Is the Femtech Market growing now?

Why is it so hard to know whether femtech is growing?

The femtech market is growing today, but the headline numbers can exaggerate that growth because nobody agrees on exactly where femtech ends and the broader women’s-health market begins.

That definition has stretched considerably. A narrow view covers products built specifically around female biology or reproductive health: fertility, contraception, periods, pregnancy, menopause, endometriosis, pelvic health and hormone monitoring. Broader women’s-health datasets now include breast cancer, cardiology, metabolic care, mental health, general virtual care and other businesses that treat conditions affecting both women and men.

That difference changes the answer. Silicon Valley Bank’s 2026 report counted about $2 billion of US and European women’s-health venture investment in 2025. Our narrower review of publicly disclosed rounds involving companies focused on female-specific or reproductive health found $445.5 million across 27 companies over roughly a year. Neither number is necessarily wrong; they measure different markets.

So we get a cleaner answer by looking beyond a single market-size estimate. Funding, paid usage, insurance coverage, employer adoption, revenue and new products all need to be moving in roughly the same direction. Right now, most of them are.

If you want more recent data on this point, please see our latest femtech market report.

Is femtech funding actually going up right now?

Femtech funding is picking up again now, although broad women’s-health funding is recovering faster than narrow pure-play femtech funding.

Silicon Valley Bank recorded about $2 billion of women’s-health venture investment across the US and Europe in 2025. That was below the previous peak, but SVB’s deals identified through mid-May pointed to a rebound in both dollars and deal volume during 2026.

The more recent quarterly numbers support that direction. FutureFemHealth tracked $738.8 million across 40 women’s-health rounds in Q2 2026. Its weekly tracking then found that July had already produced more funding announcements than June before the month was over.

We have to strip some of the excitement out of the $738.8 million headline. CREATE Medicines raised $122 million and Nourish raised $100 million, and neither is a pure-play femtech company. Those two deals alone contributed 30% of the quarter.

Our stricter femtech dataset gives the useful counterweight. Across 27 disclosed female-specific or reproductive-health rounds of at least $300,000, companies raised $445.5 million. The median round was $8 million. That looks like an active venture category, though still a relatively small one.

Funding view	What it shows	Read on the market
SVB women’s health	About $2B invested in 2025; 2026 rebound projected	Broad sector recovering
FutureFemHealth Q2 2026	$738.8M across 40 rounds	Strong current activity
Two largest Q2 rounds	$222M, or about 30% of Q2 capital	Broad definition inflates the headline
Narrow femtech audit	$445.5M across 27 companies	Pure femtech remains much smaller

Are investors funding more femtech companies, or just a few big winners?

Investors are backing a wider range of femtech companies these days, but the biggest rounds still absorb a huge share of the money.

Our narrow funding review found that the three largest rounds accounted for 44% of all disclosed capital and the ten largest accounted for 82%. The average round was $16.5 million while the median was only $8 million. That gap tells us immediately that a small group of companies pulls the average upward.

Recent deals are nevertheless spreading across more problems. In June, Clair Health raised $11.6 million for continuous non-invasive hormone monitoring, Rejoni raised $25 million for its uterine hydrogel system, Mammogen raised up to $30 million for an RNA-based breast-cancer blood test, and Materna Medical raised $5 million for pelvic-health devices.

The activity continued into July. Juno Bio raised $3.8 million and opened a CLIA-certified sequencing lab focused on women’s health. The American Baby Company raised $4 million around lower-cost IVF clinics. Menstrual-health company DITTO raised $6 million. FutureFemHealth’s tracker said July funding announcements had already overtaken June before July ended.

That mix looks healthier than a market where every dollar goes into another fertility app. Capital is still concentrated, but investors are clearly willing to fund a wider set of problems.

Are femtech companies actually making serious money yet?

Several femtech companies are making serious money now, and this is probably the strongest evidence that the market has moved beyond startup hype.

