Europe Medical Cannabis Market

Europe Medical Cannabis Market Size (2022 to 2027)

The medical cannabis market in Europe is expected to grow from USD 4.96 billion in 2022 to USD 13.37 billion by 2027, growing at a CAGR of CAGR 21.96% from 2022 to 2027.

Medical Cannabis is used to treat chronic conditions, such as Cancer, Arthritis, and Neurological disorders, including anxiety, depression, Parkinson's, Epilepsy, and Alzheimer's. A dozen mergers and acquisitions or private placements have focused on medical cannabis in Europe. According to the cannabis media, legal marijuana creates multiple jobs and opportunities in the medical market. 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 Cannabinoids and uses them to regulate homeostasis.

Cannabis is gaining momentum around Europe with the legalization of its product usage. The medical cannabis market in Europe is primarily driven by increasing recognition of the medical benefits and therapeutic applications of Marijuana. Marijuana is used to treat chronic diseases such as cancer, neurological conditions, anxiety, and depression, which is estimated to accelerate 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 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 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 medical cannabis market in Europe.

The advantages of cannabis to treat various diseases are one of the major factors promoting the medical cannabis market in Europe. As a result, the market participants focus on developing cannabis plant-based products in various forms, such as oral or topical, and the demand for medical cannabis products across the European population is growing consistently. In addition, growing R&D activities, increasing investments from the EU governments, and increasing product approvals further favor market growth in this region.

YOY growth in the aging population in Europe also supports the market expansion. In the senior population, cannabis is used for many benefits, such as mental problems, spasticity, agitation, nausea, vomiting, and reduced appetite. Cannabis medicine is also used for Parkinson's disease (PD) in older people, a common neurodegenerative disease caused by dopaminergic neuron loss. This medicine improves the quality of life in PD. In addition, nearly half of older people suffer from sleep disturbances, which result in several other problems. This cannabis medicine can reduce sleep problems also.

However, the strict regulations on the structure for the usage of cannabis are restraining the growth of the medical cannabis market in Europe. Companies offering cannabis and cannabis-infused products must comply with different guidelines across Europe. Furthermore, the side effects of the overuse of cannabis for medical purposes may restrain the market growth. For instance, memory is a significant side effect of long-term use of cannabis drugs. In addition, a lack of awareness of medical cannabis products and less availability in some regions hamper the market growth.

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 lack of lockdown, medical and recreational users are more likely to increase or maintain medical cannabis products, leading to market growth. However, despite the negative impact of the earlier period, the market is expected to grow at a healthy CAGR during the forecast period.

This research report on the Europe Medical Cannabis Market has been segmented and sub-segmented into the following categories:

By Species:

• Indica
• Sativa
• Hybrid

By Derivatives:

• Cannabidiol (CBD)
• Tetrahydrocannabinol (THC)
• Others

By Application:

• Cancer
• Arthritis
• Epilepsy
• Migraine

By End User:

• Pharmaceutical Industry
• Research
• Development Centers
• Others

By Route of Administration:

• Oral Solutions and Capsules
• Smoking
• Vaporizers
• Topicals
• Others

By Country:

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

Geographically, the European medical cannabis market accounted for a substantial share of the global market in 2021. In Europe, 80% of deals are concerned with Germany-based companies actively distributing medical cannabis products. As a result, there has been significant growth in the European cannabis market over the years.

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. As a result, it is observed that the patient population has been receiving medical cannabis products; as per the records, in 2019, 1,000 people to more than 60,000 increased the usage of medical cannabis products. In Germany, the use of cannabis for medical purposes has been approved by the Federal Institute for Drugs and Medical Devices. Due to the increasing number of researchers studying different uses with cannabis for medical purposes such as neoplastic, neurological, metabolic, and inflammatory diseases. Due to increasing clinical trials in medical cannabis for cancer appetite and AIDS-related diseases. It is also used for skin cancer, which helps not to grow tumor cells in the body. Increasing online availability of these cannabis-related products made it easy to buy cannabis products easily in this region. France also started using cannabis due to increasing plant-based medicine by most people to treat diseases.

The medical cannabis market in the UK is anticipated to showcase a promising CAGR during the forecast period. The UK has been witnessed as the largest producer and exporter of legal cannabis for medical and research applications. In addition, well-established companies are introducing advanced products in the market. Therefore, it is expected the cannabis market in the UK 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. Earlier UK government banned the use of cannabis. But after some discussion among a large number of researchers and the use of cannabis-related products in another European state has been approved for the use of cannabis in the United Kingdom. In addition, a limited number of people have been permitted to use cannabis-related products in this region.

The Italian medical cannabis market is the second-largest market in the European region. The medical cannabis market in Italy is In Italy, medical cannabis was legalized in 2013 and was the second-largest producer of medical cannabis in the recent past. It announced its intention to triple domestic production to meet the demands.

The market in France is anticipated to progress steadily during the forecast period. France legalizes cannabis for medical usage because of its beneficial factors to cancer patients. In 2017, Spain legalized recreational cannabis in the cannabis club to ensure the benefits provided by cannabis to the cancer patient population in the country.      

Spain has a moderate share of cannabis usage due to several restrictions by their respective government. In Italy, the use of cannabis started ten years back. The use of cannabis by the patient can be made used by the health care provider's prescription. Due to some of the particular laws in Italy, the government made free available of cannabis to patients suffering from the disease.

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.