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After years of being ignored, menopause has entered the public conversation.
Celebrities from Drew Barrymore to Naomi Watts have opened up about symptoms and promoted products. However, despite the growing debate, there is still a long way to go when it comes to treating symptoms, and there are many opportunities for companies to step in to fill the gap.
In fact, menopause is one of the most unmet needs in women’s health conditions, and according to one study, it has “enormous potential for innovative treatments.” McKinsey’s recent report.
The management consultant estimates the global market potential for treating symptoms ranges from $120 billion to $350 billion.
Menopause occurs when a woman has not had her period for 12 consecutive months. Although the condition occurs on average around age 51, women may experience symptoms years earlier during what’s called perimenopause. Symptoms may also persist into the postmenopausal phase.
These symptoms include hot flashes, anxiety, weight gain, vaginal dryness, mood changes, sleep problems and changes in skin conditions. According to McKinsey, more than 450 million women worldwide are affected by menopausal and perimenopausal symptoms.
There are still a lot of unmet needs Menopause products and servicessaid Anna Pione, a McKinsey partner who leads the firm’s Futures of Health research.
Menopause, she says, is “underserved, underfunded and underserved”. “This applies to women’s health in general and menopause in particular.”
‘Exciting’ development
For decades, hormone therapy was the typical menopausal treatment. However, the treatment came under heavy criticism in 2002 when a Women’s Health Initiative study found that estrogen plus progesterone therapy increased women’s risk of breast cancer and heart disease.
“Many women forgo hormone therapy because of their own fear, or because their doctors are afraid, or both,” said Dr. Stephanie Faubian, director of the center. Mayo Clinic Women’s Health Center and non-profit medical directors. Menopause Association.
From 2002 to 2009, hormone therapy claims decreased by more than 70%, Study in 2012 show.
“This leaves a lot of women with no management at all,” Faubien said.
However, research now suggests that for women under 60 or less than 10 years after menopause diagnosis, the benefits may outweigh the risks.
“Our knowledge has changed,” said Dr. Karen Adams, a professor at Stanford University and director of the school’s Menopause and Healthy Aging Program. “It’s really exciting, but women are left reeling to find someone who can help them.”
investment theme
There are not many public companies in this field.The biggest name in America is Pfizer, which has a variety of products in its portfolio. These include Duavee and Premarin, hormonal therapies used to treat hot flashes and prevent osteoporosis.
Pfizer year-to-date
Then, there is a small Biot, with a market capitalization of just over $400 million. The company, which went public through a SPAC transaction in May 2022, produces customized bioidentical hormone granules to address hormonal imbalances.
Jefferies analyst Kaumil Gajrawala, who has a buy rating on Biote, said overall, hormone therapy is an area of focus that is “really coming to the fore.”
Menopause is the largest segment of its market, he said. Biote uses blood tests to customize its hormone particles and implant them under the skin in the body.
“It gives you consistent delivery volume, and … you don’t have to worry about compliance or whether you’re going to remember a certain day or forget a certain day,” he said. “It ultimately means you feel better.”
Biot YTD
at the same time, Dal BiotechnologyIt has a smaller market cap of about $47 million and is developing hormone therapies. The clinical-stage biopharmaceutical company focused on women’s health will enter a single Phase 3 study of its intravaginal ring hormone therapy.
There is also a race to find non-hormonal treatments.
Last May, the U.S. Food and Drug Administration approved Tokyo-based Astellas Pharmaceuticals’ Veozah (also known as fezolinetant) for the treatment of hot flashes.
Bayer also has a drug in development called elinzanetant. The German company said in January that the treatment reduced the frequency and severity of hot flashes and improved sleep in two late-stage trials. Bayer said results from a third Phase 3 study are expected in the coming months. It will then be submitted for approval.
In addition, late-stage biopharmaceutical companies Vestakin Therapeutics, Inc.With a market value of about $100 million, it is testing a hormone-free nasal spray to treat hot flashes.
In the non-pharmaceutical category, maternity benefit managers Descendants recently announced that it is extended to menopause Coverage is provided in partnership with private companies Gennev and Midi Health.
“The fact that they’re targeting menopause as one of their next targets shows the potential opportunity there,” said Sasha Kelemen, head of women’s health investment banking at Leerink Partners.
Private Innovation
Still, much of the innovation in menopause occurs in private spaces.
“Menopause is inevitable, like death and taxes, and all women go through it,” Kelemen said. “We don’t have a lot of public women’s health companies yet, and hopefully that will change.”
In 2022, Kelemen orchestrated a deal Unified Women’s Healthcare Acquired Progyny partner Gennev, a digital menopause care service platform. Kelemen declined to disclose financial terms.
Another Progyny partner, Midi Health, a virtual care clinic specializing in perimenopause and menopause, is another company attracting investor money. in September, letterGoogle Ventures, the venture capital arm of Led $25 million in Series A financing The company’s total funding reaches $40 million.
Despite this, women’s health has long been underfunded, and menopause accounts for only a small part of that.
“The U.S. dollar is not consistent with the conversation that’s happening,” Kelemen said. “While it is growing, the growth is still too slow and absolutely disproportionate to the potential impact and needs of the actual population that needs to be served.”
Still, Kelemen is optimistic funding will continue to increase. She is also optimistic about the potential for consolidation and new innovation in the field.
“Because it’s hormonal changes over a 10-, 15-, 20-year period, women’s needs change,” she said. “There are opportunities for success across multiple platforms.”
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