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Europe Medical Cannabis Market Research Report - Segmented By Species, Derivatives, Application, Route of Administration & Country (UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of EU) – Industry Size, Share, Trends & Growth Forecasts (2024 to 2029)

Published: March, 2023
ID: 9876
Pages: 100
Formats: report pdf report excel report power bi report ppt

Europe Medical Cannabis Market Size (2024 to 2029)

The European medical cannabis market is expected to reach USD 16.36 billion by 2029 from USD 6.06 billion in 2024, growing at a compound annual growth rate (CAGR) of 21.97% during the forecast period.

The European medical cannabis market is experiencing substantial growth, primarily driven by the increasing patient demand for cannabis-based treatments. According to the World Health Organization, around 87.1 million Europeans suffer from these diseases. So, the rising awareness of the therapeutic benefits of medical cannabis spreads by an increasing number of patients seeking cannabis-based treatments. This surge in demand is transforming the medical cannabis landscape, enhancing patient outcomes, and fostering economic growth and innovation. Therefore, Companies are investing significantly in research, cultivation, and production to meet this market demand. As patients take the lead, the European medical cannabis market is becoming a significant player in the global healthcare landscape, with promising potential for the future.

The European medical cannabis market is undergoing a profound transformation by shifting attitudes and evolving legislation. Many European countries are increasingly acknowledging the therapeutic potential of medical cannabis, leading to the legalization of its use for specific medical conditions, with others actively working toward such legislation. This shift in legislation is creating fresh opportunities in the medical cannabis market. As these regulatory frameworks mature, they provide a solid foundation for the cultivation, production, and distribution of medical cannabis products. This ensures patients have access to safer and regulated treatments while igniting innovation and attracting investments in the industry. Therefore, this transformation is poised to enhance patient care, stimulate economic growth, and contribute to a deeper understanding of cannabis-based therapies. As a result, The European medical cannabis market is poised for significant growth and offering hope for improved healthcare outcomes and quality of life.

Regulatory compliance is a significant restraint in the European medical cannabis market. As these stringent requirements serve to ensure the safety and quality of medical cannabis products, they also present a notable cost challenge for companies operating within the industry. The cultivation, processing, and distribution of medical cannabis demand substantial investments in security measures, quality control, and compliance efforts to meet the ever-evolving regulations. The need for security infrastructure to prevent diversion to the illegal market, coupled with rigorous quality control protocols, drives up operational expenses. Additionally, navigating the complex web of European and national regulations necessitates legal and administrative expertise, further adding to compliance costs.

Impact of COVID-19 on the European medical cannabis market:

The COVID-19 pandemic had a dual impact on the European medical cannabis market. The pandemic brought several challenges. Disruptions in global supply chains hampered the availability of medical cannabis products, leading to potential shortages and supply chain bottlenecks. This affected patients who rely on these products for managing various health conditions. Moreover, lockdowns and restrictions limited patient access to medical cannabis clinics and healthcare professionals, making it difficult for new patients to enter the program or for existing patients to renew their prescriptions. Financial strains on healthcare systems due to pandemic-related expenses also led some governments to delay medical cannabis program expansion. But by time, the pandemic also had highlighted the importance of medical cannabis as a potential treatment option, leading to increased interest and acceptance among patients and healthcare professionals. Additionally, some European countries recognized the importance of ensuring a stable supply chain for medical cannabis and took steps to prioritize it as an essential service. Furthermore, the pandemic accelerated the adoption of telemedicine, making it easier for patients to consult with healthcare providers and renew prescriptions remotely, thereby improving access to medical cannabis.

This research report on the European medical cannabis market has been segmented and sub-segmented into the following categories:

Europe Medical Cannabis Market - By Species:

  • Indica
  • Sativa
  • Hybrid

The indica segment dominated the medical cannabis market in Europe in 2023. The Indica segment is also expected to grow healthy during the forecast period. Indica has more medical and therapeutic effects like pain management and sedation. It is a common type of Cannabis that is widely available in Europe which helps it to lead the market.

The hybrid segment is predicted to have rapid growth in the coming years due to the presence of both THC and CBD in concentrates.

Europe Medical Cannabis Market - By Type:

  • Flowers Buds
  • Concentrates

The flower buds segment accounted for the leading share of the European medical cannabis market in 2023 and is expected to continue its domination in the coming years. Flowers contain high concentrations of both THC and CBD.

