North America Medical Marijuana Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (Dried Form and Extract Form), Application (Pain Management, Tourette’s, Alzheimer’s Disease, Migraines, Depression and Anxiety, Multiple Scl

North America Medical Marijuana Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (Dried Form and Extract Form), Application (Pain Management, Tourette’s, Alzheimer’s Disease, Migraines, Depression and Anxiety, Multiple Sclerosis, Cancer, and Others), and Distribution Channel (Retail Pharmacy, E-Commerce, and Others)

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.

Increasing Approvals of Medical Marijuana Products Fuels North America Medical Marijuana Market Growth

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.

North America Medical Marijuana Market Overview

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 Revenue and Forecast to 2028 (US$ Million)

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.

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