Menopause Market

Market Overview

The global menopause market size was valued at USD 16.2 billion in 2022. It is estimated to reach USD 25.4 billion by 2031, growing at a CAGR of 5.2% during the forecast period (2023–2031).

Menopause occurs after 12 months of a woman's last menstrual period. Menopausal transition or perimenopause refers to the years preceding when women may experience changes in their monthly cycles, hot flashes, or other symptoms. Typically, the menopausal transition starts between the ages of 45 and 55. Although it can continue up to fourteen years, it normally lasts seven years. The amount of time varies depending on various lifestyle factors, including smoking, starting age, race, and ethnicity. The two hormones produced by the ovaries, progesterone and estrogen, are produced by the body in varying amounts throughout perimenopause.

The menopausal transition has a different and unique impact on every woman. Women may gain weight more quickly due to variations in their bodies' energy metabolism and fat cells. The body's structure, composition, physical function, or bone or heart health could alter. The symptoms of menopause vary for different women. Numerous women experience moderate symptoms that can be alleviated by modifying their lifestyles, such as avoiding caffeine and carrying a portable fan. Some women do not require treatment, while others may experience more severe symptoms. The severity of symptoms varies significantly by race and ethnicity and across the globe.

Market Dynamics

Global Menopause Market Drivers

Growing Number of Women Undergoing Menopause

The increasing number of women undergoing the condition, along with the high prevalence of menopausal symptoms, is anticipated to drive the menopause market growth. Approximately 12% of the world's population, or more than 1 million women, are expected to reach menopause by 2025. Vasomotor symptoms are experienced by almost 75% of women undergoing menopause. This can lead to an overall loss of productivity and quality of life, making treatment crucial. This creates a wide population pool to be served by menopause products, such as dietary supplements and over-the-counter drugs that can help relieve symptoms, including hot flashes, osteoporosis, night sweats, and vaginal atrophy.

Furthermore, early treatment can reduce the stress of high healthcare expenditure, as women facing vasomotor symptoms lead to an overall burden of USD 660 million globally. In addition, productivity loss accounts for an additional USD 150 million. Menopause also triggers other healthcare conditions in women, such as reduced musculoskeletal health and increased risk of cardiovascular diseases. Three major conditions associated with accelerated incidence in menopausal women are hypertension (75%), depression (10%), and osteoporosis (30%). 

Increasing Awareness About Menopause and its Treatment

Menopause is a natural aspect of women's lives after a certain age. An increase in the number of menopause-related campaigns has increased awareness about it and related symptoms. Since 2009, globally, the 18th of October has been celebrated as World Menopause Day, while October is celebrated as a menopause awareness month. This was started by collaborating with WHO and the International Menopause Society (IMS). The month is used to spread awareness, support women globally, recognize their challenges, and spread awareness about their treatment. Various organizations, such as the North American Menopause Society (NAMS) and Meno Martha, work to increase awareness. This is anticipated to drive the uptake of over-the-counter drugs, thereby accelerating the menopause market.

Global Menopause Market Restraints

Social Stigma Associated with Menopause and Lack of Well-Defined Regulations

A major portion of the market remains untapped because of the social stigma associated with the condition. Women undergoing menopause, even in developed economies, feel that they cannot discuss the condition due to the stigma associated with it. The situation is worsened by OTC products being unable to provide adequate treatment. Over-the-counter remedies do not always work because they do not contain as much active ingredients as prescription drugs. Key adverse effects of these products include headache, nausea, change in bowel movement, and dizziness. These factors have led to the reduced uptake of OTC drugs, diminishing the market growth.

Additionally, the regulations for distributing and manufacturing dietary supplements are less stringent than over-the-counter or prescription drugs. For instance, dietary supplement producers must provide safety information for every new ingredient not marketed in the United States before 1994. However, the FDA cannot review products for effectiveness and safety in the remaining cases before marketing. Such regulations negatively impact the quality of products being marketed, decreasing the adoption of dietary supplements and impeding the overall market.