Progyny gives us the cleanest public numbers. Its latest quarterly filing showed $350.5 million of revenue, up 5% year over year. Excluding a large former client that was still contributing revenue in the comparison period, growth was 11%. Gross profit rose 13% and adjusted EBITDA reached $62.1 million. The company now serves about 7.2 million members.

Midi Health shows what can happen in a newer category. The menopause and midlife-care company went from roughly a $60 million annual revenue run rate at the end of 2024 to about $150 million later in 2025, according to figures its CEO gave Business Insider. It was treating around 20,000 patients each week. Midi subsequently raised another $100 million and reached unicorn status.

Other models have also reached substantial scale. Pomelo Care said it covered more than 25 million lives when it raised its Series C. Maven says its family and women’s-health platform reaches about 28 million lives across more than 175 countries.

These businesses make money in very different ways: employer benefits, insurance-backed medical care and health-plan contracts. We now have multiple femtech models operating at a scale that would have been unusual a few years ago.

Company	Business model	Recent scale
Progyny	Fertility and family-building benefits	$350.5M quarterly revenue; about 7.2M members
Midi Health	Insured menopause and midlife care	About $150M annual revenue run rate
Pomelo Care	Maternal and family care	More than 25M covered lives
Maven	Employer and health-plan women’s health	About 28M covered lives

Is menopause the fastest-growing part of femtech now?

Menopause is one of the fastest-growing parts of femtech right now because patient behavior, medical treatment and startup activity are all changing at the same time.

The shift in actual treatment is striking. Epic Research studied more than 24 million women aged 50 to 65 and found that HRT prescribing rose from 29.3 prescriptions per 1,000 women in Q2 2021 to 50.4 in Q3 2025. Its updated data through the end of 2025 put the increase at 86% from the 2021 low.

Startup funding followed. A recent audit of six US menopause-specialist care companies found at least $343.5 million raised across 14 publicly disclosed financing events since 2019. Midi alone accounted for about 73% of that total, so this is hardly an evenly distributed boom. Still, investors have now funded several different approaches including virtual clinical care, bone health, hormone therapy and midlife prevention.

Osteoboost is a good example of how the category is expanding. The company raised $8 million this year for an FDA-cleared wearable aimed at treating low bone density in post-menopausal women with osteopenia. That looks very different from the first wave of menopause startups built mainly around information, supplements and telehealth.

Menopause has become a real healthcare category for investors because women are already seeking more treatment. Startups are following an underlying change in clinical demand rather than trying to manufacture one.

If you want more recent data on this point, please see our latest femtech market report.

Is fertility still carrying the femtech market?

Fertility is still femtech’s most proven commercial category, but it no longer carries the whole market.

Progyny’s latest numbers show how mature fertility benefits have become. Average eligible membership rose 6.6% year over year to about 7.2 million. The company had 604 clients, up from 542. Fertility-benefit revenue grew 8%.

The interesting part is what did not grow much: Progyny members completed 16,998 assisted-reproduction cycles in the quarter versus 16,938 a year earlier. Revenue and membership increased while ART cycles were basically flat.

That tells us fertility businesses can now grow through broader coverage, more clients, consultations, genetic testing, pharmacy services and other family-building benefits rather than relying on a constant surge in IVF cycles.

Fertility also continues to produce new business models. The American Baby Company recently raised $4 million to launch clinics advertising IVF at $8,995 and egg freezing at $4,995 including medications. ONTO Health raised $20 million to expand an AI-enabled fertility-care platform in the US and Gulf markets. Rejoni raised $25 million for a device designed to reduce uterine adhesions after surgery.

Fertility remains the commercial backbone of femtech, while more of the incremental growth is now appearing around it.

Are employers still spending more on women’s health benefits?

Employers are still adding women’s-health benefits today, and fertility has moved unusually close to becoming a standard benefit at very large US companies.

Mercer’s newest employer data show that 50% of large companies now cover IVF. Among companies with at least 20,000 employees, the figure has reached 77%.

