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.
Growth Driven by Rising Approvals of Medical Marijuana Products
The growing recognition of marijuana’s therapeutic potential has spurred interest among researchers and pharmaceutical companies, particularly in developing cannabis-based medical treatments. Tetrahydrocannabinol (THC), a key psychoactive component of cannabis, is widely utilized in the formulation of medicinal products.
The U.S. Food and Drug Administration (FDA) has approved several THC-based medications. For instance:
- Cesamet (nabilone), a synthetic compound structurally similar to THC, is prescribed to treat severe nausea and vomiting in chemotherapy patients, especially when other medications fail.
- Marinol and Syndros, both containing dronabinol (a synthetic form of delta-9-THC), are used to boost appetite in patients suffering from AIDS-related wasting syndrome.
In Canada, nabiximols (Sativex)—a cannabis extract containing both THC and cannabidiol (CBD)—has been approved to treat spasticity and neuropathic pain associated with multiple sclerosis.
Moreover, in February 2020, Canadian firm CanaQuest Medical Corp submitted an application to Health Canada under the Cannabis Act for the approval and commercialization of Mentabinol, a THC-based therapeutic product. The increasing number of such approvals across North America is playing a crucial role in propelling market growth.
Regional Overview
The North America medical marijuana market is divided into the U.S., Canada, and Mexico, with the U.S. accounting for the largest market share. Key factors fueling market expansion in the U.S. include:
- Increasing research initiatives and strategic collaborations for the development of novel therapeutic applications.
- Growing public awareness regarding the medical benefits of cannabis-based treatments.
- A strong presence of leading industry players.
Additionally, the aging population in North America contributes to rising demand for effective treatments for chronic conditions—further supporting the growth of the medical marijuana market in the region.
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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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
