Women's health, sexual wellness are a $360 billion market

Good morning! The White House wants Trump’s anti-DEI policies to apply to companies outside the U.S., Amazon’s studio boss exits, and a new report finds that women’s health is a bigger opportunity than ever before.

– Ghost markets. The market opportunity in women’s health is often described as massive, but a new report paints a picture of just how huge it can be—down to the exact market size of 40 unmet health needs. Amboy Street Ventures, a venture firm that invests in women’s health and sexual wellness out of a $20 million fund, this morning published a report on “ghost markets” in the U.S.—finding a $360 billion opportunity in the U.S. alone. Fortune has the exclusive first look at the report.

The firm defines ghost markets as markets where solutions are still emerging and competition doesn’t yet exist. By breaking out market opportunities by specific health needs, it provides a new level of detail and confidence in the business opportunity in these categories. The report identified those 40 specific unmet needs within menopause, sexual health, healthy aging, menstruation, contraception, LGBTQ health, maternal health, and fertility, which all add up to that $360 billion figure. To estimate market sizes, the report analyzes exactly how many people experience each unmet need, and how much companies could earn if every single one of those people sought a solution.

In the menopause category, Amboy Street estimates the market size in the U.S. to be $131 billion—leagues beyond the $17 billion global market measured in 2023. Solutions for hot flashes alone are estimated to be a $19 billion market in the U.S. To determine those numbers, the firm relies on research that shows that three-fourths of women who seek medical attention for menopause today remain untreated.

In the healthy aging category, telehealth solutions specifically for women’s cardiovascular health are estimated to be a $24 billion market. In contraception, expanding male contraceptive options poses a $10.2 billion opportunity. Fertility still has $5 billion that remains untapped, that could be reached by expanding access to geographic areas without fertility services and improving IVF success rates for women over 35. The list goes on and on, from the business opportunity in treating abnormal uterine bleeding ($23 billion) to women’s bone health ($3.2 billion).

Amboy Street Ventures founding partner Carli Sapir says the report has reinforced her firm’s thesis. Its portfolio includes Alloy, the menopause startup; the endometriosis therapeutic Gesynta; and the audio erotica app Dipsea. “Our goal is to not only generate exceptional returns for our investors but to also catalyze research, generate awareness and inspire large scale investment capital to serve women equally,” she says.

Emma Hinchliffe
emma.hinchliffe@fortune.com

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