Europe Medical Cannabis Market Outlook, Share, Size, Demand and Forecast Report 2024-2032
Europe Medical Cannabis Market 2024-2032
According to IMARC Group’s report titled “Europe Medical Cannabis Market Report by Species (Indica, Sativa, Hybrid), Derivative (Cannabidiol (CBD), Tetrahydrocannabinol (THC), and Others), Application (Cancer, Arthritis, Migraine, Epilepsy, and Others), End Use (Pharmaceutical Industry, Research and Development Centers, and Others), Route of Administration (Oral Solutions and Capsules, Smoking, Vaporizers, Topicals, and Others), and Country 2024-2032“, the report presents a thorough review featuring the market share, growth, share, trends, and research of the industry.
How Big is the Europe Medical Cannabis Industry ?
The Europe medical cannabis market size reached USD 2,167.8 Million in 2023. Looking forward, IMARC Group expects the market to reach USD 11,093.7 Million by 2032, exhibiting a growth rate (CAGR) of 19.3% during 2024-2032.
Europe Medical Cannabis Market Trends:
The European market has a key growth factor which is the increasing legalization and regulatory approval of medical cannabis across several countries on the continent. Governments are beginning to appreciate the medical usefulness of cannabis in the rehabilitation of many health challenges such as chronic pains, epilepsy, multiple sclerosis, and symptoms associated with cancer.
This change in the legal policies is bringing about a more healthy and organized market where patients can use medical cannabis under suitable arrangements. Also vital is the increased volume of clinical studies which demonstrate the effectiveness of medical cannabis. There is increasing emphasis on the research and clinical trials which showcase the value that cannabis-based healing mechanisms can offer. This is in turn resulting in growing acceptance of these therapies by health professionals.
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Europe Medical Cannabis Market Scope and Growth Analysis:
The market for medical cannabis in Europe is complex with several types of products including, but not limited to, oils, tinctures, capsules, and dried cannabis flowers. The products in this market can be classified with respect to their type, the application they undertake and the manner in which they are distributed to the end users. Considering the power these products exert in very small doses, oils and tinctures are perhaps among the most widely used medicinal product within the medical cannabis market. The products are also categorized depending on the conditions being treated and in this case chronic pain, anxiety and epilepsy are the most common applications. Some market participants are others as a result carving out specific niches within the European market which is relatively saturated. Players are strengthening their position within Europe through the creation of partnerships, mergers and acquisitions.
These firms are working to increase their production capacities, enhance the quality of their goods, and meet the tough requirements of the European market. Setting up Good Manufacturing Practice (GMP) certified plants in Europe has been a major development in the industry as medical cannabis products will be compliant with safe industry standards. This market is further fueled by ‘the search’ and ‘the quest’ approaches to R and D and the development of drugs from cannabis components. As competition heat up within the global cannabis space, additional R&D spend translates into new formulation and delivery methods as per medical needs. Moreover, the growth of the medical cannabis program across Europe and other jurisdictions presents opportunities for expansion in both mature and developing markets. Germany, Italy, and the United Kingdom are at the forefront in terms of market size but other countries are also starting to embrace medical cannabis which is strengthening the growth of the market.
Europe Medical Cannabis Market Outlook and Segmentation:
The report has segmented the market into the following categories:
Breakup by Species:
- Indica
- Sativa
- Hybrid
Breakup by Derivative:
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
- Others
Breakup by Application:
- Cancer
- Arthritis
- Migraine
- Epilepsy
- Others
Breakup by End Use:
- Pharmaceutical Industry
- Research and Development Centers
- Others
Breakup by Route of Administration:
- Oral Solutions and Capsules
- Smoking
- Vaporizers
- Topicals
- Others
Breakup by Country:
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
Competitor Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
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Other key areas covered in the report:
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Market Dynamics
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
- Top Winning Strategies
- Recent Industry News
- Key Technological Trends & Development
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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