The North America Medical cannabis market Size is valued at USD 5.61 billion in 2022and is expected to reach USD 15.29 billion by 2027. The medical cannabis market size in North America is projected to grow at a CAGR of 22.23 % from 2022 to 2027.
The medical cannabis market is driven by factors like a wide range of cannabis products to the customers that are likely to drive the market. Increasing research and development activities, developing a safe form of cannabis products, act as encouraging the medical cannabis market growth. FDA approvals for the cannabis-related drug therapies, or the products related to cannabis may surge the growth. The cannabis treatment provides benefits, especially for elderly people with relief from symptoms like sleep difficulties, vomiting, nausea, chronic pain, and many more, which fosters the growth of medical cannabis of this region. The growth is due to increasing awareness among the public regarding medical cannabis is it has therapeutic capability in preventing and treating long disorders.
Strict regulatory and approval processes for the product launches, devices, and therapies associated with the market may hamper the growth over the period. Side-affects post-treatment may also hinder growth. Lack of awareness regarding the medical cannabis market is restraining growth.
This research report on the North America Medical Cannabis Market has been segmented and sub-segmented into the following categories:
North America Medical Cannabis Market - By Species:
North America Medical Cannabis Market - By Derivatives:
North America Medical Cannabis Market - By Application:
North America Medical Cannabis Market - By End User:
North America Medical Cannabis Market - By Route of Administration:
North America Medical Cannabis Market - By Country:
North America's medical cannabis market is expected to have the highest shares of the market. The region is estimated to have its dominance over the period due to increasing investments made by the public and private sectors for research and development over the regional period. Moreover, this region's growth is offered by the profitable outcomes and opportunities for the entry of new industries into the market. The growing demand for cannabis products among consumers in both the countries of the US and Canada is to surge the market growth over the analysis period.
The U.S medical cannabis market is expected to dominate the market with a total share of 96% in the North America Medical Cannabis market over the regional period. This country owes to the growing legalization of cannabis products for the medical and recreational use of different states of the US. Common increases of pain, particularly in this country is driving the market.
The Canada medical cannabis market is expected to have the highest growth rate during the period, followed by the US. The growing availability of raw materials and creating awareness over the usage of these products in the appropriate dosage form are enhancing the growth rate of the market.
Top Companies leading North America Medical Cannabis Market Profiled in the Report are BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc.
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