The convergence of wellness, aesthetics and preventive care is creating new growth avenues for investors and operators, especially in the women’s health space. This space includes heavily cash-pay services, such as weight management (including GLP-1 therapies), hormone optimization and medical aesthetics, among others. The U.S. aesthetic medicine market was valued at over $38 billion in 2023, with some estimates projecting growth to more than triple by 2033. Women represent more than 90% of demand and consumer preferences are shifting toward integrated care models that blend medical aesthetics with wellness and preventative offerings marketed directly to patients or through concierge-style programs. Investors are drawn to these models for their high margins, brand loyalty and cross-sell potential. However, this rocket growth has also drawn increased scrutiny and regulations that investors should consider.
Several key themes shaping the wellness and aesthetics investment landscape are highlighted below.
Medical Aesthetics
Medical aesthetics has emerged as one of the most resilient and margin-rich segments of consumer health. Core offerings include injectables, energy-based devices (laser skin treatments, body contouring), skin care and hair restoration, among others. The U.S. non-surgical aesthetics market alone accounted for roughly $15 billion in patient spend in 2023, with med spas reporting patient retention rates exceeding 65% to 70% in many markets due to recurring treatment cycles and strong loyalty programs. Leading companies have successfully navigated this rapidly evolving space by focusing on integrated care models and robust compliance frameworks tailored to women’s health needs. Investors have actively backed platforms that prioritize women-specific considerations, such as personalized treatment plans and holistic wellness offerings, further strengthening platform differentiation in this high-growth sector. Yet, growth is not without challenges. As the medical aesthetics space continues to evolve, so do the regulations and laws governing the provision of these services. Investors must navigate corporate practice of medicine, delegation and scope of practice, and marketing-related rules, among others, which vary widely by state. Additionally, special attention should be paid to operational policies and procedures to ensure proper safeguards are in place for female patients experiencing pregnancy, lactation or other hormone-related conditions (e.g., avoidance of certain lasers, retinoids and systemic medications). If skincare service lines are offered, FDA and white-coat marketing rules must be complied with and analyzed. Inconsistent compliance frameworks, combined with the prevalence of fee-splitting and advertising restrictions, make careful structuring and clinical governance essential for building scalable platforms.
Wellness
Skincare, Nutrients and Supplements
Skincare, nutraceuticals and supplements represent another fast-growing frontier in consumer health, often serving as entry points and retention tools for wellness and aesthetics platforms. From medical-grade skincare lines and collagen boosters to vitamins, probiotics and personalized supplement packs, these products are attractive for their high margins, direct-to-consumer distribution and brand extension opportunities. Investments in this space continue to grow and attract significant attention as areas for opportunity. Nutrofol has grown since its launch in 2021, when it only provided a postpartum supplement to address hair thinning for women after childbirth. However, now it provides a suite of hair growth products online and in select stores for men and women. Venture capital-backed OPositivHealth provides supplements for sexual health, menopause and aging, and nutrition support. A recent report noted that OPostivHealth is projecting $275 million in revenue in 2025. In 2023, Pharmavite acquired Bonafide Health, a women’s health nutraceutical company, for $425 million. While this space attracts significant investor attention, it is subject to heightened FDA scrutiny as well. For example, dietary supplements are regulated as foods by the FDA, largely by the Dietary Supplement Health and Education Act (DSHEA). DSHEA provided the definition of dietary supplement (which includes so called “nutraceuticals”), codified the FDA’s regulatory authority and established the need for New Dietary Ingredient submissions for “new” ingredients. DSHEA also outlined the types of claims appropriate for dietary supplements including general well-being claims, classic nutrient deficiency claims and structure/function claims. Dietary supplements are limited to these claims, all of which must be substantiated. Any claim of curing or preventing disease could shift the product from a dietary supplement to an unapproved new drug, inviting potential enforcement action. For investors, the pitfalls lie in overzealous marketing, claims without substantiation and inadequate quality controls, which can draw warning letters, product recalls, import restrictions or litigation. Scalable platforms in this space tend to emphasize transparent labeling, third-party testing and clinically backed formulations to balance consumer appeal with regulatory compliance.
At-Home Testing
Women’s health is seeing a wave of investable innovation in at-home diagnostics and virtual care. Companies are building direct-to-consumer testing, education and follow-on care pathways. By offering private, convenient and stigma-reducing access, these platforms can make it easier to seek help for issues like vaginal health, fertility, hormones and pelvic health, and to engage in ongoing, personalized care. The model also enables longitudinal data and faster triage, which can improve adherence and outcomes while creating scalable subscription and telehealth service lines. Platforms like Evvy and Juno Bio offer comprehensive care from the comfort of a woman’s home. These companies’ services include testing, diagnosis, comprehensive results, innovative solutions and treatment options. Today, most offerings are cash-pay (often HSA/FSA-eligible), with limited insurance coverage. As clinical validation and employer demand grow, reimbursement could expand and unlock wider adoption. For investors, opportunities span bundled diagnostics-plus-care, virtual specialty clinics, community-driven engagement and innovative partnerships.
The Investment Outlook
Investors and consolidators are building platforms at the intersection of medical aesthetics, wellness and consumer health. Each of these categories offers margin-rich growth opportunities, but all require disciplined oversight to navigate regulatory and operational considerations.
Key structural and regulatory factors include:
- Roll-up Dynamics: Medspa and functional medicine platforms are highly fragmented, with few national players, creating an attractive buy-and-build landscape. However, each state varies in its regulation of medical aesthetic services and must be carefully reviewed.
- Multisite Expansion: Scaling requires consistent brand identity and patient experience across locations.
- Concierge and Subscription Models: Memberships, treatment packages and bundled wellness subscriptions help smooth revenue, deepen loyalty and create predictable cash flow. Compliance considerations include scope of practice, supervision and fee splitting rules. Further, memberships must be structured such that medical decision-making remains with licensed professionals. Concierge providers participating in Medicare must avoid double billing when charging a membership fee for services. Subscription models operating through a telehealth company must navigate state-specific licensing laws.
Operational execution is critical to capturing value. Investors and operators should prioritize:
- Clinical Quality and Training: Standardized protocols across sites mitigate compliance risk and build consumer trust.
- Cross-Selling and Patient Lifetime Value: Integrating aesthetics, wellness and supplements creates multiple entry points and lengthens patient relationships.
- Technology and Patient Engagement: Tools such as online booking, loyalty programs and personalized treatment plans enhance acquisition, retention and upsell potential.
Taken together, these dynamics make the wellness and aesthetics a compelling growth frontier in women’s health. Platforms that successfully blend compliance, branding and consumer engagement are well-positioned to capture significant long-term value. With strong margins, repeatable revenue streams and scalable business models, this sector presents compelling opportunities for investors and operators. At the same time, thoughtful structuring and compliance oversight remain essential to sustainable growth. As the line between healthcare and consumer services continues to blur, platforms that combine medical oversight, strong branding and diversified service offerings are well-positioned to capture long-term value.
For additional insights on women’s healthcare topics, refer to the following alerts:
The Next Frontier: Navigating the Menopause and Midlife Women’s Health Market (Sept. 15, 2025)
The Fertility Economy: Where Science Meets Market Demand (Sept. 4, 2025)
From Delivery to Recovery: Unlocking Value in Postpartum Health (Aug. 27, 2025)
Frontiers in Women’s Health: Where Investor Opportunities Meet Unmet Need (Aug. 19, 2025)