# The $19 Billion Menopause Economy

An episode of [Big Take](https://invisiblenetwork.ai/podcast/1578096201), 5 Aug 2026, 19 min.

Audio: https://podtrac.com/pts/redirect.mp3/tracking.swap.fm/track/UVBrz8bN8aM2Xe47PEPu/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/825d4e29-b616-46f4-afd7-ae2b0013005c/f94ac7bb-5f2a-4156-b497-b49d014d497c/audio.mp3?utm_source=Podcast&in_playlist=8b1dd624-a026-43e9-8b57-ae2b00130066

For generations, women have struggled to access information about menopause and how best to treat its symptoms. Social media and the rise of telehealth have filled some of that gap, giving way to a $19 billion economy. But is the commercial menopause marketplace serving women or leaving them behind? On today’s Big Take podcast, health and science journalist Kristen V. Brown explores the benefits and risks of the menopause treatment gold rush, and we hear from a woman who spent years navigating the vast market herself. Read more: The Menopause Gold Rush Is Failing Women We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer. Hosted by Sarah Holder; Produced by Julia Press; Reported by Kristen V. Brown; Edited by Aaron Edwards. Fact-checking by Rachael Lewis-Krisky and Victor Swezey; Engineering by Emma Munger. Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
[0:08] Speaker 2: Yasmin Harris was in her early thirties when she started
[0:12] Speaker 2: noticing unusual symptoms.
[0:14] Speaker 1: I was tired all of the time.
[0:17] Speaker 3: My mood was horrible.
[0:19] Speaker 1: I also started having minor hot slashes right my sex
[0:23] Speaker 1: life just went one out of the window.
[0:26] Speaker 2: Around that time, she also got her first ever urinary
[0:29] Speaker 2: tract infection.
[0:30] Speaker 1: So that, as well as kind of like the mood swings,
[0:34] Speaker 1: was really high on my radar that something more has
[0:38] Speaker 1: to be going on with me, she says.
[0:41] Speaker 2: Her primary care doctor told her it was probably just
[0:43] Speaker 2: too much stress. He put her on antidepressants for her
[0:47] Speaker 2: mood swings, talked to her about bathroom hygiene, and sent
[0:50] Speaker 2: her on her way. One night, a few years later,
[0:53] Speaker 2: in her kitchen around dinner time, she started having chest
[0:57] Speaker 2: pain and got diagnosed with heart feel Her doctor put
[1:01] Speaker 2: her on a series of medications, and eventually she was
[1:04] Speaker 2: given a pacemaker. She was only thirty nine. Shortly after,
[1:09] Speaker 2: her periods became irregular, lasting for weeks at a time,
[1:14] Speaker 2: Yasmin felt like this all had to be connected.
[1:17] Speaker 1: I started googling and just doing a ton of research,
[1:20] Speaker 1: and one of the very first things that came up
[1:24] Speaker 1: highlighted menopause and pairimenopause.
[1:27] Speaker 2: But she says her gynecologist told her she was still
[1:30] Speaker 2: a little too young to worry about it. She gave
[1:33] Speaker 2: Yasmin a prescription for birth control to manage her cycle. Still,
[1:37] Speaker 2: Yasmin didn't feel satisfied with the care she was getting,
[1:41] Speaker 2: so she turned to the internet for a second opinion,
[1:45] Speaker 2: and she found plenty.
[1:47] Speaker 3: Let's talk about some researched ashual Ganda benefits for menopause.
[1:50] Speaker 3: Taking a black co host supplement that I got from
[1:53] Speaker 3: Whole Foods and that has really seemed to be helping me.
[1:56] Speaker 3: Mayed three supplements that are going to help bring back
[1:59] Speaker 3: your to the city or libido during menopause.
[2:03] Speaker 2: What worked? What didn't work?
[2:07] Speaker 1: Nothing worked, Siarah, Nothing, absolutely nothing, nothing, nothing worked.
[2:13] Speaker 2: How much do you think you spent on these kinds
[2:15] Speaker 2: of remedies and treatments and things that you'd found online.
[2:19] Speaker 3: Girl, I've spent easily thousands of dollars.
[2:23] Speaker 2: When women suspect they're experiencing the lead up to menopause,
[2:27] Speaker 2: finding the right way to treat their symptoms isn't always straightforward.
