Menopause Market Outlook, Trends And Future Opportunities (2024-2031)

Menopause Market Outlook, Trends And Future Opportunities (2024-2031)

Menopause Market, By Product Type (Hormonal Therapy, Non-Hormonal Therapy, Combination Therapy, Others), By Route of Administration (Oral, Transdermal, Vaginal, Parenteral, Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others), By Treatment Type (Vasomotor Symptoms, Vaginal Atrophy, Osteoporosis, Others), By End-User (Hospitals, Gynecology Clinics, Homecare Settings, Others), By Therapy (Estrogen Therapy, Progestin Therapy, Combined Hormone Therapy, Selective Estrogen Receptor Modulators, Others), Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) The report offers a comprehensive view of the market from supply as well as demand side to help take informed decisions.

  • Published On: Jun 2024
  • Author(s): Sagar Karlekar
  • Report ID: IDA156
  • Region: Global
  • Format: PDF/EXCEL

Market Analysis:

The Menopause Market had an estimated market size worth US$ 14.2 billion in 2024, and it is predicted to reach a global market valuation of US$ 24.0 billion by 2031, growing at a CAGR of 6.8% from 2024 to 2031.

Menopause is a natural biological process that marks the end of a woman's reproductive years, typically occurring between the ages of 45 and 55. The products in this market include hormonal therapies, non-hormonal therapies, and combination therapies, which are used to alleviate the symptoms associated with menopause, such as hot flashes, night sweats, vaginal dryness, and mood changes. These treatments aim to improve the quality of life for women experiencing menopausal symptoms.

The primary drivers of the Menopause Market include the increasing aging female population globally, rising awareness about menopause and its associated symptoms, and the growing demand for effective treatments. Additionally, supportive government initiatives and increasing research and development activities contribute to market growth.

The Menopause Market is segmented by product type, route of administration, distribution channel, treatment type, end-user, and region. By product type, the market is segmented into hormonal therapy, non-hormonal therapy, combination therapy, and others (dietary supplements, herbal remedies). The hormonal therapy segment is expected to dominate the market due to its widespread use and effectiveness in managing menopausal symptoms.

In terms of product launches, Pfizer received FDA approval for Bijuva (estradiol and progesterone) in October 2018, a single-pill combination therapy for the treatment of moderate to severe vasomotor symptoms associated with menopause.

Epidemiology Insights:

  • The disease burden of menopause varies across major regions, with higher prevalence rates observed in developed regions like North America and Europe due to longer life expectancies and aging populations.
  • Key epidemiological trends and driving factors behind the changes include increasing awareness about menopause, improved healthcare access, and changing lifestyle factors such as diet and exercise patterns.
  • In the United States, it is estimated that around 1.3 million women reach menopause each year, while in Europe, approximately 25 million women are postmenopausal.
  • The increasing patient population due to demographic shifts and longer life expectancies presents growth opportunities for the Menopause Market, as more women will require effective management of menopausal symptoms.
  • Menopause is not considered a rare disease, as it is a natural biological process experienced by all women during their lifetime.

Market Landscape:

  • There are still unmet needs in the Menopause Market, particularly regarding the development of safer and more effective treatments with fewer side effects compared to traditional hormone replacement therapies (HRT).
  • Current treatment options include HRT (estrogen-only or combined estrogen-progestin therapy), non-hormonal therapies (such as selective estrogen receptor modulators, antidepressants, and gabapentin), and lifestyle modifications (diet, exercise, and alternative therapies).
  • Upcoming therapies and technologies in development include novel selective estrogen receptor modulators (SERMs), tissue-selective estrogen complexes (TSECs), and plant-based therapies that aim to provide relief from menopausal symptoms with improved safety profiles.
  • Breakthrough treatment options currently in development include gene therapy approaches targeting specific gene expressions associated with menopausal symptoms and personalized medicine approaches tailored to individual hormone levels and symptom profiles.
  • The Menopause Market is dominated by branded drug manufacturers, with several large pharmaceutical companies holding significant market share. However, there is also a presence of generic drug manufacturers, particularly for traditional HRT products.

