North America Medical Cannabis Market, By Product (Oil, Medical Cannabis Capsules, Patch, Whole Flower, Ground Flower, Vape Pen, Dried Medical Cannabis, Creams & Moisturizer, Masks & Serum, Cleanser, and Others), Source (Natural and Synthetic), Species (Cannabis Indica, Sativa, and Hybrid), Application (Alzheimer’s Disease, Appetite Loss, Cancer, Inflammatory Bowel Diseases, Eating Disorders, Epilepsy, Autism, Mental Health Conditions, Multiple Sclerosis, Pain Management, Nausea, Muscle Spasms, Wasting Syndrome (Cachexia), Elevate Mood, Depression and Sleep Disorders, Anxiety, and Others), Derivatives (Cannabidiol (CBD), Tetrahydrocannabinol (THC)/ Delta-8-Tetrahydrocannabinol, Cannabinol (CBN), Cannabicyclol (CBL), Cannabichromene (CBC), Cannabigerol (CBG), and Others), Treatment Type (Expectorant, Antiviral, Analgesic, Aphrodisiac, Psychedelic, and Others), Route of Administration (Oral Solutions and Capsules, Smoking, Vaporizers, Topicals, and Others), End User (Pharmaceutical Industry, Research and Development Centers, Homecare Setting, Hospital, Rehab Centers, and Others), Distribution Channel (B2B and B2C) - Industry Trends and Forecast to 2030.
North America Medical Cannabis Market Analysis and Insights
The rising number of patients related to chronic diseases North America and an increased inclination towards a healthy lifestyle are some of the factors that are expected to drive market growth. In addition, the rise in the number of product approvals and increasing R&D activities for medical cannabis devices are expected to drive market growth. However, the high cost of medical cannabis devices and procedures, medicinal drugs, safety concerns and adverse effects associated with laser procedures, and lack of awareness about the treatment from laser devices are expected to restrain the market growth. Additional technological advancements in medical cannabis and strategic initiatives by emerging players are expected to act as opportunities for market growth. However, stringent regulations and a lack of skilled professionals are expected to pose a challenge to market growth.
The use of cannabis as medicine is not rigorously tested due to government restrictions and resulting in limited clinical research to define the efficacy of cannabis in medical and clinical applications. However, preliminary studies suggest that cannabis reduces vomiting and nausea in chemotherapy patients and helps in increasing appetite.
Data Bridge Market Research analyzes that the North America medical cannabis market is expected to grow at a CAGR of 23.2% during the forecast period of 2023 to 2030.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Year
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2021 (Customizable to 2015 – 2020)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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Product (Oil, Medical Cannabis Capsules, Patch, Whole Flower, Ground Flower, Vape Pen, Dried Medical Cannabis, Creams & Moisturizer, Masks & Serum, Cleanser, and Others), Source (Natural and Synthetic), Species (Cannabis Indica, Sativa, and Hybrid), Application (Alzheimer’s Disease, Appetite Loss, Cancer, Inflammatory Bowel Diseases, Eating Disorders, Epilepsy, Autism, Mental Health Conditions, Multiple Sclerosis, Pain Management, Nausea, Muscle Spasms, Wasting Syndrome (Cachexia), Elevate Mood, Depression and Sleep Disorders, Anxiety, and Others), Derivatives (Cannabidiol (CBD), Tetrahydrocannabinol (THC)/ Delta-8-Tetrahydrocannabinol, Cannabinol (CBN), Cannabicyclol (CBL), Cannabichromene (CBC), Cannabigerol (CBG), and Others), Treatment Type (Expectorant, Antiviral, Analgesic, Aphrodisiac, Psychedelic, and Others), Route of Administration (Oral Solutions and Capsules, Smoking, Vaporizers, Topicals, and Others), End User (Pharmaceutical Industry, Research and Development Centers, Homecare Setting, Hospital, Rehab Centers, and Others), Distribution Channel (B2B and B2C)
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Countries Covered
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U.S., Canada, and Mexico
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Market Players Covered
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MediPharm Labs Inc., Tilray, Aurora Cannabis, JAZZ Pharmaceuticals Inc. (GW Pharmaceuticals plc), HEXO Corp. (Zenabis North America Ltd), Cresco Labs, Peace Naturals Project Inc., CANOPY GROWTH CORPORATION, Medical Marijuana, Inc., Seed Cellar, EcoGen Biosciences, CANNABIS SEEDS USA, Seeds For Me, HUMBOLDT SEED COMPANY, Extractas, World Class Cannabis Seeds (Crop King Seeds), BARNEY'S FARM, FOLIUM BIOSCIENCES, PharmaHemp, Elixinol North America Limited, ENDOCA, Harmony, MARY’S nutritionals, LLC, Pure Ratios, Greenwich Biosciences, Inc., Upstate Elevator Supply Co., Apothecanna, BOL Pharma, and IDT Australia among others
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Market Definition
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 a wide range of applications in the treatment of various diseases including chronic pain, cancer, depression, diabetes, arthritis, glaucoma, epilepsy, migraines, AIDS, and Alzheimer’s among others.