[2:31] Speaker 2: And while a growing industry of startups and supplements are
[2:34] Speaker 2: advertising more and more options for women seeking that treatment.
[2:38] Speaker 2: The healthcare mainstream hasn't kept up with their needs. That's
[2:42] Speaker 2: led to a massive, nearly nineteen billion dollar global menopause market,
[2:47] Speaker 2: dominated by non medical treatments as opposed to evidence backed therapies.
[2:52] Speaker 3: This need is being filled by telehealth companies and Instagram
[2:57] Speaker 3: influencers because it's not able to be met by the
[3:02] Speaker 3: medical community.
[3:03] Speaker 2: Kristin V. Brown is a health and science journalist who
[3:06] Speaker 2: recently wrote a story for Bloomberg BusinessWeek tracking the rise
[3:10] Speaker 2: of the menopause economy. She says the overall market for
[3:14] Speaker 2: menopause treatment is expected to exceed twenty eight billion dollars
[3:18] Speaker 2: by twenty thirty three. We are in the midst of
[3:21] Speaker 2: a menopause gold rush, but is it also leaving women behind.
[3:25] Speaker 3: There is a real mismatch, and there is a real
[3:28] Speaker 3: need to give more access to care, but that access
[3:33] Speaker 3: isn't really like coming from the best place for patients.
[3:41] Speaker 2: I'm Sarah Holder, and this is the big take from
[3:43] Speaker 2: Bloomberg News Today. On the show, we go inside the
[3:46] Speaker 2: big business of menopause, from TikTok medical advice to complicated
[3:51] Speaker 2: healthcare systems. How are women navigating this multi billion dollar market,
[3:56] Speaker 2: and will more money pouring into it make it easier
[3:59] Speaker 2: or just or crowded.
[4:06] Speaker 3: So about six months before I turned forty, like it
[4:10] Speaker 3: had gotten a calendar alert, Instagram started just serving me
[4:15] Speaker 3: the menopause content.
[4:16] Speaker 2: Health reporter Kristin V. Brown is writing a book about
[4:19] Speaker 2: female fertility. She's also a woman on the internet. And
[4:23] Speaker 2: when the menopause posts started coming, they didn't stop.
[4:27] Speaker 3: And I have to tell you, it was so depressing.
[4:30] Speaker 3: And there were all these symptoms, right, itchiness, wakain, which
[4:34] Speaker 3: you know is associated with menopause, but also like men
[4:36] Speaker 3: experience waiting in mid life, where it's just like a
[4:39] Speaker 3: fact of aging. And I started looking at myself, at
[4:42] Speaker 3: my own aging body, and I was like, I am itchy,
[4:46] Speaker 3: I have gained some weight, like I have been kind
[4:48] Speaker 3: of hot at nights sometimes, and I mean, honestly, Instagram
[4:52] Speaker 3: basically convinced me that I might be in perry menopause.
[4:56] Speaker 2: Perry menopause is the stretch of a woman's life that
[4:58] Speaker 2: comes before reaching menopause.
[5:01] Speaker 3: So menopause it's one day in your life, right, It's
[5:05] Speaker 3: the day that you have gone twelve months since having.
[5:09] Speaker 2: A period, and a lot of the symptoms people sometimes
[5:12] Speaker 2: associate with menopause actually begin in the lead up to
[5:16] Speaker 2: that single day, because.
[5:17] Speaker 3: That's when your hormones are, you know, kind of going wild,
[5:20] Speaker 3: as your overarrays are kind of shutting down production.
[5:24] Speaker 2: And if you will, those symptoms might be itchiness, hot flashes,
[5:28] Speaker 2: or weight gain. They might also be mood swings or
[5:32] Speaker 2: brain fog.
[5:33] Speaker 3: Physical and emotional. And I think that's what makes it
[5:36] Speaker 3: hard to diagnose, because it's also happening at a time
[5:39] Speaker 3: in your life where your body is just you know,
[5:41] Speaker 3: starting to not work as well in general, So it
[5:43] Speaker 3: can be hard to know is this menopause or is
[5:45] Speaker 3: my skin just getting dry because I'm getting older.
