"What industry are you bullish on right now?"

This is the question I asked Eric Bahn, co-founder and GP at Hustle Fund.

I expected Eric to say something like "robotics for race cars" or "AI for school safety". But he surprised me.

"Women's healthcare," he said. And then he explained why.

Eric has done a lot of research on this topic, and after hearing his argument for why this is an industry to watch, I have to agree.

Women's healthcare is an industry that traditional VCs often miss out on, despite the fact that the market encompasses, oh, half the world's population.

So why are so many VCs missing the boat?

It could be because the male-dominated VC industry thinks of women's health as icky. Or it could be a lack of awareness about the market potential.

Whatever the reason, this blind spot is leaving billions on the table.

In today's issue of Small Bets, we're going to dig into the opportunities around women's healthcare.

Just how big is the women's health market?

3.9 billion.

That's how many women there are in the world. And about 3.4 billion of them are over the age of 14.

We're talking about a market that encompasses nearly half of the global population. Yet, when it comes to VC funding, women's health startups are consistently passed over.

For comparison, SaaS companies get about 30% of all VC funding, and fintech startups receive around 18%. Women's health startups... they get less than 2% of VC funding.

But here's where it gets interesting: The global women's health market is projected to reach $51.3 billion by 2025. And the companies that will win are the ones that integrate seamless into women's daily lives.

Think about it: Most women experience a monthly menstrual cycle. And that cycle comes with regular (and necessary) products, services, and choices.

This presents a unique opportunity for health tech companies. Instead of trying to change behaviors, they can slot right into existing routines without changing a single behavior.

Imagine a world where:

• Menstrual products could monitor health indicators in real-time
• Fertility tracking was stupid simple
• Pregnancy monitoring happened through everyday activities
• Menopause management was personalized and proactive

I guarantee that women who are reading this are nodding their heads to all of the bullet points listed above. We have these problems, we want solutions, and we're willing to pay.

Some companies are early to the party, like Tia Health, Elvie, and Flo.

These brands are solving real problems for millions of women around the world, then expanding their offerings for increased LTV. And since the products fit seamlessly into the lives of their users, adoption and retention are incredibly high. Flo, for example, has roughly a 60% retention rate.

Current solutions ain't cutting it

In the U.S., current health solutions are falling flat. It's designed for reaction, not prevention. And it's failing women spectacularly.

How spectacularly? Let's see:

1. Medical Gaslighting: 84% of women report feeling dismissed or not believed by healthcare providers (source). That's not just a statistic; it's a tragedy playing out in doctor's offices across the country every single day.
2. Misdiagnosis and Dismissal: Take endometriosis. It affects 1 in 10 women, causing excruciating pain. Yet it takes an average of 7.5 years from onset of symptoms to diagnosis (source). Why? Because women's pain is often dismissed or downplayed.
3. Maternal Mortality: The U.S. has the highest maternal mortality rate among developed countries. In 2022, it was 22 deaths per 100,000 live births. And the patients most affected are Black women (source).

Here's the silver lining: Where there's a problem, there's an opportunity. And some companies have already answered the call:

• Celmatix is revolutionizing fertility care with genetic testing
• Maven Clinic is modernizing women's and family health services
• Ovia Health is providing personalized support throughout pregnancy and parenting

The Future is Female (Health)

So, where does this leave us? We have:

• A massive, underserved market
• Glaring gaps in the current healthcare system
• Hungry companies ready to disrupt the status quo
• The potential for significant financial returns and positive social impact

Sounds like a perfect storm of opportunity, doesn't it?

Here's my prediction: Women's health tech will be one of the fastest-growing sectors in the coming decade. The VCs who recognize this now will reap the rewards in years to come.

But it's not just about the money. It's about fundamentally changing how we approach healthcare for half of the world's population.

So here's my challenge to you:

Take off the blinders. Get over the "ickiness" factor. And recognize that women's health is not a niche market – it's a massive, untapped opportunity that's hiding in plain sight.

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