Market Report Scope:

Key Insights


The market size in 2024

US$ 14.2 Bn

CAGR (2024 - 2031)


The revenue forecast in 2031

US$ 24.0 Bn

Base year for estimation


Historical data


Forecast period


Quantitative units

Revenue in USD Million, and CAGR from 2021 to 2030

Market segments

  • By Product Type: Hormonal Therapy, Non-Hormonal Therapy, Combination Therapy, Others
  • By Route of Administration: Oral, Transdermal, Vaginal, Parenteral, Others
  • By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, Others
  • By Treatment Type: Vasomotor Symptoms, Vaginal Atrophy, Osteoporosis, Others
  • By End-User: Hospitals, Gynecology Clinics, Homecare Settings, Others
  • By Therapy: Estrogen Therapy, Progestin Therapy, Combined Hormone Therapy, Selective Estrogen Receptor Modulators, Others

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East, and Africa

Market Drivers

  • Aging female population globally
  • Increasing awareness about menopause
  • Rising demand for effective treatments
  • Supportive government initiatives

Market Restraints

  • Risks associated with HRT
  • Lack of awareness in developing regions
  • High cost of treatments
  • Stigma and misconceptions surrounding menopause

Competitive Landscape

Pfizer Inc., Novartis AG, Merck & Co., Inc., Bayer AG, Allergan plc, Novo Nordisk A/S, Eli Lilly and Company, Amgen Inc., Mylan N.V., Teva Pharmaceutical Industries Ltd., Hikma Pharmaceuticals PLC, TherapeuticsMD, Inc., Mithra Pharmaceuticals, Astellas Pharma Inc., Ferring Pharmaceuticals, Shionogi Inc., Kyowa Kirin Co., Ltd., Gedeon Richter Plc., Theramex, Lupin Limited

Market Drivers:

Aging Female Population

The world's population is aging, and the number of women entering menopause is increasing rapidly. According to the World Health Organization, the global population of women aged 50 and above is projected to rise from 468 million in 2020 to 773 million by 2050. This demographic shift is driving the demand for effective menopause management solutions, including hormonal and non-hormonal therapies, combination treatments, and alternative approaches.

As women enter menopause, they often experience a range of symptoms such as hot flashes, night sweats, vaginal dryness, sleep disturbances, and mood changes. These symptoms can significantly impact their quality of life, making effective treatment options essential. The growing number of menopausal women has prompted pharmaceutical companies and researchers to invest in developing new and improved therapies to address this unmet medical need.

Increased Awareness and Education

In recent years, there has been a significant increase in awareness and education surrounding menopause and its associated symptoms. Healthcare professionals, patient advocacy groups, and media outlets have played a crucial role in destigmatizing menopause and encouraging open discussions about this natural biological process.

As awareness grows, more women are seeking professional help and exploring available treatment options. This heightened awareness has led to a greater demand for menopause management products and services, driving market growth. Furthermore, educational initiatives have empowered women to make informed choices about their health and seek appropriate care, contributing to the expansion of the Menopause Market.

Advances in Research and Development

The Menopause Market has witnessed significant advances in research and development, leading to the introduction of novel therapies and treatment approaches. Pharmaceutical companies and research institutions are actively investing in developing safer and more effective menopause management solutions.

One notable area of focus is the development of non-hormonal therapies, such as selective estrogen receptor modulators (SERMs) and novel drug delivery systems. These alternatives aim to alleviate menopausal symptoms while minimizing the potential risks associated with traditional hormone replacement therapies.

Additionally, researchers are exploring personalized medicine approaches, taking into account individual hormone levels and symptom profiles, to provide tailored treatment plans. These advancements in research and development are driving innovation and fueling the growth of the Menopause Market.

Supportive Regulatory Environment

Regulatory bodies, such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), have recognized the importance of menopause management and have implemented guidelines and policies to support the development and approval of new therapies.

These regulatory bodies have established clear pathways for the evaluation and approval of menopause-related products, providing a framework for manufacturers to bring their innovations to the market. This supportive regulatory environment has encouraged investment in research and development, fostering the introduction of new and improved menopause management solutions.

Market Opportunities:

Development of Novel Non-Hormonal Therapies

While hormone replacement therapy (HRT) has been widely used for managing menopausal symptoms, concerns over potential side effects and risks have led to an increased demand for non-hormonal alternatives. This presents a significant opportunity for the development of novel non-hormonal therapies that can effectively alleviate symptoms without the associated risks of HRT.

