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.
Growing Approvals of Medical Cannabis Products Drive Expansion of North America Medical Marijuana Market
The therapeutic potential of marijuana has spurred significant interest among researchers and pharmaceutical companies, leading to its increasing use in medical applications. For example, tetrahydrocannabinol (THC), a key compound in cannabis, is widely utilized in medicinal products. The U.S. Food and Drug Administration (FDA) has approved several THC-based medications, including:
- Cesamet (containing nabilone, a synthetic THC analog), prescribed to alleviate nausea in chemotherapy patients when conventional treatments fail.
- Marinol and Syndros (containing dronabinol, a synthetic THC), used to stimulate appetite in AIDS patients suffering from wasting syndrome.
Additionally, other cannabis-derived drugs are gaining approval or undergoing clinical trials. Nabiximols (Sativex), a cannabis extract combining THC and cannabidiol (CBD), is already approved in Canada for treating multiple sclerosis-related spasticity and neuropathic pain. In February 2020, CanaQuest Medical Corp sought Health Canada’s approval for Mentabinol, a THC-based product under the Cannabis Act. The increasing regulatory approvals for such cannabis-based medications are significantly boosting the medical marijuana market.
North America Medical Marijuana Market Segments Covered
North America Medical Marijuana Market By Product Type
- Dried Form
- Extract Form
North America Medical Marijuana Market By Application
- Pain Management
- Tourette’s
- Alzheimer’s Disease
- Migraines
- Depression and Anxiety
- Multiple Sclerosis
- Cancer
North America Medical Marijuana Market By Distribution Channel
- Retail Pharmacy
- E-Commerce
North America Medical Marijuana Market Regions and Countries Covered
North America
- US
- Canada
- Mexico
North America Medical Marijuana Market leaders and key company profiles
- 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 Overview
The North America medical marijuana market spans the U.S., Canada, and Mexico, with the U.S. holding the largest market share. Key growth drivers include:
- Expanding research and collaborations to explore new therapeutic applications.
- Growing public awareness of medical marijuana’s benefits.
- Strong presence of industry leaders in the region.
- Rising aging population, which is more likely to require medical cannabis for chronic conditions.
Strategic Insights for the North America Medical Marijuana Market
To navigate this evolving industry, stakeholders need data-driven analysis of market trends, competitive dynamics, and regional variations. Strategic insights enable businesses to:
- Identify untapped opportunities and develop unique value propositions.
- Leverage analytics to anticipate market shifts and regulatory changes.
- Make informed decisions to enhance profitability and long-term success.
By adopting a future-focused approach, investors, manufacturers, and other stakeholders can position themselves strategically in this fast-growing market. These insights empower industry players to stay ahead of competitors, adapt to emerging trends, and capitalize on the expanding demand for medical marijuana across North America.
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
