How Focus On Menopause Care Is Fueling Innovation, Access
In this article for Law360, lawyers Lindsay Borgeson, Jessica Stoltz and Aliza Seidenfeld explore recent investments and proposed legislation related to menopause care.
By 2030, the menopausal and postmenopausal population is expected to reach 1.2 billion people worldwide.[1] Yet most women still have difficulty accessing menopause care. Only about half of women in perimenopause have spoken to their provider about their symptoms,[2] and even for those who raise symptoms, doctors and healthcare providers may misdiagnose women or not treat their symptoms at all.
Recently, however, menopause care awareness and corresponding investments in the space have begun to grow. These investments have coincided with new laws and bills that, if passed, may make it easier for women to receive coverage for their care and may require healthcare providers to receive better training on menopause care, among other initiatives.
Despite the recent increase in growth and attention to this area of healthcare, a need for additional emphasis on menopause care still exists.
Recent Investments in Menopause
Investments in menopause care have increased in recent years. In 2023, over one-third of all women's health funding was allocated to companies that address menopause symptoms.
Investors increasingly see an opportunity in a space that has historically been underserved and undertreated, especially as employers increase coverage of menopause care services and legislators seek to introduce menopause coverage and education, as discussed below. It is estimated that the annual global economic loss due to menopause is around $150 billion, creating a vast opportunity for investors.[3]
Menopause care spans different spheres of care. Care may include lengthening ovarian function, medical devices to alleviate hot flashes, virtual care options and hormone replacement therapy.
These innovations exist across different sectors in both the medical device and biopharma space, as well as digital tech, consumer care, and virtual and hybrid provider platforms and care settings. While menopause has been historically taboo to discuss, large publications have also started to publish pieces addressing women's menopausal experiences.
Furthermore, high-profile individuals have shined a spotlight on this area of women's health with innovation and investments. Actress Naomi Watts launched a brand focused on menopause health, while actress Judy Greer became a founding partner of a supplement company that creates products for women in their 40s and 50s who struggle with hormone imbalances.
One telehealth company focusing on perimenopause and menopause, Evernow Inc., received investments from big names including Gwyneth Paltrow, Drew Barrymore, Cameron Diaz and Othman Laraki.[4]
Data has shown that investment in the menopause landscape started in the mid-2010s, with over $500 million deployed since then.[5] Beyond the market potential for investment, it is estimated that women control 80% of healthcare dollars spent by consumers. As a result, menopause care has become a focal point for investors and innovation could continue to drive improvements in access to and quality of care.
Recent State and Federal Legislation in Menopause
In conjunction with recent investments in the menopause space, legislative action has permeated the states and federal government, potentially increasing access to menopause education and coverage — and creating potential knock-on opportunities for investment.
Proposed and adopted legislation covers various aspects of menopause care access including increased medical training, affordability of treatment for menopause, and incentives for workplace support. As of April, states such as California, Illinois and Louisiana have passed menopause legislation.
In 2024, the California Legislature passed a bill that the governor signed into law requiring the Medical Board of California, the Board of Registered Nursing, the Board of Psychology, the Physician Assistants Board and the Board of Behavioral Sciences to consider menopausal mental or physical health in continuing education requirements.[6]
In the 2025 session, the Legislature also introduced the Menopause Care Equity Act that would broaden these continuing education requirements as well as require insurance coverage for menopause treatment, among other legislative items.[7]
Both Illinois and Louisiana have expanded insurance coverage for menopause care in recent years. In Louisiana as of August 2024, Medicaid coverage now includes "benefits for hormonal care for any woman who is experiencing menopausal or perimenopausal symptoms" with symptoms including but not limited to hot flashes, irregular menstrual periods, and a decrease in fertility.[8]
In Illinois, new legislation from 2023 requires insurance providers, including health and accident insurance carriers, to pay for medically necessary hormone therapy treatment to treat hysterectomy induced menopause.[9]
On top of the states with enacted legislation, many states have proposed legislation in their respective 2025 legislative sessions pertaining to menopause.
Such states include Rhode Island and Texas, among others. Rhode Island's Senate bill would update fair employment practices pertaining to pregnancy and pregnancy-related conditions to include menopause and menopause-related conditions.[10]
The Texas Legislature introduced a bill that would require the state's Department of Health to establish a program to create menopause educational materials for residents of the state.[11]
In Michigan, Gov. Gretchen Whitmer welcomed celebrity and menopause activist Halle Berry to speak about her experience with menopause for a roundtable discussion in March on women's health, where Berry emphasized the importance of competent menopause care.[12] Berry similarly joined the West Virginia Department of Health Cabinet Secretaries along with Sen. Shelley Moore Capito, R-W.Va., in 2024 for a roundtable discussing menopause legislation.[13]
While state legislation has moved quicker than legislation at the federal level, federal efforts to increase access to menopause do exist. In the 2025 session, Rep. Julia Brownley, D-Calif., and other members of the U.S. House of Representatives introduced H.R. 219, a bill aimed at improving menopause care for veterans.[14]
The bill, while still in its early stages, would require the U.S. Government Accountability Office to report on medical services available to veterans through the U.S. Department of Veterans Affairs pertaining to perimenopause and menopause. Further, it would require Congress to create a strategic plan to implement the GAO recommendations and improve access and quality to menopause care for veterans.
Conclusion
While menopause care is a relatively nascent field, recent legislative changes and investment focus will continue to drive improvements. The landscape has already advanced, attracting attention from politicians and innovators alike who may effect change. It is important to monitor legislative and funding progress as this healthcare sector continues to expand.
Lindsay Borgeson is a partner, and Jessica Stoltz and Aliza Seidenfeld are associates, at Kirkland & Ellis LLP.
The opinions expressed are those of the author(s) and do not necessarily reflect the views of their employer, its clients, or Portfolio Media Inc., or any of its or their respective affiliates. This article is for general information purposes and is not intended to be and should not be taken as legal advice.
[1] https://www.palegis.us/senate/co-sponsorship/memo?memoID=44519.
[2] https://www.joinmidi.com/post/menopause-statistics.
[3] https://www.bloomberg.com/news/articles/2021-06-18/women-are-leaving-the-workforce-for-a-little-talked-about-reason.
[4] https://www.evernow.com/about-us.
[5] https://sjfventures.com/sjf-ventures-market-analysis-outlines-startups-disrupting-menopause-care-and-opportunities-for-investors/#_ftn3.
[6] CA BUS & PROF § 2191.
[7] 2025 CA A.B. 432 (NS).
[8] LA R.S. 40:1259.1.
[9] IL ST CH 215 § 5/356z.56.
[10] RI S0361, Regular Session (2025).
[11] Tex. H.B. 3961, 89th Leg., R.S. (2025).
[12] https://www.youtube.com/watch?v=zrksROIF5Iw.
[13] https://dhhr.wv.gov/News/2024/Pages/DH,-DoHS-Cabinet-Secretaries-Join-Senator-Capito-and-Actress-Halle-Berry-for-Menopause-Roundtable.aspx.
[14] H.R.219, 119th Congress (2025-2026).
