North America Medical Cannabis Market, By Product (Oil, Dried Medical Cannabis, Medical Cannabis Capsules, Vape Pen, Whole Flower, Creams & Moisturizer, Ground Flower, Patch, Mask & Serum, Cleanser, Others), Source (Natural, Synthetic), Species (Sativa, Hybrid, Cannabis Indica), Derivatives (Cannabidiol (CBD), Tetrahydrocannabinol (THC)/Delta-8-Tetrahydrocannabinol, Cannabigerol (CBG), Cannabinol, Others), Application (Pain Management, Anxiety, Muscle Spasms, Nausea, Appetite Loss, Cancer, Arthritis, Alzheimer's Disease, Epilepsy, Depression and Sleep Disorders, Multiple Sclerosis, Autism, Mental Health Conditions, Elevate Mood, Others), Route of Administration (Oral Solutions and Capsules, Smoking, Topicals, Vaporizers, Others), End User (Homecare Settings, Hospital and Rehab Centers, Pharmaceutical Industry, Research and Development Centers, Others), Distribution Channel (B2C, B2B), Country (U.S., Canada, Mexico) Industry Trends and Forecast to 2028
Market Analysis and Insights: North America Medical Cannabis Market
The medical cannabis market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing at a CAGR of 25.0% in the forecast period of 2021 to 2028 and is expected to reach USD 32,738.44 million by 2028. Increased medical use and legalization of cannabis is acting as a driver for the medical cannabis market.
Cannabis is a psychoactive drug that is derived from the cannabis plant of the Cannabaceae family. For several years, it has been used medicinally and has wide range of applications in treatment of various diseases including chronic pain, cancer, depression, diabetes, arthritis, glaucoma, epilepsy, migraines, AIDS and Alzheimer’s among others.
The increased usage of cannabis in the cosmetic products can be seen as a driver for the medical cannabis market. Complex regulatory structure for usage of cannabis is a restraint for the medical cannabis market. Novel product development with increased R & D activities may act as an opportunity for the medical cannabis market. The rise of marijuana black market is a challenge for the medical cannabis market
The medical cannabis market provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the medical cannabis market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Medical Cannabis Market Scope and Market Size
The medical cannabis market is categorized into eight notable segments which are based on the product, source, species, derivatives, application, route of administration, end user and distribution channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product, the medical cannabis market is segmented into oil, medical cannabis capsules, patch, whole flower, ground flower, vape pen, dried medical cannabis, creams & moisturizer, mask & serum, cleanser and others. In 2021, oil segment is expected to dominate the medical cannabis market due to high technology adoption by key players in the market.
- On the basis of source, the medical cannabis market is segmented into synthetic and natural. In 2021, synthetic segment is expected to dominate the medical cannabis market because of increasing healthcare expenditure.
- On the basis of species, the medical cannabis market is segmented into cannabis indica, sativa and hybrid. In 2021, cannabis indica segment is expected to dominate the medical cannabis market because of increased medicinal use of cannabis.
- On the basis of derivatives, the medical cannabis market is segmented into cannabidiol (CBD), tetrahydrocannabinol (THC)/delta-8-tetrahydrocannabinol, cannabinol, cannabigerol (CBG) and others. In 2021, cannabidiol (CBD) segment is expected to dominate the medical cannabis market due to increasing demand of medical marijuana products in the market.
- On the basis of application, the medical cannabis market is segmented into Alzheimer’s disease, appetite loss, cancer, epilepsy, autism, mental health conditions, multiple sclerosis, pain management, nausea, muscle spasms, arthritis, elevate mood, depression and sleep disorders, anxiety and others. In 2021, Alzheimer’s disease segment is expected to dominate the medical cannabis market because of increasing R&D activities.
- On the basis of route of administration, the medical cannabis market is segmented into oral solutions and capsules, smoking, vaporizers, topicals and others. In 2021, oral solutions and capsules segment is expected to dominate the medical cannabis market because of rising prevalence of chronic diseases.
- On the basis of end user, the medical cannabis market is segmented into pharmaceutical industry, research and development centers, homecare settings, hospital and rehab centers and others. In 2021, pharmaceutical industry segment is expected to dominate the medical cannabis market because of increasing geriatric population and prevalence of chronic diseases.
- On the basis of distribution channel, the medical cannabis market is segmented into B2B and B2C. In 2021, B2B segment is expected to dominate the medical cannabis market because of increasing demand of cannabis for medical and clinical purposes.
North America Medical Cannabis Market Country Level Analysis
North America medical cannabis market is analysed and market size information is provided by the country, product, source, species, derivatives, application, route of administration, end user and distribution channel as referenced above.
The countries covered in the North America medical cannabis market report are the U.S., Canada and Mexico.
The U.S. is dominating in the North America medical cannabis market because of the high legalization of cannabis in the country.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
New Product Launches by Manufacturers is Creating New Opportunities for Players in the Medical Cannabis Market
The medical cannabis market also provides you with detailed market analysis for every country growth in aesthetic industry with medical cannabis market sales, impact of advancement in the medical cannabis market and changes in regulatory scenarios with their support for the medical cannabis market. The data is available for historic period 2011 to 2019.
Competitive Landscape and Medical Cannabis Market Share Analysis
The medical cannabis market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to North America medical cannabis market.
The major players operating in the North America medical cannabis market report are Tilray, Elixinol Europe Limited, Medical Marijuana, Inc., Peace Naturals Project Inc., BOL Pharma, PharmaHemp, Kiehl’s (a subsidiary of L'ORÉAL), Vermont Hemp Health, Discover Health LLC, ENDOCA, Pacific roots, CANOPY GROWTH CORPORATION, Aurora Cannabis, GW Pharmaceuticals plc, Harmony, Pure Ratios, MARY’s nutritionals, LLC, Bioactive Solutions, Inc., Upstate Elevator Supply Co., FOLIUM BIOSCIENCES, EcoGen Biosciences, Apothecanna, Zenabis Global Ltd., Cresco Labs, Greenwich Biosciences, Inc., MediPharm Labs Inc., THC Global Group Limited, Seed Cellar, CANNABIS SEEDS USA, Seeds For Me, HUMBOLDT SEED COMPANY, Crop King Seeds, BARNEY'S FARM and Aphria Inc. among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of medical cannabis market.
- In February 2021, MediPharm Labs Inc. received the Cannabis Drug License. This was considered a milestone as MediPharm Labs will now be able to carry out manufacturing and distribution of pharmaceuticals with cannabis as their component. This will help in driving the market growth in coming years.
Collaboration, joint ventures and other strategies by the market players is enhancing the company market in the medical cannabis market which also provides the benefit for organisation to improve their offering for medical cannabis market.
Customization Available: North America Medical Cannabis Market
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