Researchers are exploring various therapeutic targets and mechanisms, including selective estrogen receptor modulators (SERMs), neurokinin receptor antagonists, and compounds targeting specific pathways involved in vasomotor symptoms. These innovative approaches have the potential to provide safer and more targeted treatment options for women experiencing menopausal symptoms.

Personalized Medicine Approaches

Menopause is a highly individualized experience, with women experiencing varying degrees and combinations of symptoms. This diversity in symptom presentation highlights the need for personalized medicine approaches in menopause management.

By leveraging advances in genomics, proteomics, and other omics technologies, researchers can develop tailored treatment strategies based on individual hormone levels, symptom profiles, and genetic factors. This personalized approach has the potential to improve treatment efficacy, minimize side effects, and enhance overall patient outcomes.

Integrating Menopause Care into Healthcare Systems

Traditionally, menopause management has been a fragmented aspect of healthcare, often addressed by different specialists or primary care providers. There is an opportunity to integrate menopause care into comprehensive healthcare systems, ensuring a holistic approach to women's health during this transitional period.

By establishing dedicated menopause clinics or centers within healthcare facilities, women can receive coordinated care from multidisciplinary teams of healthcare professionals, including gynecologists, endocrinologists, nutritionists, and mental health professionals. This integrated approach can improve patient education, monitoring, and overall management of menopausal symptoms.

Exploring Alternative and Complementary Therapies

Many women seek alternative and complementary therapies for managing menopausal symptoms, either as standalone treatments or in combination with conventional therapies. This presents an opportunity for research and development in the areas of herbal remedies, dietary supplements, and lifestyle interventions.

Investigating the efficacy and safety of these alternative approaches can lead to the development of evidence-based complementary therapies, providing women with more options for managing their menopausal symptoms. Additionally, integrating these therapies with conventional treatments may offer synergistic benefits and improve overall treatment outcomes.

Market Trends:

Focus on Symptom-Specific Treatments

While traditional menopause management often relied on broad-spectrum therapies, there is a growing trend towards developing symptom-specific treatments. This approach recognizes that women may experience different combinations of menopausal symptoms, each requiring targeted interventions.

Pharmaceutical companies and researchers are exploring the development of therapies that specifically address vasomotor symptoms (hot flashes and night sweats), vaginal atrophy, sleep disturbances, mood changes, and other menopause-related issues. This symptom-centric approach aims to provide more personalized and effective treatment options for women.

Emphasis on Patient-Centric Care

The Menopause Market is witnessing a shift towards patient-centric care, where the focus is on addressing the individual needs and preferences of each woman. This trend involves empowering women with education and information, fostering shared decision-making, and considering factors such as lifestyle, cultural background, and personal preferences in treatment planning.

Healthcare providers and pharmaceutical companies are recognizing the importance of involving patients in the decision-making process and tailoring treatment plans accordingly. This patient-centric approach aims to improve treatment adherence, patient satisfaction, and overall quality of life for women experiencing menopause.

Adoption of Digital Health Solutions

The integration of digital health solutions is emerging as a significant trend in the Menopause Market. Mobile applications, wearable devices, and telemedicine platforms are being developed to enhance the management and monitoring of menopausal symptoms.

These digital tools can assist in tracking symptom patterns, providing educational resources, facilitating remote consultations with healthcare professionals, and enabling real-time data collection for research purposes. The adoption of digital health solutions has the potential to improve patient engagement, adherence to treatment regimens, and overall care coordination.

Increasing Emphasis on Lifestyle Interventions

While pharmacological interventions remain crucial in menopause management, there is a growing emphasis on incorporating lifestyle interventions as complementary approaches. This trend recognizes the potential benefits of diet, exercise, stress management, and other lifestyle modifications in alleviating menopausal symptoms and improving overall well-being.

Healthcare professionals are increasingly recommending lifestyle changes, such as maintaining a balanced diet, engaging in regular physical activity, practicing mindfulness techniques, and adopting stress-reduction strategies. These interventions can be used in conjunction with conventional therapies or as standalone approaches for women with milder symptoms.

Market Restraints:

Risks and Side Effects Associated with Hormone Replacement Therapy (HRT)

Hormone replacement therapy (HRT) has been widely used for managing menopausal symptoms, but it is accompanied by potential risks and side effects that have raised concerns among patients and healthcare professionals. Long-term use of HRT has been associated with an increased risk of breast cancer, cardiovascular events, and other health complications.

