The women’s health market, often referred to as 'FemTech,' is moving into the spotlight as a core investment theme in the UK. Women make up 51% of the population but remain underrepresented in positive health outcomes, experiencing nine more years of poor health than men and facing a 58% gender health effectiveness gap. McKinsey’s 2024 report estimates improving women’s health could add £1 trillion to the global economy by 2040.
The NHS 2025 ten-year plan addresses women's health mainly in terms of maternity, prompting the Royal College of Obstetricians and Gynecologists to urge broader investment and support for women's health throughout their lives, commenting that “while the plan lays strong foundations, it falls short in pledging to eliminate the gender health gap that is costing women years of life and good health.. the plan must offer women excellent, joined up care across their life course, with investment in the women’s health workforce, FemTech and research.”
The Women’s Health Strategy for England, launched in 2022, set a clear policy agenda to improve awareness, access and outcomes, with priority areas spanning menstrual and gynecological health, fertility and pregnancy loss, menopause, and mental health alongside better use of data and information to increase access for all.
However, despite this recent policy movement there remains a significant ‘gender health gap’. The renewal of the strategy gives businesses an opportunity to address this; the focus will be tackling health inequality and improve accessibility, notably including questions about women’s experience of the menopause in NHS health checks.
Amid rising demand for accessible healthcare and the transformative potential of technology, this sector is expected to generate heightened attention from both investors and corporate acquirers.
Fertility: the core of M&A activity
Historically, UK M&A in women’s health has been dominated by fertility, where consolidation created today’s leading platforms. Sponsor-backed groups such as Ivi and FutureLife have consolidated up regional clinics and attracted international strategic interest, establishing valuation benchmarks and operational playbooks. Despite this activity, a handful of independent operators remain, Manchester Fertility, ARGC and Aria Fertility among them, creating scarcity value for investors seeking scale assets.
The fertility and IVF sector remains central to M&A activity with landmark transactions across Europe defining the landscape for UK businesses too, including the growth of platforms such as IVI and FutureLife. Despite there being a lower volume of UK platform acquisitions of late there are a number of transactions that demonstrate providers’ strategic plans to grow throughout the UK. Expansion outside of London is a key theme with FutureLife’s recent acquisition of Bristol-based BCRM being a landmark regional deal. This is alongside significant rumoured activity, with a number of sizeable UK assets understood to be either in the market or preparing for a sale.
Surges in activity are driven in part by a rising demand for fertility preservation services such as egg freezing. This trend reflects broader societal shifts, including changing family planning priorities and increased awareness of reproductive options. According to the HFEA’s Fertility Trends 2023 report, the number of egg freezing cycles has grown significantly, rising from 2,567 in 2019 to 6,932 in 2023, a near threefold increase. Embryo storage cycles have also seen a modest uptick, increasing from 8,190 to 8,908 over the same period. On average, egg freezing is happening five years before thawing and utilisation . These figures underscore the growing role of fertility services within the healthcare landscape across a broader range of women.
Both Care and TFP have had their challenges - and TFP is effectively now owned by the debt funder, so maybe we’re better referring to IVI and FutureLife’s acquisition activity? Both have made meaningful UK acquisitions. IVI with Create, FutureLife with CRGH and BCRM. IVI now more focused on US and Middle East (eg recent ART deal), with Future Life continuing to focus on building European footprint (eg Bahceci Group).
Transaction focus: BCRM and FutureLife
BCRM has been a cornerstone of fertility services in the Bristol region for over 40 years. Operating from a state-of-the-art facility in Bristol, with cycle capacity of over 4,000 per year, BCRM offers a wide suite of both private and NHS-funded fertility services. FutureLife’s 2024 acquisiton of the Bristol site and two satellite clinics strengthened their UK presence across the major cities. Fertility Bristol Limited has been sold to FutureLife Group | Grant Thornton
Expanding focus: women’s health more widely
The spotlight on women's health including a wider range of areas beyond fertility, such as menopause, is indicative of a shift towards acknowledging and addressing the specific health needs of women at various life stages. Menopause is one of the areas highlighted by the refreshed women’s health strategy to feature for the first time in NHS health checks, demonstrating the growing awareness of the impact on women’s health. This evolving focus validates the increasing recognition of menopause as a critical phase in women's health and highlights the growing potential for M&A activities in this area alongside other services that address the issues facing women at all life stages. Addressing areas such as pregnancy loss, mental health, endometriosis and other crucial areas, the NHS have recently launched Women’s Health Hubs, investing £25 million, focussed on providing spaces for patients and healthcare professionals to provide care, support and signposting to resources where needed, working with primary and secondary care providers. This provides a further opportunity for the private sector to work alongside the NHS on this area as the patient pathway becomes further established.
Transaction focus: Phoenix Private Equity
Private equity firm Phoenix PE invested in London Gynaecology in 2024, focused on supporting with resources for scaling the business, leveraging the increasing demand for high-quality private gynecology care and addressing long NHS waiting times.
Harnessing technology and digital health
Digital health solutions for women's health, such as cycle tracking apps, have been on the market for some time. Flo's achievement as the first women's health Unicorn in 2024 highlights both demand and success in this sector. The NHS’s 10-year plan to shift from analogue to digital creates opportunities for technology and digital health providers to enhance their offerings and collaborate with the NHS. Emerging trends include:
- corporate technology providers’ interest in the sector, demonstrated by Sony’s investment in France’s Sonio, an AI platform designed to improve maternal and child safety
- ongoing innovation in women’s health management, as seen with Samphire Neuroscience’s app and wearable device Nettle, which address brain and hormonal interactions to support overall health
- employers are adopting women’s health and family-building programmes like Peppy and Fertifa, reflecting awareness of the impact of women’s health on the workforce and the opportunity to improve employee experiences.
Transaction focus: Fertifa and Juniper Health
Fertifa Limited, a leading provider of comprehensive reproductive health and neurodiversity benefits acquired Juniper in 2025, the innovative reproductive health insurance provider. This strategic acquisition unites two pioneers in the benefits landscape, creating a single, powerful platform to offer employers the most comprehensive and integrated suite of solutions for their employees' family-building and health needs.
Outlook
As an increased focus, a refreshed strategy and growing uses of technology and innovation continue to redefine women's health, the sector is ready for increased focus and activity across a broader spectrum of women’s health service providers. With the momentum building across healthcare, employers, and technology providers, the future promises greater empowerment and improved outcomes for a wider representation of society.
Speak to our team to find out more.
Katy Jacks, Jessica Sandercock, Peter Jennings, Abi Godfrey, Nick Jones
