UN - This Company Is Winning in the Fast-Growing Fertility Benefits Industry
Fertility health is a fast-growing space within the emerging "femtech" industry -- the area of technology that focuses on women's health. According to a report by Market Research Future, the fertility services market is expected to grow at an 8.5% rate through 2023 to reach $36 billion in total size. But there was no way for stock-market investors to bet on the growth of this industry until late last year.
Progyny (NASDAQ: PGNY) is a benefits management company specializing in fertility benefits and family-building solutions in the U.S. The company works with employers to provide fertility health as an employee benefit, and Progyny counts some of the largest U.S. employers -- including Microsoft, Google, and Unilever -- among its customers. Progyny is not very well known, having just completed its initial public offering (IPO) in the fall of 2019, but there are several reasons investors should consider putting this fast-growing business on their radar.
Progyny began to provide its services in 2016 with just five employers as clients. It now has more than 130 employers on board, and through those employers, it's providing coverage to more than 2 million people.