The North America medical marijuana market is expected to grow from US$ 7,170.17 million in 2022 to US$ 20,760.41 million by 2028. It is estimated to register a CAGR of 19.4% from 2022 to 2028.
Key Growth Driver: Rising Approvals of Medical Marijuana Products
The growing acceptance of marijuana’s therapeutic potential has spurred research and development efforts across the region. One of the primary compounds used in medicinal marijuana products is tetrahydrocannabinol (THC). The U.S. Food and Drug Administration (FDA) has approved several THC-based drugs, contributing to market growth.
For example:
- Cesamet (containing nabilone, a synthetic THC analog) is approved to treat chemotherapy-induced nausea and vomiting when other medications are ineffective.
- Marinol and Syndros, both containing dronabinol (a synthetic form of THC), are FDA-approved to stimulate appetite in AIDS patients suffering from wasting syndrome.
Beyond the U.S., other notable medical marijuana products have gained traction:
- Nabiximols (Sativex), a cannabis-derived medication combining THC and cannabidiol (CBD), is approved in Canada for treating spasticity and neuropathic pain associated with multiple sclerosis.
- In February 2020, CanaQuest Medical Corp, a Canadian company, applied for Health Canada’s approval to commercialize Mentabinol, a THC-based product developed under the Cannabis Act.
These approvals, along with ongoing clinical trials and new product submissions, are fueling the expansion of the medical marijuana market across North America.
Regional Outlook: Market Landscape in North America
The North America medical marijuana market is divided into the U.S., Canada, and Mexico, with the U.S. holding the largest market share. Several factors contribute to this dominance:
- Increasing research and partnerships focused on innovative therapeutic uses of marijuana.
- Rising public awareness and acceptance of medical cannabis.
- The presence of key industry players driving product development and commercialization.
- A growing elderly population, which often leads to a higher demand for chronic pain and palliative care treatments.
Overall, the North American medical marijuana market is poised for robust growth, supported by regulatory approvals, medical innovation, and demographic trends.
The North America medical marijuana market is segmented as follows:
- North America medical marijuana market By Product Type:
- Dried Form
- Extract Form (held a larger share in 2022)
- North America medical marijuana market By Application:
- Pain Management (held the largest share in 2022)
- Tourette’s
- Alzheimer’s Disease
- Migraines
- Depression and Anxiety
- Multiple Sclerosis
- Cancer
- Others
- North America medical marijuana market By Distribution Channel:
- Retail Pharmacy (held the largest share in 2022)
- E-commerce
- Others
- North America medical marijuana market By Country:
- US (dominated the North America medical marijuana market in 2022)
- Canada
- Mexico
Leading companies operating in this North America medical marijuana market include:
- Aphria, Inc.
- CanaQuest Medical Corporation
- Canopy Growth Corporation
- Emerald Health Therapeutics Inc.
- GW Pharmaceuticals
- MARICANN INC.
- Organigram Holdings Inc.
- Panaxia Pharmaceutical Industries Ltd.
- Phoena Holdings Inc.
- VIVO Cannabis Inc
North America medical marijuana market Strategic Insights
Strategic insights for the North America Medical Marijuana provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
North America medical marijuana market Regional Insights
The geographic scope of the North America Medical Marijuana refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications.
Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
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