Women's health care market size is poised for remarkable growth, with a projected compound annual growth rate (CAGR) of 14% during the forecast period from 2023 to 2031. This robust expansion is expected to propel the market to USD 2450 million by 2031. As per the WHO, the number of women age 60 and over will increase from about 336 million in 2000 to over 1 billion in 2050.
Women go through certain unique health care challenges and are more likely to be diagnosed with certain diseases than men. The leading causes of death among women are chronic diseases and conditions such as cardiovascular diseases (CVD), cancer, and diabetes. Therefore, there is a high demand for women’s healthcare.
|Market Size||USD 2450 million by 2031|
|Fastest Growing Market|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
Aging women make up a significant proportion of the world's population, with constant growth in number across the globe. Women outnumber men in older age groups, and this imbalance increases with age. There are a variety of “determinants” that surround individuals, families, and nations to determine a person’s active aging. These determinants affect well-being directly or indirectly.
The determinants of active aging are interconnected in many ways, and the relationship between them is important. For example, poor women (economic determinant) are more likely to be exposed to inadequate housing (physical determinant), societal violence (social determinant), and not eat nutritious foods (behavioral determinant). Therefore, increasing the risks for women’s health and, thus, boosting market growth
Source: Active Aging: A Policy Framework, WHO, 2002 (www.who.int).
The three leading causes of death in older women are heart disease, cancer, and stroke. Heart disease is the leading cause of death in women over 60. Most women in the age group of 75 through 85 are more prone to osteoporosis. According to the National Osteoporosis Foundation, across the globe, osteoporosis affects more than 8 million women over the age of 50. The risk of osteoporosis increases in women during the post-menopause period and causes 2 million fractures for USD 19 billion annually, and costs will rise as the population ages.
Moreover, about one in five women over the age of 65 is affected by some type of cancer. Cancer is the second-leading cause of death for senior women. Most of the newly diagnosed breast cancer cases are in women over the age of 60, while the incidence of ovarian cancer peaks when women are in their 70s. Furthermore, stroke is the third-leading cause of death for American women. The Centers for Disease Control and Prevention estimate that one in five American women suffers from stroke, and more than half of women who have a stroke die from the event.
Also, diabetes, the seventh leading cause of death in the United States, can lead to serious and costly complications, including heart disease, stroke, amputations, blindness, and kidney disease. Women with diabetes have a higher risk of heart disease, blindness, and depression than men do. Alzheimer's disease in women is twice as likely to occur in men.
Depression affects twice as many senior women as men, most commonly between ages 40 and 59. Arthritis affects more than half of all seniors over the age of 65, and women are more prone to it than men. Obesity is a major concern, affecting nearly 41 percent of women between the ages of 65 and 74, putting them at risk for several diseases. thus contributing to the growth of the women’s healthcare market.
According to the WHO, in 2016, in developing countries such as Asia, Africa, and South America, there were around 21 million pregnancies among adolescent girls aged 15–19 years. An estimated 23 million adolescent girls have an unmet need for modern contraception and are at risk of unintended pregnancy. Considerable gaps persist in the use of modern methods among couples who want to prevent pregnancy.
In 2015–2017, 64.9% of the 72.2 million women aged 15–49 in the United States were using contraception to avoid unintended pregnancies. Growth in contraceptive demand until 2030 is expected mainly in the regions of sub-Saharan Africa and Oceania. Between 2015 and 2030, contraceptive use is projected to grow, particularly in regions where less than half of married or in-union women of reproductive age currently use contraception. thus boosting market growth.
North America dominates the women’s health care market as the region is supported by the increasing aging women population, the growing prevalence of diseases like postmenopausal osteoporosis, the increasing median age of first-time pregnancies, and increased healthcare spending in the US and Canada. According to the National Osteoporosis Foundation, of the estimated 10 million Americans with osteoporosis, about eight million, or 80%, are women.
Estrogen, a hormone in women that protects bones, decreases sharply when women reach menopause, which can cause bone loss. Therefore, the chance of developing osteoporosis increases as women reach menopause. Also, the high awareness and understanding regarding the use of contraceptives and sex education among women and the easy access to modern contraception as compared to developing countries propel market growth in this region. Besides, the local presence of key players, high disposable income, and lifestyle changes accelerate regional market growth.
Based on the drug, the global women’s health care market is majorly segmented into Prolia, Premarin, Mirena, Forteo, NuvaRing, Lo Loestrin Fe, Makena, Vagifem, Lupron, Yasmin, and others. The Prolia drug segment accounted for the largest share of the women’s health care market. Prolia is a prescription treatment used for treating postmenopausal osteoporosis in people who are at high risk for fractures or weakness in the bones. This medication works by decelerating bone loss to better maintain strong bones and reduce the risk of broken bones (fractures).
Denosumab belongs to monoclonal antibodies, a class of drugs used to prevent certain cells in the body called osteoclasts from breaking down bones. The large share of this segment can be attributed to the rising aging women population. Thus, the increase in women falling under the risk category of menopause is contributing to the upsurge in demand for Prolia.
Digitalization of women’s health through the platform of Femtech, motivating women to access and use applications for managing health issues Femtech continues to serve the purpose of addressing the health and wellness needs of women through software, diagnostics, products, and tech-enabled health services.