Sexual wellness industry to be worth more than $80b in 5 years

Thanks to increasing awareness of the role sexual health plays in overall well-being, the sexual wellness industry is expected to grow to $81.4 billion by 2028, up from $51.9 billion in 2021, according to a September 2022 report from market research firm The Insight Partners.

As the industry becomes less stigmatized, venture capitalists are more willing to invest in sexual wellness companies, Monica Cepak, chief marketing officer at sexual telehealth provider Wisp, told Healthcare Brew.

“There is an appetite from the investment community to support women founders and businesses that are innovating in this space because it’s only going to continue to grow in terms of demand, and I think investors are starting to realize that,” said Cepak.

What is sexual wellness? The Insight Partners report states that “sexual wellness is determined by the combination of a physical condition, mental state, and social well-being that is related to sexuality.”

Sexual wellness depends on a number of factors, such as access to sexual healthcare and “good-quality information about sex and sexuality,” according to the World Health Organization.

Market breakdown: Within the pharmaceutical segment of the sexual wellness industry, there are capsules, tablets, oral liquids, and sprays to treat issues like vaginal dryness and decreased libido. Capsules held the largest market share of the segment in 2021 and are projected to see the most growth through 2028.

The non-pharmaceutical segment consists of sex toys, condoms, intrauterine devices, contraceptive implants, and more. The sex toy segment has the largest market share and is expected to see the most growth over the next five years.

Sextech: Technology has also become more integrated into the sexual wellness industry, the report found. Some examples of “sextech” include the Lover app, which was released in 2020 and creates personalized programs to address sexual health concerns. There’s also Coral, an app that rolled out in 2019 and gives couples guided intimacy exercises and prompts.

Top players: Some of the top players in the sexual wellness industry include Reckitt, a UK-based company that makes Durex condoms; Lovehoney, a UK-based company that sells a variety of sex toys; and Pfizer, which manufactures Viagra, an erectile dysfunction treatment.