Record Growth in Women's Health Sector: Over $100 Billion in Exits Documented

The women's health sector has reached unprecedented heights, with documented exits surpassing $100 billion between 2000 and 2025. This remarkable growth marks the largest year on record for the industry, boasting 276 documented exits and 27 billion-dollar deals.

Exits and Financial Milestones in Women's Health

Over the past two decades, the women's health sector has witnessed substantial financial activity, with exits totaling $100 billion. Gynecologic health leads this surge with $29.6 billion, followed closely by oncology exits, which total $24.0 billion. In fact, 27 transactions within the sector have exceeded the billion-dollar mark, showcasing the significant investor interest in these areas.

Despite the impressive financial figures, the visibility of these exits remains relatively low. Many of these transactions have gone uncounted, contributing to a perception gap in the industry. However, the existence of billion-dollar exits in women's health is undeniable, highlighting the sector's potential for substantial returns.

Strategic Exits and Market Trends

The dominance of mergers and acquisitions (M&A) as an exit strategy is evident, with 91% of documented exits occurring through M&A. This trend aligns with broader healthcare industry patterns, where M&A is a preferred strategy due to the challenges emerging companies face in public markets. Private equity has emerged as a viable path for companies seeking earlier exits, often preferred over the complexities of going public.

This shift towards M&A and private equity is further underscored by the acceleration of exits post-2019, reaching record levels between 2021 and 2024. Investors have shown a marked preference for secondary deals, with 41% of Indian investors favoring this strategy.

Prominent Acquisitions and Market Movements

Several high-profile acquisitions highlight the dynamic nature of the women's health sector and its related markets. In a notable transaction, Clensta was acquired by Florida Beauty Labs, showcasing cross-border interest in the sector. Additionally, Reliance made a significant offer to acquire Dunzo, while previously acquiring Haptik for INR 200 crore in 2019. Mensa Brands also made headlines with its acquisition of India Lifestyle Network in 2022.

These strategic moves demonstrate the attractiveness of the sector to both domestic and international investors, further fueling the growth and evolution of the market.

Unicorns and Public Market Challenges

The emergence of 27 women's health unicorns signals a robust pipeline of high-value companies within the sector. However, the pathway to public markets remains challenging for many of these entities. In India, 18 startups managed to raise INR 41,000 crore through initial public offerings (IPOs), yet the complexities of going public continue to steer many towards alternative exit strategies.

Despite these challenges, the sector's growth trajectory remains promising, with six startups entering the Unicorn Club in 2025 alone. As the market continues to mature, the potential for both innovative solutions and substantial financial returns is expected to drive continued interest and investment in women's health.

“The visibility and valuation of women's health exits have reached new heights, yet the full potential of the sector is only beginning to be realized.”

As the women's health sector continues to evolve, its record growth and financial achievements underscore the significant opportunities available within this dynamic market. With investor interest and strategic acquisitions on the rise, the future of women's health appears bright and full of potential.