Menopause
What’s next in the booming women’s healthcare market?
Jo Barnard, Ben Melvin, Dan Lloyd, Andy Trewin Hutt
Morrama foresight
2023
The menopause has long been classed as a factor in female ageing and left at that. However, with a host of start-ups backed by A-lists celebrities redefining the landscape, are we entering into a new age of menopause management?
What is ‘the menopause’?
Menopause marks the end of menstruation and fertility in women. A woman officially reaches menopause 12 months after their last period, typically occurring between the ages of 45-55. During this time the production of the hormones oestrogen and progesterone decreases, causing a range of physical and emotional symptoms including hot flushes, weight gain, vagina dryness and brain fog.
‘The change’ is experienced by ~50% of the population and yet somehow still feels like a mystery, a taboo subject, a topic reserved for close inner circles only. However, with brands like Mira, who launched the first at-home menopause tracker in Q2 this year, and menopause startup Upliv recently securing, we are starting to see a change. From a business perspective it’s a lucrative market; recent predictions suggest that the menopause market alone will be worth $24.4 billion by 2030. In the same year the wider women’s health market is forecast to be worth $58b in 2030, helped no doubt by investment boom in Femtech in 2021.
A lucrative market
For an increasing number of women, menopause age is when they are reaching the height of their career. Finding themselves in senior management positions with higher risk and responsibility, brain fog, tiredness and hot-flashes are an unwelcome distraction and as a result ‘900,000 women in the U.K. have left their jobs. U.S. startup Upliv is looking to address this problem by partnering with employers to offer virtual telemedicine services and whole-person care to menopausal employees. Recently securing $8.4M seed funding, it’s clear that businesses are willing to spend money if it means maintaining and supporting valuable employees. And it’s not just the employers who are happy to throw money at the situation, women in senior positions have the disposable income to spend on anything that promises to relieve symptoms.
This market is not new. Women have been going through menopause for millenia. But Apple famously forgetting to include the basic functionality of period tracking into their health app proves that male silicon valley billionaires have been so busy focusing on their own health and longevity that women’s needs have been overlooked. The result is a vast untapped market and we are about to see it explode.
Supplements
The most obvious market to capitalise on this new spotlight on menopause will be the supplement market. Some brands are leading the way, including female over-40 brand Wile who offer a natural blend of substances to curb an array of daily woes, including hot flash capsules. With Goop recognising the huge market potential and launching a vitamin pack called Madame Ovary last year, it won’t be long before many other brands follow suit; to be honest we are surprised that brands like Hers don’t already offer a menopause targeted package. It’s difficult to see how the offering will be more than a glamorised, and likely overpriced, curation of off-the-shelf vitamins however, but if it serves to raise awareness and support education around a topic that even women themselves know little about, then there are upsides.
MORRAMA INSIGHT
We can expect to see more tailored supplements targeted at menopausal women, boasting Lion’s Mane for brain function, black cohosh for hot flushes and selenium for thyroid function.
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Sex and relationships
Spikes in STD diagnoses in 45-64 year olds suggest that women of menopausal age are also finding themselves single and (somewhat carelessly) exploring new partners. Cue a market for toys, trainers and sexual confidence products. A market that has been unexploited, likely because there are so few women of menopausal age making key business decisions and you aren’t going to find many male entrepreneurs designing sex-toys for middle-aged women.
A desire for an active sex life doesn’t stop at 40, and whilst many women report a new found freedom from unwanted pregnancy and new level of sexual confidence, a reduction in oestrogen levels triggered by the menopause increases the likelihood of pain and dryness during penetration. From a product perspective, creating a solution that is tailored to building a woman’s sexual confidence does need to be ground breaking, however there are very few on the market. Joylux is one example of this, targeting vaginal health to promote intimacy and empowerment and whilst the design leaves something to be desired, the reviews speak for themselves.
New ideas in this space should focus on relationship, empowerment and communication. During the menopause the physiological and psychological change that happens to the body and the mind can be difficult to navigate within relationships. Women find they do not understand what they want or need themselves, let alone know how to communicate this to a partner. Conversation around the menopause within the sex space needs to continue, and there is an opportunity for more toys that encourage intimate self-exploration for menopausal women to learn how their bodies, and pleasure preferences have changed.
