The Size of the Medical Cannabis Market in Europe is valued at USD 4.96 billion and also expected to reach USD 13.37 billion by 2026, projected to grow at a decent rate of CAGR 21.96% during the forecast period 2021 to 2026.
Medical Cannabis is used to treat chronic conditions, such as Cancer, Arthritis, and Neurological disorders, including anxiety, depression, Parkinson's, Epilepsy, and Alzheimer's disease. There have been a dozen mergers and acquisitions or private placements focusing on medical cannabis in Europe. According to the cannabis media, legal marijuana in the medical market creates multiple jobs and opportunities. The prescribed physician categorizes the usage of marijuana; the government controls and regulates marijuana medicine products' distribution. The researchers have revealed that the human body naturally produces its Cannabinoids and uses them to regulate homeostasis.
Cannabis is gaining momentum around Europe with the legalization of its product usage. The market is primarily driven by increasing recognition of medical benefits and therapeutic applications of Marijuana. Marijuana is being used to treat chronic diseases such as cancer and neurological conditions, anxiety, and depression, which is estimated to increase the market growth. Moreover, marijuana products have been legalized in European countries for medical usage, and it is expected to provide various jobs and opportunities in the developed countries. The legalization of Marijuana has led to an increase in the demand for Marijuana fields; the cultivators and manufacturers focus on producing and manufacturing more marijuana products, leading to market growth. Cannabis consumer product companies and retailers are ensuring to meet the needs of the cannabis consumers. Besides, the increasing variety of products, ease of use, product safety, and growing applications of cannabis in various medical conditions are expected to drive the market growth.
The strict regulations on the structure for the usage of cannabis are restraining the market growth of the Medical cannabis market. Companies offering cannabis and cannabis-infused products must comply with different guidelines across Europe.
Pioneer Cannabis medical product distributor had announced €12 M's capital by US base traditional investor Steve Wiggins, which increased the amount invested in the company to € 27M. Still, the deal was canceled due to the sudden announcement of a lockdown in Germany. Since January 2020, it was seen that the overall cannabis stock went down by 30%-40% and by the end of March, it was again noticed that the supplies were recovering with incumbents such as Canopy growth as per pre-COVID-19. After the unlock of lack of lockdown, both medical and recreational users are more likely to increase or maintain medical cannabis products, which leads to market growth. However, despite the negative impact at the earlier period, the market is expected to increase its growth by 2021.
This research report on the Europe Medical Cannabis Market has been segmented and sub-segmented into the following categories:
By End User:
By Route of Administration:
Geographically, European medical cannabis was the second-largest worldwide in 2019 and predicted to grow at a robust CAGR between 2020 to 2025. In Europe, 80 percent of deals are concerned with Germany-based companies that are actively involved in distributing medical cannabis products within the country. There has been significant growth in the European cannabis market over the years.
Germany Medical Cannabis Market
The German Medical Cannabis market is predicted to play the leading role in the European market during the forecast period. In 2017, Germany made some amendments to its regulations on the use of cannabis products. It is observed that the patient population has been receiving medical cannabis products, as per the records, 2019, 1,000 people to more than 60,000 has increased the usage of medical cannabis products.
UK Medical Cannabis Market
Next in line is the UK and the market is estimated to have a progressive CAGR between 2020 to 2025. The UK has been witnessed as the largest producer and the exporter of legal cannabis for medical and research applications. Well established companies are introducing advanced products in the market. Therefore, it is expected that the UK's cannabis market will be enhanced with the legalization of cannabis in the European region. European cannabis accountable Millers & Miller's chemicals Ltd. formed Astral Health, a new end-to-end platform in the United Kingdom to approve medical cannabis products.
Italy Medical Cannabis Market
In Italy, medical cannabis was legalized in 2013. It held Europe's second-largest producer of medical cannabis market during the previous year. It announced its intention to triple the domestic production to meet the demands.
France Medical Cannabis Market
France legalizes cannabis for medical usage because of its beneficial factors to cancer patients. In 2017, Spain had legalized recreational cannabis in the cannabis club to ensure the benefits provided by the cannabis to the cancer patient population in the country.
Key Companies dominating the European 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.