[5:49] Speaker 2: Yasmin Harris had similar questions. According to the Mayo Clinic,
[5:54] Speaker 2: the average woman in the US experiences menopause at age
[5:57] Speaker 2: fifty one. Yasmin was in her thirty but when the
[6:01] Speaker 2: traditional healthcare system didn't have answers, googling her symptoms had
[6:05] Speaker 2: her convinced.
[6:06] Speaker 1: Because the symptoms just they just all fit right.
[6:10] Speaker 2: Yeahsmin asked her gynecologists to test her hormones at one point,
[6:14] Speaker 2: and she says the doctor told her she didn't find
[6:17] Speaker 2: indicators of menopause.
[6:18] Speaker 3: I think that's really one of the tricky things about
[6:21] Speaker 3: diagnosing it is there's no test that you can take
[6:24] Speaker 3: and it' say, oh, you've crossed some specific hormonal threshold
[6:28] Speaker 3: and now you're impairimenopause. It really is just evaluating the
[6:32] Speaker 3: sort of constellation of symptoms and trying to put together
[6:38] Speaker 3: a picture of whether you are transitioning and pristent.
[6:42] Speaker 2: How has this period of life been talked about historically?
[6:45] Speaker 2: How has the healthcare industry approached perimenopause?
[6:49] Speaker 3: Historically? Menopause has been something that we haven't really talked about,
[6:54] Speaker 3: And I think that's one of the biggest problems is,
[6:56] Speaker 3: you know, it's been something that's sort of whispered about.
[6:59] Speaker 3: Your doctor never talk to you about it, your mom
[7:01] Speaker 3: maybe never even talked to you about it. So women
[7:03] Speaker 3: are going into this phase in their life without a
[7:06] Speaker 3: lot of information. Often.
[7:08] Speaker 1: I actually reached out to my mother as I started
[7:11] Speaker 1: doing the research, and my mother is in her mid
[7:15] Speaker 1: to late sixties now, and she didn't know any of
[7:18] Speaker 1: this stuff either.
[7:20] Speaker 2: Kristen says that even doctors don't always have the information.
[7:23] Speaker 3: Something like seventy percent of OBGI in training programs have
[7:27] Speaker 3: no formal menopause curriculum, right, So they're literally getting no
[7:32] Speaker 3: formal training on this.
[7:33] Speaker 2: That's kind of crazy. Something that every woman goes through.
[7:37] Speaker 3: It's really crazy doctors are not learning about it. And
[7:40] Speaker 3: that's in part because of, you know, a scare over
[7:44] Speaker 3: prescribing the best treatments for it.
[7:47] Speaker 2: There have been treatments for many of the most common
[7:50] Speaker 2: perimenopause symptoms, like hot flashes and vaginal dryness for decades.
[7:55] Speaker 2: The gold standard is hormone therapy, a boost of estrogen
[7:59] Speaker 2: delivered as a pill, patch or cream. Kristen says the
[8:03] Speaker 2: therapy has faced setbacks on the road to wider adoption.
[8:07] Speaker 2: Research in the nineteen seventies linked it to higher risks
[8:10] Speaker 2: of uterine cancer, though the problem has been mitigated by
[8:13] Speaker 2: adding progesterone to the treatment. Then, in two thousand and two,
[8:17] Speaker 2: the US National Institutes of Health published results from a
[8:20] Speaker 2: randomized controlled trial called the Women's Health Initiative, suggesting that
[8:25] Speaker 2: the risks outweighed the benefits.
[8:28] Speaker 3: Doctor has decided, you know, this isn't safe for women,
[8:30] Speaker 3: and so people didn't learn about it because there wasn't
[8:33] Speaker 3: a treatment option that the medical community sort of agreed
[8:36] Speaker 3: was safe for a long time. You know, those sort
[8:39] Speaker 3: of thoughts and feelings about hormone therapy have been walked back.
[8:43] Speaker 3: You know, we now understand that they were sort of overblown. Right,
[8:46] Speaker 3: But in the meantime, you have generations of OBEs who
[8:50] Speaker 3: have received no training, and at the same time, one
[8:53] Speaker 3: point three million women go through menopause every year, right,
[8:56] Speaker 3: so that math isn't mathing right. There's just not enough practition,
[9:00] Speaker 3: and so this marketplace has emerged to sort of fill
[9:04] Speaker 3: that gap.