The concentrates segment is growing at a prominent CAGR during the forecast period. Concentrates are used in different commercial products of Cannabis. Concentrates are the extracts of the Cannabis plant.

Europe Medical Cannabis Market - By Derivatives:

  • Cannabidiol (CBD)
  • Tetrahydrocannabinol (THC)
  • Balanced

The cannabidiol (CBD) segment held the leading share of the European market in 2023 and is predicted to grow at the highest CAGR during the forecast period. CBD has therapeutic effects with non-psychoactive effects and is primarily used for medicinal purposes.

The THC segment is predicted to grow at a healthy CAGR during the forecast period. THC is the primary component of cannabis that gives the feelings of Euphoria and is the Psychoactive substance that relaxes the consumer.

Europe Medical Cannabis Market - By Application:

  • Cancer
  • Arthritis
  • Epilepsy
  • Migraine

The cancer segment captured the major share of the European medical cannabis market in 2023 and is expected to grow at a prominent CAGR during the forecast period. The growing patient population suffering from cancer and the increasing number of R&D activities by the market participants are propelling the cancer segment in the European medical cannabis market. Cancer is also the second most prevalent disease in the European region.

The arthritis segment is anticipated to record a healthy CAGR in the European market during the forecast period. The market for Arthritis is slowly rising with a significant number of shares due to the pain management properties of Cannabis.

Europe Medical Cannabis Market - By Route of Administration:

  • Oral
  • Vapor
  • Topicals

The oral segment is predicted to account for the leading share of the European market during the forecast period. For medical purposes, Oral supplements are used, this is a fast and efficient method of administration with high efficacy.

Europe Medical Cannabis Market - By Country:

  • UK
  • France
  • Spain
  • Germany
  • Italy
  • Russia
  • Sweden
  • Denmark
  • Switzerland
  • Netherlands
  • Turkey
  • Czech Republic
  • Rest of Europe

Germany holds the largest share of the European medical cannabis market during the forecast period. It has a well-established framework for medical cannabis and high patient access. The market is also rising, with a growing number of patients seeking cannabis-based treatments.

The UK medical cannabis market is positioned second in accounting for the leading share of the European market. The National Health Service (NHS) allows certain cannabis-based products for specific conditions. The UK market has significant growth potential as awareness and acceptance increase.

France has initiated programs to assess the impact of medical cannabis and is conducting clinical trials. While regulatory progress is slow, France holds substantial potential due to its large population and the need for alternative treatments.

Italy legalized medical cannabis in 2013, and it has a well-established program. It allows patients access to medical cannabis through its healthcare system, and there is a growing patient base.

Spain has a history of cannabis use. Also, Cannabis clubs and associations have been operating for years, but formal medical cannabis regulations are limited. There's potential for growth, but regulatory clarity and investment are needed to foster a robust medical cannabis market.

KEY MARKET PLAYERS:

A few of the notable players operating in 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.

RECENT HAPPENINGS IN THE MARKET:

  • In February 2023, the Parent Company and Gold Flora, a vertically integrated California cannabis business, announced plans to merge. The combined company will operate as Gold Flora Corporation and is anticipated to remain a reporting issuer in Canada on the Neo Exchange Inc. and the OTC Markets Group Inc. Under the all-stock merger agreement, The Parent Company shareholders will own approximately 49% and Gold Flora holders will own approximately 51% of the outstanding common equity of the combined company. The combined company would have pro forma revenue of $116.4 million for the nine months that ended Sept. 30, 2022, with a gross margin of 33%.

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FAQ's

Which countries in Western Europe have legalized medical cannabis?

Currently, countries such as Germany, the Netherlands, Italy, and Portugal have legalized medical cannabis, contributing significantly to the market's growth.

How has the COVID-19 pandemic impacted the medical cannabis market in Italy?

The COVID-19 pandemic initially led to disruptions, but the medical cannabis market in Italy has shown resilience, adapting to challenges and continuing its growth trajectory.

Who are the major players in the Europe medical cannabis market?

BOL Pharma, Tilray, Medreleaf Corporation, Aurora Cannabis, Inc., Canopy Growth Corporation, Insys Therapeutics, Inc., Aphria, Inc., MGC Pharmaceuticals Limited, GW Pharmaceuticals, plc. are some of the key players in the Europe medical cannabis market. 

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