Lara Zibners, paediatrician, educator, author and founder, explains how the $6 trillion wellness industry is putting advancement at risk.
Women’s health is having a moment. Most definitely. But of the many barriers to research and innovation, one may come as a surprise.
The wellness industry – $6 trillion and growing. Of “wellness” marketed specifically for women’s health, that market is now in excess of $50 billion. Promises that aren’t grounded in scientific research, aren’t regulated and aren’t terribly well policed. All of which creates a gravitational pull on investor dollars. Dollars that aren’t going to companies that are those things.
The Global Wellness Institute celebrates these numbers. The global wellness economy reached nearly $7 trillion in 2024 and is projected to approach $10 trillion by 2029, growth that continues to outpace investment in many regulated healthcare categories. The UK can claim responsibility for some of that growth. The country ranks number five globally and number two in Europe. A strong love of both breakfast tea and chakra mats, it seems.
Health has objective markers
Before diving into the threat this behemoth movement brings to women’s health, it’s important to back up and define the terms. “Health” is defined by the World Health Organization as the complete state of physical, mental and social well-being. An outcome that can be measured, studied and regulated. “Wellness,” on the other hand, is defined as the pursuit of health. Therefore, health has objective markers, things like blood pressure and muscle mass. Wellness does not. It’s subjective. What one person’s pursuit looks like may be very different from another’s. Wellness is about what makes a person feel good. It’s a fantasy of what we want to someday achieve. And fantasy is rather alluring.
Don’t get me wrong. The pursuit of health in and of itself is a good thing. Broccoli is great. Taking the stairs is also great. One problem is that you don’t see many (or any) celebrities promoting them. Another is that investors often fail to distinguish between “health” and “wellness.” They confuse subjective pursuit with objective outcomes. Marketing velocity confused with medical value. And that’s a big issue.
Ethical innovation that actually moves the needle for women is grounded in good science, which means slower timelines, higher upfront costs and a level of proof that wellness products are rarely asked to meet. It’s regulated by bodies like the US Food and Drug Administration (FDA) and Medicines and Healthcare products Regulatory Agency (MHRA), requiring clinical trials, ethics approval, post-market surveillance and years of scrutiny before a product ever reaches a patient. It takes as long as it takes. There is nothing you can do to speed up the process because we are talking about human beings, and safety comes first.
The regulatory pathway for wellness products looks like this: You ask a few people. Did you like this? Did it taste nice? Do you feel good? Yeah? There you go. Done.
The wellness industry is unregulated and, while unable to make medical claims, can pretty much otherwise promise the moon. Without those slow-moving scientists and regulators, returns to investors happen much more quickly. Not because the products work better, but because they face fewer questions, fewer regulators and far fewer delays. And that is very appealing if your goal is to make money.
Meanwhile, venture investment in regulated healthcare, particularly biopharma and medical devices, has fallen sharply since its 2021 peak, while consumer wellness, supplements and lifestyle brands continue to attract growth and private-equity capital at speed.
To make matters worse, many investors are still slow to wake up to the fact that women’s health is not a niche investment. I dream of the day we no longer refer to “women’s health” as anything other than “health”. All men come out of a woman. That’s just a fact. Yet a surprising number of men (since most investors still are that) can’t seem to wrap their heads around problems that they don’t personally experience. And if you don’t really understand the problem, it is that much harder to break through the noise and understand what is truly going to move the needle for women’s health.
Healthy women create healthy societies
What’s the harm? Why shouldn’t investors go for the quick buck and prioritise wellness when wellness is, to be fair, the pursuit of health? Because investing in unproven, unregulated products is potentially dangerous. For your reputation and your wallet. Goop was forced to pay $145,000 for false claims about a jade egg that was promoted to “balance hormones” when worn vaginally. A weight-loss company in the US faced a $26.5 million fine. And the internet will give you plenty of examples in between. Investing in celebrity hype and glittery promises is not without risk. What happens when that “miracle” product is shown to, at best, do nothing and, at worst, harm people?
What, then, should investors be asking when pitched a promise of better health?
What problem is this solving, and how do we know? Are you looking at testimonials or clinical outcomes?
Who regulates the product, and what happens if it causes harm? If a light is only shone after someone gets hurt, think twice.
How defensible is this business once the narrative fades? Is this a trend or a lasting promise wrapped in data, IP and regulatory approval?
Are we optimising for speed or for impact? Fast is attractive. Durable is what you should be going for.
What is the single most important message that I want to deliver to the investment community? About the opportunity and the responsibility in funding true innovation for women?
Healthy women create healthy societies. Healthy women generate global economic returns for society. But for the individual investor? This isn’t charity. Investing in real innovation in women’s health is a smart way to fill your pockets with money. Even if it is going to take a little more time.
Listen to the Healthcare Today webinar as Calla Lily Clinical Care co-founder Dr. Lara Zibners discusses how the $6.2 trillion global wellness industry is putting women’s health innovation at risk.