[9:05] Speaker 1: Did you know that red light therapy can actually help
[9:08] Speaker 1: more than just the skin, It can actually help with
[9:10] Speaker 1: a range of menopause symptoms.
[9:12] Speaker 3: Mentioned last month that I'm going through period remopods. That's
[9:16] Speaker 3: why I'm partnering with Midi Health. If you're a woman
[9:18] Speaker 3: approaching menopause, here's four supplements you must take.
[9:22] Speaker 2: Kristen says this marketplace has flourished online as gen xers
[9:27] Speaker 2: and millennials reach perimenopause.
[9:29] Speaker 3: We are a very online generation. Right. If the doctor
[9:33] Speaker 3: tells us they can't do anything, we get on Reddit,
[9:35] Speaker 3: we get on chatchypeat we say no, thank you, I'm
[9:38] Speaker 3: going to find a solution myself.
[9:40] Speaker 4: Right.
[9:40] Speaker 3: You have telehealth companies like Midi and Alloy that kind
[9:44] Speaker 3: of grew out of the post pandemic telehealth boom and
[9:48] Speaker 3: looked at companies like Hymns and said, oh, well, what
[9:51] Speaker 3: they're doing for a rectile dysfunction, you know, leader GLP ones,
[9:55] Speaker 3: we can do for menopause.
[9:59] Speaker 2: Midi Health, which was founded in twenty twenty one, became
[10:02] Speaker 2: the first menopause unicorn this year, meaning it's valued at
[10:06] Speaker 2: over a billion dollars. Using their services, women can get
[10:10] Speaker 2: prescribed hormone therapy and a host of other treatments.
[10:13] Speaker 3: You can now get GLP ones through them. You can
[10:17] Speaker 3: get peptides right, like longevity peptides that are prescribed by
[10:21] Speaker 3: a doctor. You can get lots of supplements right. So
[10:24] Speaker 3: they are not just selling kind of the gold standard treatment,
[10:29] Speaker 3: but also some of these things that there is less
[10:32] Speaker 3: evidence behind.
[10:34] Speaker 2: In emailed statements to Bloomberg BusinessWeek, Midi and Alloy emphasize
[10:38] Speaker 2: their commitment to helping women access hard to find evidence
[10:41] Speaker 2: based care in a confusing marketplace. They said that they
[10:45] Speaker 2: don't push specific courses of action and that they're dedicated
[10:48] Speaker 2: to helping each patient find appropriate, individualized care. Beyond established
[10:54] Speaker 2: telehealth brands, there's also a vast cottage industry of individuals
[10:59] Speaker 2: looking to care.
[11:00] Speaker 3: This proliferation of influencers and doctors who have become influencers
[11:06] Speaker 3: dispensing advice, often while also trying to sell you something right,
[11:11] Speaker 3: And so these things have coalesced to create this very
[11:14] Speaker 3: noisy environment where women are learning about hormone therapy, but
[11:19] Speaker 3: they're also learning about Oh do I need a weighted vest?
[11:22] Speaker 3: Do I need to take black cohash?
[11:25] Speaker 2: Black cohash? What is that?
[11:26] Speaker 3: It's this weird supplement that you really should not take,
[11:29] Speaker 3: probably without consulting your doctor, because, like a lot of supplements,
[11:33] Speaker 3: it has been associated with liver damage. So, I mean,
[11:36] Speaker 3: these things most of the things, right, you know, like
[11:38] Speaker 3: a way to vest. I mean, the evidence isn't great.
[11:41] Speaker 3: The biggest risk is probably to your pocketbook, right, But
[11:45] Speaker 3: some of these things that could have real consequences. And
[11:49] Speaker 3: then when you get into hormone therapy, women may need
[11:52] Speaker 3: different hormone therapy products, different levels of them. Right. You
[11:56] Speaker 3: could just not be getting the right thing for you
[11:59] Speaker 3: right if you don't see the appropriate medical professional. So
[12:02] Speaker 3: there's really a lot of nuance in both making the
[12:05] Speaker 3: diagnosis and approving and prescribing the appropriate treatment.
