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An all-inclusive North America Medical Cannabis Market research report is used to study and find out the existing brand position and to know the recall value of brands. With this report, the possibilities of brand extension or prospects of changing existing brand names can be explored. Market report helps in developing techniques to popularize and retain brand loyalty. With the market research, the new products can be tested in one or two markets on a small scale. By using market data, consumer response to new product can be found out and accordingly a suitable marketing mix can be developed. Info in the finest North America Medical Cannabis Market report reveals the problems of the customers regarding new products that controls the risk involved in introducing a new product.
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.
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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.
Drivers
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.
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
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.
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.
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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.
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
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
On the basis of source, the market is segmented into synthetic and natural.
Species
On the basis of species, the market is segmented into cannabis indica, sativa, and hybrid.
Derivatives
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
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
On the basis of route of administration, the market is segmented into oral solutions and capsules, smoking, vaporizers, topicals, and others.
Treatment Type
On the basis of treatment type, the market is segmented into expectorant, antiviral, analgesic, aphrodisiac, psychedelic, and others.
End User
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
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