scale.” Systemic integration—through payers, providers, and public institutions—is essential for sustainability and access. FemTech must live where care happens, not just on consumers’ cell phones.

Regionally, the picture is just as telling, with Europe leading in clinical rigor, with 50 percent of FemTech ventures demonstrating proven clinical strength. North America leads in funding ($1.3B), while Asia-Pacific remains a hub of AI-driven diagnostics, even amid a dip in capital investment. These trends point to what’s next: a future driven by localization, clinical excellence and technology convergence.

Forces Shaping the Future of FemTech

The report outlines five key factors shaping the FemTech evolution during the next five years. They’re worth noting for anyone investing, innovating or advocating for equitable care with an eye toward return on investment:

• Redefining the Scope: FemTech must look beyond reproductive health to address chronic diseases, aging, and behavioral health.
• Breaking the DTC Mold: Success will be defined by integrated partnerships with employers, insurers, and health systems.
• Balancing Rigor and Agility: Regulatory requirements must support innovation without stifling it.
• Funding the Growth Gap: Series A and B support is critical to help early innovators scale.
• Smart Consolidation: M&A isn’t just about exits—it’s about building category leaders with breadth and credibility.

Infrastructure, Not Hype

The key here is infrastructure. FemTech is not a trend—it’s the scaffolding of women’s health innovation. Investors need to hear that message and invest to make this population health category viable.

With nearly half the global workforce made up of women, the ROI on women’s health is not just moral—it’s macroeconomic. The health ecosystem can no longer afford to treat women’s health as an edge case. It is, in fact, the core of population health.

FemTech’s next chapter will be shaped by evidence, equity and integration. It must also be underpinned by trust from payers, providers, and patients. That trust is earned through data, outcomes and the bold assertion that women’s health is health, full stop. This Galen Growth Report goes a long way to demonstrating the positive outcomes when innovation and investment converge.

As Julien de Salaberry wisely states: “The next generation of Femtech isn’t about visibility—it’s about value, integration, and health systems impact.” That’s not just a forecast—it’s a framework for what’s next.

[Editor’s Note: For a deeper dive into the Galen Growth FemTech 2025 report, visit galengrowth.com. The full report and press release, are available now.]