Menopause Treatment Market Report Scope & Overview:

The menopause treatment market size was valued at USD 17.84 billion in 2024 and is expected to reach USD 27.23 billion by 2032, growing at a CAGR of 5.44% over 2025-2032.

Increasing awareness about women's health, improving diagnosis rates for menopause, coupled with growing demand for both hormonal and non-hormonal therapies, are major dynamics fuelling the growth of the market. By 2030, more than 1.2 billion women globally are projected to have reached menopausal or postmenopausal age, furthering the need for symptom relief treatments that work.

In March 2024, Theramex joined forces with ObsEva to market nolasiban, a novel oral treatment for fertility and other hormone-related disorders in development, as an example of the R&D pipeline broadening its scope.

Despite being a first-line treatment for menopausal symptoms, Hormone Replacement Therapy (HRT) is falling out of favour; the era is over with recent novel alternatives, such as Neurokinin-3 (NK3) receptor antagonists and non-hormonal repositioning of SRRIs moving into clinical studies. Research and development investments are on the rise as well; for instance, Astellas received FDA approval in 2023 for its non-hormonal therapy for moderate-to-severe vasomotor symptoms (veporzana). Additionally, the FDA and EMA are facilitating pathways for menopause treatments through regulation, thus promoting innovation. In addition, the uptake of digital health platforms and personalized care models is increasing, which enhances patient access and compliance. This is likely to influence the demand for natural, personalized solutions, result in increased healthcare spending, and positively impact growth opportunities in countries including the U.S. and Germany with supportive reimbursement policies.

In May 2023, the approval of Veozah (fezolinetant) at Astellas blazed a trail for non-hormonal menopause therapies.

Market Dynamics:

Drivers:

• Growing Healthcare Awareness Among Aging Female Populations, Advancements in Therapy Options, and Increased R&D Investments Fuel Market Growth

More than 75% of women suffer from moderate-to-severe menopausal symptoms, leading to a significant need for hormonal and non-hormonal therapies. Hormone therapy is widely available as well; Amneal Pharmaceuticals and Organon have further broadened their portfolios, while biotech players are making headway into the more nascent non-hormonal categories. Then in 2024, the NIH awarded more than USD 45 million to advance scientific discovery around women's midlife health and included in its directives that a subsequent call must focus on improving care for afflicted women. Moreover, the presence of OTC supplements and consumer-driven health trends has furthered supportive demand through online and retail pharmacies. Theoretically speaking, even regulators have signalled their intent to support development. EMA’s updated guidelines in 2023 focused on quality & safety for new menopause therapies, favourably enhancing the likelihood of market entry. The market has also been driven by rising use of digital health platforms such as Caria and Balance, for symptom monitoring and personalized care, which have better served treatment access and patient engagement.

Restraints:

• Menopause Treatment Space Faces Considerable Barriers Including Safety Concerns, Underdiagnosis, and Limited Healthcare Access in Low-Income Settings

HRT (hormone replacement therapy) works but is associated with risks including breast cancer and cardiovascular disease, so understandably, patients are willing to previously after effective management. A 2023 study of menopausal women, published in The Lancet, found that only about 20% of women with menopausal symptoms receive any clinical treatment due to either low awareness or bias from the provider. Moreover, varying global reimbursement policies limit patient access primarily in regions where the concept of menopause as a medical condition is unknown. There are also disruptions to the supply side, such as production and raw material sourcing problems that bioidentical hormones and herbal products must face. Regulatory scrutiny is intense, such as the boxed warnings on estrogen-containing products mandated by the FDA, which has effectively discouraged a broader application. The clinical trials for the treatment of menopause face specific recruitment problems due to taboos and lower participation, leading to slow innovation and an approval process.

Segmentation Analysis:

By Treatment Type

In 2024, hormonal therapies dominated the market with an estimated share of 58.2%, due to high adoption of estrogen and combination treatments for vasomotor and genitourinary symptoms. The high clinical efficacy and physician familiarity with HRT secured its market dominance.

The segment of non-hormonal therapies is exhibiting the highest growth since people have started realizing the advantages that non-hormonal therapies offer over hormonal therapy. Novel selective NK3 receptor antagonists and SSRIs are increasingly becoming the standard of care, notably in women with contraindications to hormones.