[12:14] Speaker 2: So will all this money pouring into the alternative menopause
[12:18] Speaker 2: market make finding good care any easier. That's after the break.
[12:31] Speaker 2: The market for menopause care is vast and growing. Journalist
[12:36] Speaker 2: Kristin V. Brown says, all these startups and supplements are
[12:39] Speaker 2: responding to a real need for women, but the industry
[12:43] Speaker 2: as a whole still has some growing up to do.
[12:45] Speaker 3: Absolutely, there is a care gap, and the telehealth companies
[12:48] Speaker 3: are helping to fill it. That is indisputable. I think
[12:52] Speaker 3: some women are getting the appropriate treatment for them while
[12:55] Speaker 3: others are not getting the appropriate treatment, just sort of
[12:58] Speaker 3: like getting prescribed some kind of cookie cutter thing. But
[13:02] Speaker 3: the question is how do you get women quality sort
[13:06] Speaker 3: of personalized care.
[13:08] Speaker 2: It's so funny it makes me think of this the
[13:10] Speaker 2: joke that like if men had periods, cramps would be eradicated. Yeah,
[13:16] Speaker 2: that there's Women's health again has been underinvested in for
[13:20] Speaker 2: so long. But I'm wondering, with so much money coming
[13:22] Speaker 2: into this industry and so much money being spent by
[13:25] Speaker 2: women on this industry, might that inspire more investment in
[13:30] Speaker 2: the kinds of treatments and research focused on women's health
[13:34] Speaker 2: that thus far have been ignored or under invested in
[13:39] Speaker 2: you might think.
[13:40] Speaker 3: Right, no, So unfortunately, you know, there has been a
[13:43] Speaker 3: renewed interest in funding women's health, but most of that
[13:50] Speaker 3: interest from investors has gone to things that have a
[13:54] Speaker 3: clear kind of ROI, like telehealth companies, because really solving
[13:58] Speaker 3: the problems right, asking the questions of why does menopause occur,
[14:04] Speaker 3: figuring out if there is an intervention that can slow it.
[14:07] Speaker 3: These are all really hard science problems that will take
[14:11] Speaker 3: a really long time to you know, figure out if
[14:15] Speaker 3: there is a solution, and then see a return on
[14:17] Speaker 3: the solution.
[14:18] Speaker 2: And Kristen says more research could make a big difference,
[14:22] Speaker 2: given the staying power of that two thousand and two
[14:24] Speaker 2: Women's Health Initiative study laying out the risks of hormone therapy.
[14:29] Speaker 4: One of the problems with the WHI study is that
[14:32] Speaker 4: it looked at a population of patients that looked at
[14:34] Speaker 4: older patients, primarily an extrapolated risk for all women who
[14:40] Speaker 4: might be taking hormone therapy.
[14:42] Speaker 3: It sort of drew conclusions that weren't necessarily relevant to
[14:48] Speaker 3: every woman who might get this therapy. And then you
[14:50] Speaker 3: know the sort of like classic thing that happens where
[14:53] Speaker 3: like the media also kind of like gets a hold
[14:55] Speaker 3: of it and then like suddenly you have this huge
[14:57] Speaker 3: fear about hormone therapy. And I should say that that
[15:00] Speaker 3: was not the first time that happened with hormone therapy.
[15:03] Speaker 3: There's this real pattern you see in history of adopting
[15:07] Speaker 3: hormone therapy for menopause, then the medical community deciding that
[15:12] Speaker 3: it has too many risks. One of the previous scares
[15:15] Speaker 3: was because they did find actual increased incidents of cancer
[15:20] Speaker 3: when unopposed estrogen was given, right, so that was when
[15:23] Speaker 3: they added progesterone to the treatment to protect the uterus.
[15:27] Speaker 3: Right now, it's about one point seven percent of women
[15:30] Speaker 3: who are the appropriate age are taking hormone therapy before
[15:34] Speaker 3: WHI it was like at least twenty five percent. Some
[15:37] Speaker 3: estimates are way way higher than that, So I mean,
[15:40] Speaker 3: really you can see in the numbers the damage that
[15:45] Speaker 3: that study and the interpretation of it and coverage of
[15:48] Speaker 3: it did. And there are groups right like the Menopause
[15:53] Speaker 3: Society that is working actively to come back this right,
[15:57] Speaker 3: training practitioners in how to treat women in menopause, but
[16:02] Speaker 3: their efforts just can't yet fill the gap in the
[16:07] Speaker 3: number of women that need care.