The longer trend is even clearer. Only 22% of large employers covered IVF in 2019. Coverage reached 47% by 2024 and has now crossed 50%. At the largest companies, it went from 62% to 70% in a single year before reaching the current 77%.

Employers have also moved into areas that barely existed as benefits several years ago. Mercer found that 18% of large employers planned menopause-specific resources for 2025, versus 4% in 2023. Its survey also found 35% planning pre-conception support.

There is a useful constraint here. Employer healthcare costs keep rising, and companies are becoming more aggressive about controlling spending. A specialized women’s-health provider increasingly has to show that it improves outcomes, reduces expensive complications or makes care easier to navigate.

Femtech companies are winning budget inside a tougher benefits market. That makes the continued adoption more convincing.

Is insurance finally making femtech easier to scale?

Insurance is making clinical femtech much easier to scale, although reimbursement still determines which companies can reach millions of women and which stay premium consumer services.

Midi Health accepts many commercial insurance plans and has built much of its growth around reimbursed medical visits. That helped the company move from a relatively small virtual menopause clinic to tens of thousands of weekly patient visits.

Visana Health has taken the payer route even more directly. When it announced a $24 million financing, the company said its health-plan partners represented more than 35 million covered lives and that more than 40 employer customers covered another one million people.

Medical devices are entering the reimbursement system too. Materna Medical now has a reimbursement code connected with its obstetrical technology while it prepares for a pivotal clinical-trial readout and builds manufacturing capacity.

Coverage remains patchy. Commercial insurance can pay for a service while Medicaid, Medicare or another insurer does not. Different states and health plans can also treat the same service differently.

Even with those gaps, femtech increasingly looks like normal healthcare. The companies reaching scale are learning how to get insurers, employers and health plans to pay rather than depending entirely on women paying out of pocket.

Are women actually paying for femtech products themselves?

Women are paying directly for femtech products at real scale, but the strongest consumer businesses solve problems that bring users back constantly.

Flo is the obvious example. At its last major disclosure, the reproductive-health app had around 70 million monthly active users, five million paying subscribers and nearly $200 million in expected annual subscription revenue. Very few health apps ever turn free users into several million paying subscribers.

Natural Cycles has also built a paid consumer business around a frequent need: contraception and fertility planning. Its regulated app can now pull temperature data directly from devices such as the Oura Ring rather than asking users to measure manually every morning.

There is fresh demand for more specialized hardware too. Clair Health raised $11.6 million for a wrist-worn system designed to estimate female hormone changes continuously. According to Fortune, its first 5,000-device presale sold out and more than 25,000 people had joined the waitlist.

Those examples have something in common. The product becomes useful repeatedly: every cycle, every night or every day. Femtech products bought once for an occasional health problem have a much harder time producing the subscription economics that made Flo successful.

Are Oura and WHOOP making femtech mainstream?

Oura and WHOOP are making women’s-health technology much more mainstream by putting reproductive features inside products that millions of people already use for sleep, fitness and recovery.

Oura now offers cycle insights and fertile-window features, connects directly with Natural Cycles and has expanded its research into pregnancy, conception and perimenopause. Temperature readings collected automatically during sleep can feed into fertility calculations without requiring a separate thermometer or dedicated femtech device.

WHOOP has gone even further commercially. Eligible new members can now receive a year of Natural Cycles with their membership. A reproductive-health service has effectively become one feature in a mainstream wearable bundle.

The direction is useful for understanding where femtech goes next. Women may increasingly get cycle, fertility, pregnancy and menopause features from the same device they use to monitor sleep or exercise.

That could make the femtech label less visible while the underlying market gets larger.

If you want more recent data on this point, please see our latest femtech market report.

Is AI actually making femtech better, or just more expensive?

AI is improving some femtech products today, especially diagnostics, but investors are already giving AI-enabled women’s-health startups a valuation premium that looks much easier to prove on a spreadsheet than in a clinic.

Silicon Valley Bank found a median pre-money valuation of roughly $35 million for AI-enabled women’s-health companies, almost three times the sector median. Several years ago, that valuation gap barely existed.