This is where design has a role to play. More specifically, this is where female designers have a role to play. In 2019 we worked with UK startup Toy Projects on a range of intimate vibrators. For a fairly saturated market, there is a distinct lack of innovation. Even with a narrow brief, our female lead design team identified a (seemingly obvious) opportunity for a toy that mimics the shape of two fingers. ‘Two Good’ is now the brand’s best selling toy. Turning this design lens to the menopause market, we would look to move beyond the ‘O’ and focus on empowerment, control and comfort.
MORRAMA INSIGHT
Design lead toys-as-tools that focus on the emotional and anatomical aspect of sex will be the best way to target this older female market, empowering them to explore their changing bodies and instil comfort and confidence with a partner.
Tech Takeover
When it comes to more tech driven solutions, they are currently restricted to manual tracking, pseudoscience, or community. However, it is a lack of data that is holding back further product development. For such a long time the menopause has remained an unknown, not just because women haven’t wanted to talk about it, but because no one has thought to investigate (it just isn’t sexy enough for investors). As such, there is a distinct lack of data from which there could lie the answers to unlocking the menopause. Whilst investors are soon going to grow tired of investing in tracker apps, with the release of the Apple Watch Series 8, it’s going to be possible to track both fertility and body temperature with more accuracy. With the deeper tech integration combined with a greater collection of data provides insights before the individual feels the impact of menopausal symptoms.
Tracking cycles and changes in bodily functions either manually or automatically is just the beginning of getting ahead of the menopause. Sensors being developed in other sectors are already in development to record sweat expenditure. This logic may well find its way into the menopause sector in the form of a hot flush early-warning wearable.
MORRAMA INSIGHT
Expect to see more brands entering into the menopause space with tracking apps, wearables and telemedical services. Due to the unpredictable nature of the physical symptoms, these devices and services will be limited to education and management rather than targeted relief, and, whilst useful, an increase in data capture is unlikely to ‘unlock’ the menopause.
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Change in approach
As 2023 starts, medical waiting lists are longer than ever and women suffering with something deemed mundane like menopause may be forgotten. If recent years have taught us anything, it's that the future is in home testing. Companies like Modern Fertility provide at-home fertility testing so that individuals can understand how their fertility changes and can proactively plan and take action. Applying this methodology to the menopause, we can see how women could take ownership of their own health and well-being. Brands like Stella are already offering such a service: individuals carry out an online assessment to receive tailored menopause support and prescription HRT. For a fee, choices like whether to start hormone treatment or make preemptive lifestyle changes can be made realtime, avoiding long NHS waiting times.
HRT has had a challenging recent history. A study carried out in 2002 implied that it increased risk of breast cancer, heart disease and stroke and consequently the number of women taking it in the UK dropped by 1 million between 2003 and 2007. Subsequent studies have disproved the findings and HRT is the treatment most recommended by doctors, not only to relieve the symptoms of menopause, but also to reduce the risk of osteoporosis and heart disease; both of which increase as oestrogen production drops off.
In the UK however, a major shortage of the drug is leaving many women without this option, whilst others are hesitant to take hormones for a decade. In an attempt to find alternative solutions there has been a growing number of women smoking cannabis as a way of managing their symptoms. Whilst there has yet been no peer reviewed testing on this, 80% of women surveyed in a study by Harvard Medical School said that cannabis relieved menopause-related symptoms and it’s proven that the active ingredient THC mimics aspects of anandamide, an endocannabinoid that helps regulate body temperature. Whilst marijuana brands aren’t specifically targeting menopausal women yet, we’ll undoubtedly be seeing the smart ones make the most of this positioning before long (in the US at least). The challenge from a product and positioning perspective here will be in marketing to those with no experience of cannabis use. Expect to see companies following in the footsteps of CBD brands, launching the THC version of medicinal drinks, drops and tablets.
MORRAMA INSIGHT
Unable to rely on the NHS, women in the UK will be seeking alternative support channels and medications. Whilst this is going to initially mean fast-tracking prescription HRT, there is a huge opportunity for brands to capitalise on natural alternatives for those not willing to take hormones.
Key Summary
- Female founders alongside A-list celebrities are raising the profile of women over 45 and highlighting this new health and wellness market opportunity.
- Increase in data capture through tracking apps, wearables and research studies will provide insights into symptom triggers, management and avoidance.
- Changes in policy to enable over-the-counter and D2C HRT and legal requirements for employers to support employees through the menopause.
- Shortages of HRT in some places will force people to seek alternative ways to manage their menopause symptoms and brands will step in with natural medicines such as Lion’s Mane and (where legal) THC.
This research was carried out by Morrama Labs as part of a deeper exploration into the future of products and services surrounding the menopause. All opinions are our own.
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