[16:08] Speaker 2: And that gap in care is what's pushed people like
[16:11] Speaker 2: Yasmin Harris into the online menopause marketplace, even though what
[16:16] Speaker 2: she really wanted was for a traditional doctor to hear
[16:19] Speaker 2: her out and really get to the bottom of what
[16:21] Speaker 2: she was feeling.
[16:22] Speaker 1: I had never really stopped looking for a gynecologist that
[16:26] Speaker 1: would listen to me, and I was also looking for
[16:30] Speaker 1: a physician that I could more so relate to, so
[16:33] Speaker 1: a black woman physician, because in my experience, I felt
[16:37] Speaker 1: like I just wasn't being taken seriously.
[16:40] Speaker 2: In February twenty twenty five, she found one, and after
[16:44] Speaker 2: enduring the typical months long waiting period for a menopause specialist,
[16:48] Speaker 2: she got an appointment.
[16:50] Speaker 3: The menopause specialist puts her on an appropriate dose of
[16:55] Speaker 3: hormone therapy. She gets an estro impathge and progestion, and
[17:00] Speaker 3: she said that, like almost immediately she started feeling better.
[17:03] Speaker 1: This is probably going to sound really over dramatic, but
[17:06] Speaker 1: I promised you the minute I put the first patch on,
[17:08] Speaker 1: like I felt normal, if that makes sense.
[17:11] Speaker 3: And the really crazy thing that I don't really know
[17:13] Speaker 3: if we can attribute this to the hormone therapy. Her
[17:16] Speaker 3: doctor was cautious about that but her symptoms totally went away,
[17:21] Speaker 3: to the extent that she actually had her pacemaker removed,
[17:23] Speaker 3: her heart condition vanished, which is you know, Yasmin's a very,
[17:28] Speaker 3: very extreme example, but I think that she illustrates how
[17:32] Speaker 3: women can get caught in all this noise and the
[17:36] Speaker 3: care gap.
[17:39] Speaker 2: While getting access to care can be challenging. More women
[17:43] Speaker 2: are seeking treatment in the US. Last year, about thirty
[17:46] Speaker 2: two million prescriptions were written for a form of estrogen
[17:49] Speaker 2: used for menopause symptoms, up from eighteen million in twenty
[17:53] Speaker 2: twenty one, according to data from Symphony Health compiled by
[17:56] Speaker 2: Bloomberg Intelligence, and last November, the Food and Drug Administration
[18:01] Speaker 2: announced it would drop the black box warning from hormone
[18:04] Speaker 2: therapy treatments. The narrative around menopause has been changing too.
[18:09] Speaker 2: There are new books and movies out about this time
[18:12] Speaker 2: in a woman's life. There's less whispering. For Yasmin, talking
[18:16] Speaker 2: about paramenopause with the right doctor changed her life. How
[18:21] Speaker 2: do you feel today?
[18:22] Speaker 1: I feel amazing today. I no longer battle with the
[18:26] Speaker 1: perimenopause symptoms. I feel a lot more grounded, I feel
[18:32] Speaker 1: one hundred times better, and I feel a lot more
[18:35] Speaker 1: confident in the care that I'm receiving, and I feel
[18:38] Speaker 1: a lot more educated to be able to communicate with
[18:41] Speaker 1: my different providers to actually explain to them what I'm
[18:44] Speaker 1: experiencing and how I'm feeling.
[18:52] Speaker 2: This is the Big Take from Bloomberg News. I'm Sarah Holder.
[18:55] Speaker 2: To get more from The Big Take and unlimited access
[18:58] Speaker 2: to all of Bloomberg dot com, subscribe today at Bloomberg
[19:02] Speaker 2: dot com slash podcast Offer. If you liked this episode,
[19:05] Speaker 2: make sure to subscribe and review The Big Take wherever
[19:08] Speaker 2: you listen to podcasts. It helps people find the show.
[19:11] Speaker 2: Thanks for listening. We'll be back tomorrow

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