Some companies give us a good reason for the premium. ScreenPoint Medical uses AI in breast imaging and says its technology has processed roughly 12 million mammograms across more than 30 countries. BrightHeart has received FDA clearance for AI used in fetal-ultrasound interpretation.

These products use AI inside an existing medical workflow where accuracy, speed or clinician capacity can actually be measured. That gives us something concrete to judge.

The shakier end of the market is easier to spot as well. Adding an AI assistant to a menopause app, fertility platform or health-information service does not automatically create a medical advantage that competitors cannot copy.

Investors are paying heavily for AI in women’s health right now. The technology looks genuinely useful in diagnostics and clinical prediction; the valuation premium across the entire category is much harder to defend.

Is femtech finally moving beyond periods and fertility?

Femtech has clearly moved beyond periods and fertility, with some of the freshest funding now going into hormones, pelvic health, cancer detection, bone health and endometriosis.

Consider the mix of recent rounds. Mammogen raised up to $30 million for an RNA-based blood test aimed at earlier breast-cancer detection. Osteoboost raised $8 million for post-menopausal bone health. Materna Medical raised $5 million around pelvic and obstetrical devices. Juno Bio raised $3.8 million around vaginal microbiome testing. DITTO raised $6 million for menstrual-health products and research.

Clair Health is taking another route with continuous hormone monitoring. Its system aims to infer changes in estrogen, progesterone, LH and FSH from a wrist-worn device rather than occasional blood draws.

Pharmaceutical companies are looking further into female biology as well. Gedeon Richter acquired Celmatix’s discovery portfolio this year, including programs related to fertility, endometriosis and ovarian ageing.

Five years ago, many people could reasonably hear “femtech” and think mainly about cycle trackers and fertility apps. That description no longer captures where companies are being built.

Can privacy and regulation still slow femtech down?

Privacy and regulation can still slow femtech companies down, especially when reproductive data or medical claims are involved, but stronger rules are also making serious clinical products harder to copy.

Flo learned the privacy side painfully. The US Federal Trade Commission previously took action over the way sensitive health information was shared with outside analytics and marketing providers. More recently, Google and Flo agreed to a combined $56 million settlement of privacy claims related to the period-tracking app, without that settlement amount implying that every allegation was admitted.

For a reproductive-health company, a data mistake carries much more weight than an ordinary consumer-app privacy dispute. Cycle history, pregnancies, fertility intentions and hormonal information can be among the most sensitive data a person generates.

Clinical regulation creates the opposite effect for companies that clear the bar. Natural Cycles is regulated by the FDA as a Class II medical device. Osteoboost has an FDA-cleared device for low bone density. BrightHeart has FDA-cleared fetal-ultrasound AI.

Approval takes time and money, but once a femtech product can make a regulated medical claim, a new app cannot simply copy the interface and claim the same thing.

The market is becoming harder for casual wellness startups and more attractive for companies willing to build real medical products.

If you want more recent data on this point, please see our latest femtech market report.

Why do so many femtech startups still struggle even when demand is growing?

A lot of femtech startups still struggle because healthcare businesses can grow their patient base while losing money on every layer of delivery.

Tia is a useful warning. The women’s-health company raised around $150 million and expanded a network of physical and virtual clinics, then cut about 23% of its workforce in 2025. Reporting around the layoffs pointed to labor costs, reimbursement pressure and investor demands for a faster route to profitability.

Kindbody ran into a different version of the same problem. The fertility company expanded aggressively, raised large amounts of capital and built clinics across the US, then closed several locations and went through leadership and financing turbulence.

Early-stage funding has its own bottleneck. Silicon Valley Bank says access to capital remains difficult for young women’s-health companies even while total sector investment improves. Raising enough money to build a product is much easier than financing years of clinical validation, insurance contracting and care delivery.

