North America Medical Marijuana Market Key Futuristic Trends Opportunities by 2028

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.   

Approvals of Medical Marijuana Products Drive Market Expansion

The increasing approval of medical marijuana products is a primary driver of this market growth. Researchers and companies are actively exploring the medicinal potential of marijuana, particularly tetrahydrocannabinol (THC), for various medical applications.

The US Food and Drug Administration (FDA) has approved several THC-based medications. For example:

• Cesamet, containing the synthetic ingredient nabilone (structurally similar to THC), is prescribed for chemotherapy-induced nausea and vomiting when other treatments are ineffective.
• Marinol and Syndros both contain dronabinol, a synthetic Δ9-THC, which is the psychoactive component of cannabis. These drugs are used to stimulate appetite in patients with wasting syndrome, particularly those with AIDS.

Beyond the US, other marijuana-based products have gained approval or are undergoing clinical trials. For instance, nabiximols (Sativex), a cannabis extract combining THC and cannabidiol (CBD), is approved in Canada for treating spasticity and neuropathic pain associated with multiple sclerosis. Furthermore, in February 2020, CanaQuest Medical Corp, a Canadian company, sought approval from Health Canada for Mentabinol, a THC-based product, under the Cannabis Act.

These increasing approvals from regulatory bodies like the FDA are significantly boosting the medical marijuana market.

North America medical marijuana market Dominance

The North America medical marijuana market is segmented into the US, Canada, and Mexico, with the US holding the largest market share. The market’s expansion in this region is fueled by:

• Increased research and collaborations focused on uncovering innovative therapeutic applications for medical marijuana.
• Growing public awareness regarding the benefits and uses of medical marijuana.
• The presence of key industry players in the region.
• An expanding aging population, which is also expected to contribute to market growth.

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