The increased medicinal use of cannabis, the controlled legalization and use of cannabis in various industries, and the advanced methodologies present in the field are some of the factors expected to drive market growth.
North America Medical Cannabis Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail as below:
Drivers
- Increased use of cannabis in medicines
Medicinal cannabis is derived from cannabis plants and can be used to treat symptoms of certain medical conditions, and the side effects of some treatments. The most common form of medicinal use of cannabis is pain management. There has been gradual acceptance and use of medicinal cannabis with the growing number of countries that have legalized the use of cannabis for various indications. Medical cannabis has been approved for use by the FDA for three indications which are rare and severe forms of epilepsy, Dravet syndrome, and Lennox-Gastaut syndrome and also to treat the spasticity in Multiple Sclerosis (MS).
Medical marijuana uses the marijuana plant or chemicals in it to treat diseases or conditions apart from the approved drugs, there is an increased interest in two cannabinoids which are delta-9-tetrahydrocannabinol and cannabidiol. Tetrahydrocannabinol is shown to improve appetite, minimize fatigue, and manage muscle function issues while cannabidiol is effective for managing epileptic seizures, curing psychiatric illness, and reducing inflammation.
- Legalization of Cannabis
The use and acceptance of medicinal cannabis continue to evolve, as the growing number of states are permitting the use of specific medical indications. Many countries have legalized marijuana for either medicinal or recreational purposes while some other countries with restricted use. In recent years, a growing number of states in the U.S. have legalized the drug for medical or recreational purposes. With the widespread legalization of cannabis, many companies are also becoming proactive and are taking initiatives for the complete legalization of cannabis.
The legalization of marijuana in different parts of the world can be seen as an effort to increase the additional revenue, this way there will be a boost in the revenue without raising taxes. The legalization of cannabis will allow more consumption of it for medicinal or recreational purposes. Moreover, it will also boost the cannabis business, thus creating more demand for cannabis. Hence, the legalization of cannabis is expected to drive market growth.
Opportunities
- Novel product development with increasing R&D activities
Medicinal cannabis comes in many different forms including capsules, chewable gum, creams, crystals, flower, lozenges, oil, and oro-mucosal sprays. High growth in the demand for cannabis with legalization has increased the need to come up with better product strains and delivery systems. This has led many companies to conduct R&D activities to check the genetic improvement strategies for cannabis. The FDA's Cannabis Product Committee (CPC) develops and implements cross-Agency strategies and policies for the regulation of cannabis products. The novel products that are developed and on the rise are hemp protein powders, energy bars, hemp milk, hemp flour, and hemp tea, which are expected to create opportunities for market growth.
- Increased adoption of cannabis for recreational purpose
Legalizing recreational marijuana results in helpful regulation of a safe drug, without increasing potential negative consequences. The legalization of marijuana has various societal benefits as the rise in the economy without increasing taxes, creating thousands of job opportunities, stopping the racial differences in marijuana enforcement, and freeing up scarce police resources. Legal recreational marijuana can end the costly enforcement of marijuana laws and debilitate the illegal marijuana market.
Due to these benefits, marijuana has been legalized and is being increasingly adopted by people of different age groups. This creates a demand for good-quality marijuana for fun and relaxation. Hence, the increasing adoption of cannabis for recreational purposes is expected to create opportunities for manufacturers in the market.
Restraint/Challenge
- High-cost purchasing and rush for premium quality
Medical cannabis devices can be expensive to manufacture and purchase, and the procedure cost can also be high due to the specialized equipment and training required. This can limit the accessibility of medical cannabis treatments for patients and healthcare facilities, particularly in lower-income regions. Additionally, the high cost of medical cannabis devices and procedures may deter some patients from choosing these treatments, especially if they have to pay out of pocket. Insurance coverage for medical cannabis treatments can also be limited, limiting their adoption.
As a result, the high cost of medical cannabis devices and procedures can be a significant barrier to market growth, especially in regions where cost is a major factor. However, as technology advances, the cost of these devices and procedures may decrease, making them more accessible to patients and healthcare facilities.
The increased intricacy of medical cannabis devices and the high cost of medical cannabis treatment are expected to restrain the market growth.
Recent Development
- In May 2018, as per the Cannabis Act of the Government of Canada, the cannabis act will create a strict legal framework for controlling the production, distribution, sale, and possession of cannabis across Canada which is meant to keep cannabis out of the hands of youth and profits out of pockets of organized crime by fostering a robust legal and regulated industry.
