Good morning! The White House wants Trump’s anti-DEI policies to apply to companies outside the U.S., Amazon’s studio boss exits, and a new report finds that women’s health is a bigger opportunity than ever before.
– Ghost markets. The market opportunity in women’s health is often described as massive, but a new report paints a picture of just how huge it can be—down to the exact market size of 40 unmet health needs. Amboy Street Ventures, a venture firm that invests in women’s health and sexual wellness out of a $20 million fund, this morning published a report on “ghost markets” in the U.S.—finding a $360 billion opportunity in the U.S. alone. Fortune has the exclusive first look at the report.
The firm defines ghost markets as markets where solutions are still emerging and competition doesn’t yet exist. By breaking out market opportunities by specific health needs, it provides a new level of detail and confidence in the business opportunity in these categories. The report identified those 40 specific unmet needs within menopause, sexual health, healthy aging, menstruation, contraception, LGBTQ health, maternal health, and fertility, which all add up to that $360 billion figure. To estimate market sizes, the report analyzes exactly how many people experience each unmet need, and how much companies could earn if every single one of those people sought a solution.
In the menopause category, Amboy Street estimates the market size in the U.S. to be $131 billion—leagues beyond the $17 billion global market measured in 2023. Solutions for hot flashes alone are estimated to be a $19 billion market in the U.S. To determine those numbers, the firm relies on research that shows that three-fourths of women who seek medical attention for menopause today remain untreated.
In the healthy aging category, telehealth solutions specifically for women’s cardiovascular health are estimated to be a $24 billion market. In contraception, expanding male contraceptive options poses a $10.2 billion opportunity. Fertility still has $5 billion that remains untapped, that could be reached by expanding access to geographic areas without fertility services and improving IVF success rates for women over 35. The list goes on and on, from the business opportunity in treating abnormal uterine bleeding ($23 billion) to women’s bone health ($3.2 billion).
Amboy Street Ventures founding partner Carli Sapir says the report has reinforced her firm’s thesis. Its portfolio includes Alloy, the menopause startup; the endometriosis therapeutic Gesynta; and the audio erotica app Dipsea. “Our goal is to not only generate exceptional returns for our investors but to also catalyze research, generate awareness and inspire large scale investment capital to serve women equally,” she says.
Emma Hinchliffe
emma.hinchliffe@fortune.com
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- Beyond borders. The Trump administration is attempting to enforce its anti-diversity orders beyond U.S. borders. A document sent by the U.S. State Department asked European companies that are suppliers to the U.S. government to drop diversity measures or explain why they haven’t. European officials, including France’s trade minister, have firmly rejected the request, calling it “unacceptable” American overreach. Politico
- Amazon announcement. Head of Amazon MGM Studios Jen Salke is stepping down from her role to launch a new production entity. To kick things off, Salke, who joined Amazon from NBC in 2018, signed a first-look film and TV deal with Amazon MGM Studios. Variety
- No personal benefit. Arielle Roth, President Donald Trump’s nominee to lead a program designed to expand high-speed internet across underserved parts of the U.S., said she would not use the $42 million government fund to benefit Starlink’s Elon Musk. Democrats have expressed concern over Musk’s potential to benefit, while Republicans have criticized the program for not yet managing to connect any Americans to the internet. Reuters
- Talking Texas. A New York county clerk refused to file a $113,000 judgement from Texas against Dr. Margaret Carpenter, a New York City-practicing doctor accused of breaking Texas law by prescribing abortion medication to a woman in Texas. Also, a bill meant to provide clarity on exceptions to Texas’s abortion ban has bipartisan support, although critics say it doesn’t do enough to save pregnant women’s lives.
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PatBo, a Brazilian fashion brand, named Isabella Baboury president, succeeding Cara Chen. Previously, Baboury was director of Burberry in Canada.
Orchestra, a communications company, named Heather Perlberg EVP of financial communications. Most recently, she was a senior wealth reporter at Bloomberg.
Waverley Street Foundation, a nonprofit that supports groups fighting climate change, appointed Jenny Mack as chief communications and marketing officer. Previously, Mack was head of brand and communications for the Chan Zuckerberg Initiative.
Corvias, a military and student housing company, named Denise Hauck president of its Department of Defense division. Previously, she was SVP of Corvias Property Management.
SmartBank, a bank and subsidiary of SmartFinancial, appointed Kelli Shomaker to its board of directors. She is currently SVP for business and administration and CFO at Auburn University.
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Hillary Clinton: How much dumber will this get? New York Times
Who gets to define divorce The New Yorker
How the sports bra continues to revolutionize sports and women’s rights: ‘No sports bra, no sport’ The Athletic
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“If you think it’s just about trying to check off a box, that’s not what it’s supposed to be and not what it should be.”
— Crazy Rich Asians actor Constance Wu on diversity in Hollywood
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