Global Menopause Market Opportunities

Growing Potential and Innovations in Menopause Treatment

The unmet need is high in the menopause market, which creates an opportunity to grow novel products. As per the American Association of Retired Persons, in 2017, 60% of menopausal women sought medical assistance. However, 75% of patients do not receive treatment. In addition, a large number of women do not seek medical assistance and rely on over-the-counter products, creating scope for novel, effective, and innovative pharmaceutical products. Moreover, the high cost of prescription medication has led to an increased demand for OTC products, such as vaginal pain and dryness gels and moisturizers, for self-medication. 

Additionally, telehealth consultations have made consultations easier and increased access to cheaper over-the-counter drugs that start as low as USD 13 online. "Your Menopause Microbiome" is an AI startup working to create personalized OTC solutions for menopausal women. Such factors are expected to create opportunities for market growth.

Regional Analysis

Based on region, the global menopause market share is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global menopause market shareholder and is estimated to exhibit a CAGR of 4.9% during the forecast period. North America held the largest share in the global menopause market, owing to the local presence of major market players, developed healthcare infrastructure, and increasing prevalence of menopause symptoms in women. A growing emphasis on personalized medicine, early diagnosis and treatment, and rapid adoption of healthcare apps for online consultations of OTC drugs are additional factors anticipated to propel the region's market further. 

Growing regulatory support and increasing investments in menopause pharmaceuticals will fuel the regional market. For instance, Silicon Valley startup "Your Menopause Microbiome" has received funding to build a personalized web platform that prescribes women over-the-counter products. With high access to advanced technology and internet literacy among women in the region, such startups are expected to propel the demand for over-the-counter pharmaceutical products to relieve menopause symptoms like hot flashes. North America region has a highly regulated and developed pharmaceutical industry. Moreover, the presence of organizations such as the North American Menopause Society that works towards increasing awareness regarding menopause is expected to propel the market growth in North America.

Europe is estimated to exhibit a CAGR of 3.9% over the forecast period. Various factors are responsible for Europe's market's high revenue generation capacity. The region has many women entering menopause yearly, with a high prevalence of menopausal symptoms such as vaginal dryness. As per NCBI, in 2018, the increasing rate of obesity among women is leading to early menopause. Obesity affects 10% to 30% of women in the region. In addition, the severity of menopause symptoms, such as night sweats and hot flashes, increases with the increased body weight of obese women. Therefore, the uptake of menopause treatments is anticipated to grow. 

Major players, such as Bayer AG, Reckitt Benckiser Group, and GlaxoSmithKline plc, supply vaginal lubricants and moisturizers for menopause symptom relief in this region. Europe's second-largest revenue share can be attributed to the presence of developed economies, such as Germany, Turkey, the UK, France, and Italy. In addition, the availability of advanced healthcare services is anticipated to fuel its market during the forecast period. Key participants are introducing new products in the market, and medical practitioners are recommending dietary supplements as a healthy alternative to HRT for easing the transition through menopause.

Asia-Pacific includes developing and developed economies. The market is expected to be stimulated by rising healthcare costs. The presence of countries such as Japan, with a rapidly aging population, is anticipated to accelerate the market in the region. Women in Western countries, such as the United States and the United Kingdom, experience a greater number of menopausal symptoms than do women in Asia-Pacific. However, a large population, increasing awareness about menopause, and adoption of dietary supplements contribute to market growth. According to Elsevier, nearly all Asian women experience menopause symptoms, although only 54% are aware of treatments for various symptoms. In addition, the inclination toward herbal and natural treatments is high in the region, inhibiting the growth of over-the-counter pharmaceutical products. 

Asia-Pacific Menopause Federation's scientific meetings are held once every two years, focusing on improving the quality of life of Asian women undergoing menopause. The federation has 13 member countries. Country-based organizations, such as Australasian Menopause Society Limited, work to empower menopausal women by generating awareness and providing guidance through medical help from specialists.