By Route of Administration

In 2024, oral administration dominated the market with a share of 41.7% due to patient comfort and long-established penetration, and with the wide availability of tablets and capsules segment. Topical/Transdermal continues to grow at the fastest rate, partially due to the lower risk of systemic side effects and constant hormone exposure; estrogen patches and gels drive growth.

By Formulation Type

In 2024, the market accounted for the largest share, 36.5%, and was dominated by tablets/capsules, which are more convenient, cost-effective, and prescribed broadly in both hormonal as well as non-hormonal categories. Patches proliferate because of improved patient adherence, little to no hepatic metabolism, and established long-term robust clinical data on hormone therapy.

By Indication

The menopause stage was the dominant segment in 2024, with a market share of 49.3% as most treatment decisions and interventions are made after cessation of menstruation. Prevalence of perimenopause is expanding most rapidly because of increased earlier diagnosis and increasing awareness, as well as the direction to early symptom control to avert organized sequelae.

By Distribution Channel

Retail Pharmacies dominated by 43.1% share in 2024, based on large geographic access, easier treatment of hormonal drugs, and greater demand for over-the-counter supplements. Online Pharmacies, a direct-to-consumer platform, in the COVID-19 era, where Telehealth is picking up immensely with increasing e-commerce penetration, online pharmacies are scaling rapidly.

Regional Analysis:

North America held a 36.1% share of the market based on revenue in 2024, due to high healthcare spending, widespread availability of hormone replacement therapies (HRT), and developed reimbursed systems.

The U.S. menopause treatment market size was valued at USD 5.36 billion in 2024 and is expected to reach USD 7.72 billion by 2032, growing at a CAGR of 4.63% over 2025-2032. The North American contribution of the U.S. to more than 75% was born on reasonable awareness among physicians and well-developed R&D pipelines, especially in the U.S., led by Pfizer, followed by Organon and Amneal. As well, an increasing adoption of digital health platforms and the rise of OTC supplement utilization could have benefits for the nation. Canada is incrementally growing on the back of government initiatives, which are focusing on women's health and enhanced access to therapies via provincial drug plans. It is also experiencing a rise in clinical trial activity, and the FDA is granting regulatory approvals in a faster time, both of which help catalyze innovation.

Rising awareness of menopausal issues is also boosting the market in the Asia Pacific, which will see significant growth as countries such as China and India build better healthcare infrastructure. Rising rates of diagnosis and urbanization, coupled with a robust uptake of therapies, are expected to uplift the growth prospects in the region. The market is led by Japan due to a very large postmenopausal population (over 32 million) and extensive insurance coverage. Growing healthcare spending in China and the growing presence of both domestic players and global pharma companies looking to expand access to HRT are also helping to transform that market. In India, due to increasing technological advancements and the growing number of gynecological issues, over-the-counter drugs as well as natural remedies are experiencing double-digit growth. Moreover, countries such as South Korea and Australia are experiencing a demand explosion due to an increase in wellness trends and proactive midlife health management.

Key Players:

Leading menopause treatment companies include Theramex, Pure Encapsulations LLC, Dr. Reddy’s Laboratories Ltd., ReNew Life Holdings Corporation, Padagis, Teva Pharmaceutical Industries Ltd., Novo Nordisk A/S, Mithra Pharmaceuticals, Merck & Co. Inc., Cipla Inc., Abbott, Viatris Inc., Organon, SnapNurse, Glenmark Pharmaceuticals Ltd., Procter & Gamble, Duchesnay USA, TherapeuticsMD Inc., Avion Pharmaceuticals, and PharmaCare Europe Ltd.

Recent Developments:

In July 2025, the UK’s Medicines and Healthcare products Regulatory Agency (MHRA) approved elinzanetant (Lynkuet), an oral dual NK‑1/NK‑3 receptor antagonist, as a first-in-class non-hormonal therapy for moderate to severe hot flashes associated with menopause. This marks the global debut authorization for a novel non-hormonal menopause treatment.
In October 2024, the U.S. FDA accepted Bayer’s New Drug Application (NDA) for elinzanetant, backed by positive outcomes from three Phase III OASIS studies. The PDUFA review date is set for July 2025, positioning it as a potential new option in non-hormonal menopause management.