There is at least more acquisition activity these days. FutureFemHealth counted more than 30 women’s-health acquisitions during the first half of 2026, alongside two huge healthcare transactions with significant women’s-health exposure. Smaller deals have included fertility infrastructure, maternal mental health, pelvic-floor technology and women’s-health telemedicine.

Growing demand does not guarantee a good startup. Femtech is becoming a more serious market partly because weak economics are being punished faster.

Is there still enough unmet demand to keep femtech growing?

Yes, the unmet demand in femtech is still large enough to support years of growth, particularly outside the fertility services that have already become relatively mature.

Coverage remains far from complete. Half of large US employers now cover IVF, which also means half still do not. Among smaller employers, the coverage rate is much lower. Menopause support has grown quickly but still reaches only a minority of employees through dedicated workplace benefits.

Clinical gaps are even broader. Endometriosis, pelvic-floor disorders, menopause, maternal complications and female cardiovascular disease all affect large populations while receiving much less specialized product development than their prevalence would suggest.

Capital still looks small beside the underlying healthcare burden. SVB says $6.2 billion of venture capital has gone into companies addressing conditions unique to women since 2019. In healthcare venture terms, that is meaningful but hardly enormous across seven years and hundreds of potential indications.

The opportunity is also spreading geographically. Women’s-health startups are appearing across Europe, Asia, Africa and Latin America, while large platforms such as Maven already operate across more than 175 countries. Commercial models will differ by country because the US employer-benefits system cannot simply be exported everywhere.

Public and philanthropic money is filling some of the science gap as well. The Gates Foundation has committed $2.5 billion through 2030 to women’s-health research and development across more than 40 innovation areas. That commitment alone is large relative to annual private femtech venture funding.

Femtech currently has the useful combination of a market that has already produced sizable companies and large areas of healthcare that remain poorly served. There is still plenty left to build.

So, is the femtech market growing now?

Yes. The femtech market is genuinely growing now, although the cleanest growth is happening in commercial healthcare rather than in the broad market-size numbers often used to promote the sector.

We see it in several places at once. Employer IVF coverage has more than doubled over several years. HRT prescribing has risen sharply. Insurers and health plans are distributing specialized women’s-health services to millions of members. Publicly reported companies are producing hundreds of millions of dollars in revenue. Consumer products can reach millions of paying users. New funding is spreading into hormone monitoring, pelvic health, diagnostics, menopause and endometriosis.

Funding deserves a more careful verdict. Broad women’s-health datasets are recovering strongly and current deal activity is healthy. Pure-play femtech remains a much smaller venture category, and a handful of large rounds still account for a disproportionate amount of capital.

Commercial discipline is tougher too. Clinic-heavy businesses such as Tia and Kindbody have shown how quickly growth can run into bad unit economics. Series A financing remains difficult. Reimbursement is fragmented. AI valuations are moving faster than clinical proof in parts of the market.

Those weaknesses do not overturn the growth case. They show that femtech is leaving the stage where almost any women’s-health startup could be presented as an obvious growth story.

The strongest part of the market today is easy to recognize: a specific health problem, evidence that women are already seeking better care, a product with genuine clinical value, and an insurer, employer, health system or consumer willing to pay for it. More companies now meet that test than they did a few years ago.

What we tested	What we see now	Verdict
Venture funding	Recovering, with recent deal activity strong	Growing, but concentrated
Employer spending	IVF and women’s-health benefits keep expanding	Clearly growing
Patient demand	Higher menopause treatment and specialized-care usage	Clearly growing
Company revenue	Several businesses have reached meaningful commercial scale	Proven
Consumer demand	Millions pay for reproductive-health software and new devices attract buyers	Proven in selected categories
Product breadth	Funding now spans fertility, menopause, hormones, diagnostics, pelvic health and more	Expanding quickly
Business economics	Strong companies coexist with layoffs and clinic failures	Still uneven
Overall femtech market	Demand, coverage, revenue and product activity are moving upward together	Yes, the market is growing

If you want more recent data on this point, please see our latest femtech market report.

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