The diagnostics and drug-development behemoth Labcorp is stepping up its ladies’s well being choices by means of its latest buy of Ovia Well being.
Previously generally known as Ovuline, Ovia Well being is a digital well being platform designed for the entire household care continuum. It lets customers observe their menstrual cycles whereas giving insights into fertility. It additionally screens their child’s improvement and provides academic assets alongside the best way.
Moreover, the platform has pathways for LGBTQ+ parenting, behavioral well being, social determinants of well being and return to work.
Over the course of its existence, Ovia says it has served greater than 15 million households and is utilized by various universities, analysis teams, employers and well being plans. It has about $20 million in annual revenues.
Labcorp didn’t disclose the main points of the deal, however stated will probably be a brand new step into the femtech market. Final 12 months, the 2 corporations started a collaborative relationship after Labcorp’s Enterprise Fund invested in Ovia.
“Sufferers, docs and well being programs are more and more utilizing digital well being options to tell well being care and remedy choices,” Dr. Brian Caveney, chief medical officer and president of Labcorp Diagnostics, stated in a press release.
“We’re excited to broaden our management in ladies’s well being options by bringing Ovia Well being’s trusted well being content material and easy-to-use digital platforms to our sufferers and prospects. We welcome Ovia Well being’s revolutionary and devoted group to Labcorp and sit up for bringing the mix of our strengths in ladies’s well being to our prospects.”
Ovia’s tech-enabled choices will complement Labcorp’s present testing, screening, academic help and medical trial choices for OB-GYNs and first care docs.
“Becoming a member of Labcorp permits us to broaden our impression and enhance each girl’s alternative to have a wholesome being pregnant and entry crucial care and assets,” Paris Wallace, Ovia Well being’s CEO and cofounder, stated in a press release.
“Our mixed functionality will allow us to considerably broaden our attain, enrich our content material and discover new strategies of selling a holistic method to bettering ladies’s well being. We’re significantly enthusiastic about creating new services and products with Labcorp that fulfill the unmet wants of people with reproductive well being situations.”
WHY THIS MATTERS
The femtech market is a quickly rising space of digital well being. In 2019, Pitchbook discovered that ladies’s well being corporations generated $820.6 million. It estimates that that would develop to $3 billion by the top of 2030.
Regardless of its progress, femtech accounts for a fraction of digital well being fundings, in accordance with Rock Well being. It discovered that solely 3% of the digital well being offers within the U.S. since 2011 have targeted on ladies’s well being.
Of that share, a majority of the funding has gone to corporations focusing on fertility, being pregnant or motherhood. Rock Well being says that 65% of all femtech funding has gone to those areas, whereas lower than 45% of the feminine inhabitants within the U.S. is of reproductive age.
Analysts at Frost & Sullivan anticipate that a lot of femtech’s progress in coming years can be from shifting its focus away from reproductive well being and onto at the moment untapped market segments, reminiscent of menopause, geriatric care and endometriosis.
THE LARGER TREND
Labcorp just isn’t alone in deepening its ladies’s well being companies by means of an acquisition. Earlier this 12 months, D2C digital care firm Ro scooped up Fashionable Fertility and added its reproductive well being choices to its main care platform.