Latin America's rapidly evolving economies include Brazil and Mexico. Technological advancements in the region and increased healthcare awareness are anticipated to fuel the market. Increasing government spending on healthcare will likely promote market growth further, as most of the population depends on government initiatives for pharmaceutical products. As per Climacteric Journal in 2019, 56.8% of Latin American women undergoing menopause had sexual dysfunction. This was attributed to menopause symptoms such as vaginal dryness.

Moreover, women in the region are likely to use alternative therapies to treat menopause symptoms, primarily owing to a lack of private healthcare access. As per the UN, in 2019, Latin America had a rapidly increasing incidence of obesity, which affects 24% of the region's population. These rates are over double the global rate of 13.2%, which is anticipated to significantly increase the number of women undergoing early menopause and showing severe symptoms, expected to boost the market growth.

In the Middle East and Africa, economic development and high unmet healthcare need fuel market growth. As per a study by NCBI in 2020, the knowledge about symptoms of menopause in this region is average; only 41% of women in the UAE admitted to knowing about menopause. Similarly, only 38% knew menopause-related hormonal therapies were available. Women in the region lack knowledge and are typically unaware of the benefits of hormonal and non-hormonal therapies. For instance, 95.6% of women from the UAE had never undergone counseling or used menopausal therapies. This has created a major gap, which can be filled by a significant increase in awareness of women about the condition. 

In addition, growing healthcare awareness, increasing initiatives undertaken by various NGOs, improved penetration of healthcare-related awareness, and improved access to medicines in the Middle East and Africa are some factors anticipated to fuel its market. 

Segmental Analysis

The global menopause market share is segmented by treatment.

Based on treatment, the global market is bifurcated into dietary supplements and OTC pharma products. 

The dietary supplements segment dominates the global market and is projected to exhibit a CAGR of 5.02% over the forecast period. Women take nutritional supplements to help with menopause symptoms like night sweats, hot flashes, and sleeplessness. In addition, research has shown the role of dietary supplements in preventing early menopause. A study conducted on women and published in June 2017 by the American Journal of Clinical Nutrition investigated the effects of calcium and vitamin D obtained from dietary supplements and food sources. The study revealed that a high dietary calcium and vitamin D intake lowered the risk of early menopause. Manufacturers are involved in the launch of new products for managing menopause symptoms. For instance, in September 2020, Health and Her Ltd. launched a range of supplements for managing the symptoms of menopause, such as vitamins C and B12, zinc, minerals, and herbs. Such strategies can help meet the increasing demand for dietary supplements.

The OTC pharma products segment is divided into hormonal and non-hormonal products. Over-the-counter (OTC) hormone preparations are becoming more common for use by women undergoing menopause. Some of the major products in the segment include Dehydroepiandrosterone (DHEA), ibuprofen, topical progesterone, and melatonin. Growing awareness about the use of hormonal therapies is anticipated to accelerate the market over the forecast period. However, the dose and concentration of the pharmaceutical ingredient can vary, depending on the product. For instance, topical OTC progesterone cream has a lower absorption rate than systemic estrogen. In addition, the variability in prescription and OTC status, depending on the country, is a major market restraint. Ease in availability has become a crucial competitive advantage for these products.

Recent Developments

• March 2023- Aptorum Group Limited, a clinical-stage biopharmaceutical firm dedicated to the development of novel therapeutics to address unmet medical needs, unveiled the exciting commercial launch of NativusWell®, a new dietary supplement supporting women's health throughout the Menopause cycles aimed at the China market.
• May 2023- The Food and Drug Administration announced that it had approved a new drug to treat moderate to severe hot flashes caused by menopause. It could provide respite to millions of women who do not wish to undergo hormone therapy to treat their symptoms. Astellas stated that the tablets containing fezolinetant under Veozah could be available in pharmacies within three weeks.