The medicinal potential of marijuana has attracted various researchers and companies to use marijuana in medical applications. For instance, tetrahydrocannabinol (THC) is predominantly used for producing medicinal products. The US Food and Drug Administration (FDA) has approved THC-based medicinal products such as Cesamet, which contains naboline as its active ingredient, is a synthetically derived product that has a structure like THC. Cesamet is prescribed for the treatment of nausea in patients receiving chemotherapy. Cesamet is generally prescribed when other medications cannot control nausea and vomiting. The FDA has also approved Marinol and Syndros for therapeutic uses in the US. Marinol and Syndros contain the active ingredient dronabinol—a synthetic 9-THC considered the psychoactive component of cannabis. Marinol and Syndros drugs are prescribed to stimulate appetite in patients with wasting syndrome, developed as one of the indications of AIDS. Similarly, various marijuana-based products have been approved or are in clinical trials. For instance, nabiximols (Sativex) is an approved drug commercialized in Canada. Nabiximols is a cannabis extract used to treat spasticity and neuropathic pain related to multiple sclerosis. It is formulated with a combination of THC and other cannabidiol (CBD). In February 2020, CanaQuest Medical Corp, a Canadian company, applied for the approval of the production and commercialization of Mentabinol to Health Canada. Mentabinol is a THC-based product, and its approval application has been filed under the Cannabis Act. The increase in approval of the above-mentioned marijuana-based products by the FDA is driving the medical marijuana market.
The North America medical marijuana market is segmented into the US, Canada, and Mexico. The medical marijuana market is estimated to have the largest share in the US. The growth of the medical marijuana market can be attributed to the increasing research and collaborations to explore innovative therapeutic applications, rising awareness regarding medical marijuana, and the presence of key players in the region. In addition, the growing aging population across the region will also favor the growth of the market.
North America Medical Marijuana Market Segmentation
The North America medical marijuana market is segmented into product type, application, distribution channel, and country.
Based on product type, the North America medical marijuana market is segmented into dried form and extract form. The extract form segment held a larger share of the North America medical marijuana market in 2022.
Based on application, the North America medical marijuana market is segmented into pain management, Tourette’s, Alzheimer’s disease, migraines, depression and anxiety, multiple sclerosis, cancer, and others. The pain management segment held the largest share of the North America medical marijuana market in 2022.
Based on distribution channel, the North America medical marijuana market is segmented into retail pharmacy, e-commerce, and others. The retail pharmacy segment held the largest share of the North America medical marijuana market in 2022.
Based on country, the North America medical marijuana market is segmented into the US, Canada, and Mexico. The US dominated the North America medical marijuana market in 2022.
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.; and VIVO Cannabis Inc are the leading companies operating in the North America medical marijuana market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 7,170.17 Million |
| Market Size by 2028 | US$ 20,760.41 Million |
| CAGR (2022 - 2028) | 19.4% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Medical Marijuana Market is valued at US$ 7,170.17 Million in 2022, it is projected to reach US$ 20,760.41 Million by 2028.
As per our report North America Medical Marijuana Market, the market size is valued at US$ 7,170.17 Million in 2022, projecting it to reach US$ 20,760.41 Million by 2028. This translates to a CAGR of approximately 19.4% during the forecast period.
The North America Medical Marijuana Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Medical Marijuana Market report:
The North America Medical Marijuana Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Medical Marijuana Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Medical Marijuana Market value chain can benefit from the information contained in a comprehensive market report.
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