These concerns have led to hesitancy among some women and healthcare providers in prescribing or using HRT, particularly for long-term management of menopausal symptoms. As a result, many women may opt for alternative treatment options or forgo treatment altogether, which can restrain the growth of the HRT segment within the Menopause Market. Recent studies highlighting the risks of HRT have further fueled these concerns, prompting a need for safer and more effective alternatives.

Limited Access and Affordability

Access to menopause management products and services can be a significant restraint in certain regions or populations. In developing countries or areas with limited healthcare resources, women may face challenges in obtaining appropriate care and treatment options for menopausal symptoms.

Additionally, the high costs associated with some menopause therapies and diagnostic tests can make them unaffordable for individuals with limited financial resources or those without adequate health insurance coverage. This affordability issue can hinder the adoption of newer and more advanced treatments, particularly in low- and middle-income countries, thereby restraining market growth in these regions.

Stigma and Misconceptions Surrounding Menopause

Despite increased awareness efforts, there remains a significant stigma and numerous misconceptions surrounding menopause in many societies and cultures. Some women may view menopause as a taboo subject or perceive it as a sign of aging, leading them to avoid seeking proper treatment or discussing their symptoms openly.

Misconceptions about the safety and efficacy of menopause treatments, coupled with cultural beliefs or societal norms, can create barriers to accessing appropriate care. This lack of understanding and open dialogue can restrain market growth by limiting the adoption of available treatments and preventing women from seeking the necessary support and resources.

Recent Developments:


Involved Company

FDA approved Bijuva in October 2018, a single-pill combination therapy for moderate to severe vasomotor symptoms.

Pfizer Inc.

Received FDA approval for Imvexxy in April 2019, a vaginal insert for moderate to severe dyspareunia.

TherapeuticsMD, Inc.

Launched Duavee in Europe in January 2021, a novel conjugated estrogens/bazedoxifene combination therapy.

Pfizer Inc.

Product Launch

Company Name

Launched Bijuva in the US in April 2019 for the treatment of moderate to severe vasomotor symptoms.

TherapeuticsMD, Inc.

Launched Imvexxy in the US in July 2018, a vaginal insert for moderate to severe dyspareunia.

TherapeuticsMD, Inc.

Launched Duavee in the US in October 2013, a novel conjugated estrogens/bazedoxifene combination therapy.

Pfizer Inc.


Involved Companies

Acquired Endoceutics in January 2021, gaining access to its non-hormonal menopause treatment pipeline.

Astellas Pharma Inc.

Acquired Pantarhei Bioscience in May 2020, gaining access to its novel menopause treatment candidates.

Ferring Pharmaceuticals

Acquired TherapeuticsMD in July 2022, expanding its portfolio in women's health and menopause treatments.

Mayne Pharma

Market Regional Insights:

The Menopause Market is segmented across several key regions, with varying growth prospects and market dynamics. North America is expected to be the largest market for the Menopause Market during the forecast period, accounting for over 38.2% of the market share in 2024. The growth of the market in North America is attributed to the increasing awareness about menopause, the presence of major pharmaceutical companies, and favorable reimbursement policies.

The Europe market is expected to be the second-largest market for the Menopause Market, accounting for over 27.5% of the market share in 2024. The growth of the market is attributed to the aging population, increasing adoption of hormone replacement therapies, and the presence of well-established healthcare infrastructure.

The Asia-Pacific market is expected to be the fastest-growing market for the Menopause Market, with a CAGR of over 7.8% during the forecast period by 2024. The growth of the market in the Asia-Pacific region is attributed to the rapidly growing aging population, increasing awareness about menopause, and improving healthcare infrastructure, particularly in countries like China and India, and a third-largest share of 18.7%.

