The medical cannabis market offers diverse applications and notable advantages, including pain management, nausea control, stress relief, treatment of neurological disorders, anti-inflammatory effects, appetite stimulation, sleep aid, glaucoma management, cancer support, epilepsy treatment, substance addiction therapy, and potential for mood disorder relief. These benefits revolve around natural, alternative treatment, improved quality of life, and reduced reliance on more potent drugs.
According to Data Bridge Market Research, the Europe Medical Cannabis Market is expected to grow at a CAGR of 22.5% during the forecast period of 2023 to 2030.
"Legalization of cannabis in the medical boosts the market growth"
The evolving legalization of cannabis for medical use serves as a compelling driver in the medical cannabis market. This shift in acceptance, driven by its recognized therapeutic potential, creates an environment for expanded patient access and an increase in the demand for medical cannabis products. Governments are embracing legalization to generate additional tax revenue without increasing taxes on other sectors. This fosters the entire cannabis industry, spurring research, development, and the availability of diverse treatment options, ultimately fueling the expansion of the medical cannabis market.
What restraints the growth of Europe medical cannabis market?
“High cost restrain the market growth”
The medical cannabis market faces a constraint due to the high costs associated with manufacturing and purchasing medical cannabis devices, as well as the expenses related to specialized procedures. These costs limit accessibility, particularly in economically disadvantaged areas, and may discourage patients from choosing medical cannabis treatments, especially in cases where insurance coverage is lacking. The intricate nature of medical cannabis equipment and the financial burden they impose represent significant barriers to market growth.
Segmentation: Europe Medical Cannabis Market
The Europe 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.
- On the basis of product, the Europe medical cannabis market is segmented into oil, medical cannabis capsules, patch, whole flower, ground flower, vape pen, dried medical cannabis, creams and moisturizer, masks and serum, cleanser, and others
- On the basis of source, the Europe medical cannabis market is segmented into natural and synthetic
- On the basis of spices, the Europe medical cannabis market is segmented into cannabis indica, sativa, and hybrid
- On the basis of derivatives, the Europe medical cannabis market is segmented into cannabidiol (CBD), tetrahydrocannabinol (THC)/ delta-8-tetrahydrocannabinol, cannabinol (CBN), cannabicyclol (CBL), cannabichromene (CBC), cannabigerol (CBG), and others
- on the basis of application, the Europe medical cannabis 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, depression and sleep disorders, anxiety, and others
- On the basis of route of administration, the Europe medical cannabis market is segmented into oral solutions and capsules, smoking, vaporizers, topicals, and others
- On the basis of treatment type, the Europe medical cannabis market is segmented into expectorant, antiviral, analgesic, aphrodisiac, psychedelic, and others
- On the basis of end user, the Europe medical cannabis market is segmented into pharmaceutical industry, research and development centers, homecare setting, hospital, rehab centers, and others
- On the basis of distribution channel, the Europe medical cannabis market is segmented into B2B and B2C
Regional Insights: Germany is expected to dominate the Europe Medical Cannabis Market
Germany is expected to dominate the European medical cannabis market due to its well-regulated framework, rising patient demand, insurance coverage, strong medical research and innovation ecosystem, access to emerging markets, economic potential, and growing public acceptance. Its comprehensive regulations and its role as a gateway for markets make it a key player in the European medical cannabis industry, with significant growth opportunities.
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Recent Developments in Europe Medical Cannabis Market
- In May 2018, the Cannabis Act introduced by the Government of Canada established a comprehensive legal framework to regulate the cultivation, distribution, sale, and possession of cannabis throughout the country. The primary objective of this legislation is to prevent youth access to cannabis and dismantle the influence of organized crime by promoting a robust, lawful, and well-regulated cannabis industry
The Prominent Key Players Operating in the Europe Medical Cannabis Market Include:
- MediPharm Labs Inc. (Canada)
- Tilray (Canada)
- Aurora Cannabis (Canada)
- JAZZ Pharmaceuticals Inc. (GW Pharmaceuticals plc) ( U.K.)
- HEXO Corp. (Zenabis Europe Ltd) (Canada)
- Cresco Labs (U.S.)
- Peace Naturals Project Inc. (Canada)
- CANOPY GROWTH CORPORATION (Canada)
- Medical Marijuana, Inc. (U.S.)
- Seed Cellar (U.S.)
- EcoGen Biosciences (U.S.)
- CANNABIS SEEDS USA (U.S.)
- Seeds For Me (U.S.)
- HUMBOLDT SEED COMPANY (U.S.)
- Extractas (U.S.)
- World Class Cannabis Seeds (Crop King Seeds) (Canada)
- BARNEY'S FARM (Netherlands)
- FOLIUM BIOSCIENCES (U.S.)
- PharmaHemp (Slovenia)
- Elixinol Europe Limited (U.K.)
- ENDOCA (Netherlands)
- Harmony (Switzerland)
- MARY’S nutritionals, LLC (U.S.)
- Pure Ratios (U.S.)
- Greenwich Biosciences, Inc. (U.S.)
- Upstate Elevator Supply Co. (U.S.)
- Apothecanna (U.S.)
- BOL Pharma (Israel)
- IDT Australia (Australia)
Above are the key players covered in the report, to know about more and exhaustive list of Europe medical cannabis market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Europe Medical Cannabis Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