North America Medical Cannabis Market Scope
The North America medical cannabis market is segmented into nine notable segments based on product, source, species, derivatives, application, route of administration, treatment type, end user, and distribution channel. The growth amongst these segments will help you analyze market growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Oil
- Dried Medical Cannabis
- Medical Cannabis Capsules
- Vape Pen
- Whole Flower
- Creams & Moisturizer
- Ground Flower
- Patch
- Masks & Serum
- Cleanser
- Others
On the basis of product, the market is segmented into oil, medical cannabis capsules, patch, whole flower, ground flower, vape pen, dried medical cannabis, creams & moisturizer, masks & serum, cleanser, and others.
Source
- Synthetic
- Natural
On the basis of source, the market is segmented into synthetic and natural.
Species
- Cannabis Indica
- Sativa
- Hybrid
On the basis of species, the market is segmented into cannabis indica, sativa, and hybrid.
Derivatives
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)/ Delta-8-Tetrahydrocannabinol
- Cannabigerol (CBG)
- Cannabichromene (CBC)
- Cannabinol (CBN)
- Cannabicyclol (CBL)
- Others
On the basis of derivatives, the market is segmented into Cannabidiol (CBD), tetrahydrocannabinol (THC)/delta-8-tetrahydrocannabinol, Cannabinol (CBN), Cannabicyclol (CBL), Cannabichromene (CBC), Cannabigerol (CBG), and others.
Application
- Pain Management
- Anxiety
- Muscle Spasm
- Nausea
- Appetite Loss
- Eating Disorders
- Inflammatory Bowel Diseases
- Cancer
- Arthritis
- Wasting Syndrome (Cachexia)
- Alzheimer’s Disease
- Epilepsy
- Depression and Sleep Disorder
- Multiple Sclerosis
- Autism
- Mental Health Conditions
- Elevate Mood
- Others
On the basis of application, the market is segmented into Alzheimer’s disease, appetite loss, cancer, inflammatory bowel diseases, eating disorders, epilepsy, autism, mental health conditions, multiple sclerosis, pain management, nausea, muscle spasms, wasting syndrome (cachexia), elevate mood, multiple sclerosis, depression and sleep disorders, anxiety, and others.
Route of Administration
- Oral Solutions and Capsules
- Smoking
- Vaporizers
- Topicals
- Others
On the basis of route of administration, the market is segmented into oral solutions and capsules, smoking, vaporizers, topicals, and others.
Treatment Type
- Analgesic
- Psychedelic
- Antiviral
- Aphrodisiac
- Expectorant
- Others
On the basis of treatment type, the market is segmented into expectorant, antiviral, analgesic, aphrodisiac, psychedelic, and others.
End User
- Homecare Setting
- Hospital
- Rehab Centers
- Pharmaceutical Industry
- Research and Development Centers
- Others
On the basis of end user, the market is segmented into pharmaceutical industry, research and development centers, homecare settings, hospital, rehab centers, and others.
Distribution Channel
- B2B
- B2C
On the basis of distribution channel, the market is segmented into B2B and B2C.
North America Medical Cannabis Market Regional Analysis/Insights
The North America medical cannabis market is segmented into nine notable segments based on product, source, species, derivatives, application, route of administration, treatment type, end user, and distribution channel.
The countries covered in this market report are U.S., Canada, and Mexico.
The U.S. is expected to dominate the North America medical cannabis market due to the legalization of medical cannabis use.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact 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, the presence and availability of regional brands and their challenges faced due to large or scarce competition from local and domestic brands, and the impact of sales channels are considered while providing forecast analysis of the country data.
Competitive Landscape and North America Medical Cannabis Market Share Analysis
The North America medical cannabis market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, regional presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breadth, application dominance, and technology lifeline curve. The above data points provided are only related to the companies’ focus related to the market.
Some of the major market players operating in this market are MediPharm Labs Inc., Tilray, Aurora Cannabis, JAZZ Pharmaceuticals Inc. (GW Pharmaceuticals plc), HEXO Corp. (Zenabis North America Ltd), Cresco Labs, Peace Naturals Project Inc., CANOPY GROWTH CORPORATION, Medical Marijuana, Inc., Seed Cellar, EcoGen Biosciences, CANNABIS SEEDS USA, Seeds For Me, HUMBOLDT SEED COMPANY, Extractas, World Class Cannabis Seeds (Crop King Seeds), BARNEY'S FARM, FOLIUM BIOSCIENCES, PharmaHemp, Elixinol North America Limited, ENDOCA, Harmony, MARY’S nutritionals, LLC, Pure Ratios, Greenwich Biosciences, Inc., Upstate Elevator Supply Co., Apothecanna, BOL Pharma, and IDT Australia among others.
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