Market Segmentation:

  • By Product Type
    • Hormonal Therapy
    • Non-Hormonal Therapy
    • Combination Therapy
    • Others (Dietary Supplements, Herbal Remedies)
  • By Route of Administration
    • Oral
    • Transdermal
    • Vaginal
    • Parenteral
    • Others (Nasal, Suppositories)
  • By Distribution Channel
    • Hospital Pharmacies
    • Retail Pharmacies
    • Online Pharmacies
    • Others (Clinics, Specialty Pharmacies)
  • By Treatment Type
    • Vasomotor Symptoms
    • Vaginal Atrophy
    • Osteoporosis
    • Others (Sleep Disturbances, Mood Changes)
  • By End-User
    • Hospitals
    • Gynecology Clinics
    • Homecare Settings
    • Others (Ambulatory Surgical Centers, Specialty Clinics)
  • By Therapy
    • Estrogen Therapy
    • Progestin Therapy
    • Combined Hormone Therapy
    • Selective Estrogen Receptor Modulators (SERMs)
    • Others (Tissue-Selective Estrogen Complex, Phytoestrogens)
  • By Regions
    • North America
    • Europe
    • Asia-Pacific
    • Latin America
    • Middle East & Africa

Market Segment Analysis:

  • By Product Type:
    • The Hormonal Therapy segment is expected to dominate the Menopause Market and maintain its leading position during the forecast period. This segment is projected to grow at a CAGR of around 7.2% from 2024 to 2031 in the North American region, with a projected market size of $6.8 billion by 2031.
    • In Europe, the Hormonal Therapy segment is also expected to be the largest, with a CAGR of around 6.5% and a projected market size of $4.2 billion by 2031.
    • The Non-Hormonal Therapy segment is anticipated to be the fastest-growing segment, driven by concerns over the side effects of hormonal therapies. This segment is expected to grow at a CAGR of around 8.5% in the Asia-Pacific region, owing to increasing awareness and adoption of non-hormonal alternatives.
  • By Route of Administration:
    • The Oral route is expected to be the largest segment in 2024, primarily due to its convenience and patient preference.
    • The Transdermal route is projected to be the second-largest segment in 2024 and is anticipated to grow at a higher CAGR than the Oral segment, driven by the advantages of sustained drug delivery and reduced side effects.
  • By Distribution Channel:
    • The Hospital Pharmacies segment is expected to be the largest in 2024, owing to the significant number of menopause-related procedures and treatments conducted in hospital settings.
    • The Retail Pharmacies segment is projected to be the second-largest in 2024 and is anticipated to grow at a higher CAGR than the Hospital Pharmacies segment, driven by increasing accessibility and convenience for patients.

Top companies in the Menopause Market

  • Pfizer Inc.
  • Novartis AG
  • Merck & Co., Inc.
  • Bayer AG
  • Allergan plc
  • Novo Nordisk A/S
  • Eli Lilly and Company
  • Amgen Inc.
  • Mylan N.V.
  • Teva Pharmaceutical Industries Ltd.
  • Hikma Pharmaceuticals PLC
  • TherapeuticsMD, Inc.
  • Mithra Pharmaceuticals
  • Astellas Pharma Inc.
  • Ferring Pharmaceuticals
  • Shionogi Inc.
  • Kyowa Kirin Co., Ltd.
  • Gedeon Richter Plc.
  • Theramex
  • Lupin Limited

Frequently Asked Questions

The current market size of the Menopause industry is US$ 14.2 billion.

Increasing aging female population globally, Rising awareness about menopause, Growing demand for effective treatments, Supportive government initiatives, Increasing research and development activities, Advances in diagnostic techniques, Availability of novel therapies, Improving healthcare infrastructure, Increasing disposable income, Expansion of healthcare coverage.

Risks associated with hormone replacement therapy, High cost of treatments, Lack of awareness in developing regions, Stigma and misconceptions surrounding menopause, Stringent regulatory requirements, Limited reimbursement policies, Preference for alternative therapies.

The leading component segment in the Menopause Market is the Hormonal Therapy segment, used to alleviate menopausal symptoms.

Pfizer Inc., Novartis AG, Merck & Co., Inc., Bayer AG, Allergan plc, Novo Nordisk A/S, Eli Lilly and Company, Amgen Inc., Mylan N.V., Teva Pharmaceutical Industries Ltd.

The North America region is expected to lead the Menopause Market with a market share of 38.2% in 2023.

Aging female population globally, Rising awareness about menopause, Growing demand for effective treatments, Supportive government initiatives, Increasing research and development activities, Advances in diagnostic techniques, Availability of novel therapies, Improving healthcare infrastructure.