The Europe medical cannabis market witnessed significant growth in the past and is expected to grow at a CAGR of 21.6% during the forecast period (2022-2030).
Medical cannabis, also known as medical marijuana, is a herbal medication derived from Cannabis plants used to treat specific symptoms or diseases, such as cancer, chronic pain, and psychiatric disorders. Tetrahydrocannabinol (THC) and cannabidiol (CBD) are the main cannabinoids extracted from this plant that provide medicinal benefits. The market for medical cannabis is expanding because of rising chronic disease prevalence and consumer acceptance of cannabis-based medicines.
It is anticipated that the advancement of medicinal cannabis will fuel the development of this industry over the coming years through clinical trials and judgments made by regulatory agencies in developed countries. In addition, it is anticipated that over the forecast period, the status of medicinal cannabis will improve because of clinical trials and decisions taken by regulatory agencies in developed countries. But the market is constrained by a dearth of knowledge about the advantages of medical marijuana and strict regulatory requirements.
To assure patient access and safety, European nations have begun taking moves towards legalizing medical cannabis. For the manufacture, distribution, and quality control of medical cannabis products, these regulatory changes entail the creation of licensing frameworks. As more nations adopt these rules, the market for medicinal cannabis becomes more organized and trustworthy, luring investors and expanding the range of goods available to patients.
As more people become aware of its benefits, BD made from hemp is becoming legal in several countries. Numerous reasons, including nausea and vomiting connected to chemotherapy, stiffness in multiple sclerosis, HIV/AIDS cachexia, and neuropathic pain, provide evidence for the legal medicinal use of cannabis.
Cannabis has been shown to have positive health impacts, but it also has negative ones. Heavy or prolonged cannabis usage has been linked to addiction, altered brain development, decreased life satisfaction, cognitive impairment, and poor educational outcomes, according to a 2017 study published in the Pharmacy and Therapeutics journal. According to a study, dizziness was the non-serious side effect that participants exposed to cannabinoids reported occurring the most frequently (15.5% of the time). Chronic bronchitis and psychosis-related health issues are also more likely to develop in cannabis users over the long term. It is clear from the available data that cannabis' negative side effects can have a significant negative influence on market expansion.
Chronic illness patients are becoming more prevalent in Europe. Numerous causes, such as an aging population, poor lifestyles, and environmental problems, are to blame. Medical marijuana can be used to treat chronic conditions like epilepsy, cancer, arthritis, and pain.
There is a growing awareness about the benefits of medical cannabis. People are becoming more aware of the potential of medical cannabis to treat a variety of conditions. This is leading to an increase in the demand for medical cannabis products.
The Europe medical cannabis market is segmented based on Product Type, Derivative, Route of Administration, Application, Pain Management, Neurological Health Management, Mental Health Management, and Distribution Channel.
Based on Product Type, the European market is segmented by Solids, Dissolvable/Powders, Oil and Ointments, and Creams.
Dissolvable/Powders dominated the market and are expected to register a CAGR of 20.8% over the forecast period.
Based on Derivatives, the European market is segmented by Cannabidiol and Tetrahydrocannabinol.
Cannabidiol dominated the market and is expected to register a CAGR of 21.3% over the forecast period.
Based on the Route of Administration, the European market is segmented by Inhalation, Oral, and Topical.
Inhalation dominated the market and is expected to register a CAGR of 21.4% over the forecast period.
Based on Application, the European market is segmented by Pain Management, Neurological Health Management, and Mental Health Management.
Pain Management dominated the market and is expected to register a CAGR of 23.2% over the forecast period.
Based on Pain Management, the European market is segmented by Neuropathic Pain, Cancer, and Inflammatory Pain.
Inflammatory Pain dominated the market and is expected to register a CAGR of 23.3% over the forecast period.
Based on Neurological Health Management, the European market is segmented by Sclerosis, Epilepsy, Alzheimer’s Disease, Parkinson’s Disease, and Others.
Epilepsy dominated the market and is expected to register a CAGR of 20.3% over the forecast period.
Based on Mental Health Management, the European market is segmented by Post- Traumatic Stress Disorder, Depression, Anxiety, and Others.
Anxiety dominated the market and is expected to register a CAGR of 18.2% over the forecast period.
Based on Distribution Channel, the European market is segmented by Hospital Pharmacy, Retail Pharmacy, and Retail Pharmacy.
Hospital Pharmacy dominated the market and is expected to register a CAGR of 22.1% over the forecast period.
The Europe medical cannabis market is segmented by country into Germany, the Netherlands, the U.K., and the Rest of Europe. Germany dominates the country market and is expected to grow at a CAGR of 20.5% during the forecast period.
Germany is the largest European producer of medicinal cannabis, and it is anticipated to continue to dominate the market during the projection period. More than treble the 3,000 kilograms imported in 2018, Germany imported 6,500 kilograms of cannabis flowers in 2019 to be distributed to patients in pharmacies. Eight hundred sixty-one kilograms of medicinal cannabis flower were used in Italy in 2019, where the plant and other full-spectrum products are legal. Additionally, the Netherlands sold 580 kilograms of flowers domestically and exported 3,370 kilograms of flowers for pharmacies in other EU nations. In 2019 and 2020, it will provide 2,500 kilograms annually under a contract with Germany. Bedrocan, a Dutch company, was the top vendor in Italy.
In the same way, regional regulatory norms are emerging. The Court of Justice of the European Union decided that CBD is not a narcotic in late 2020 and reclassified marijuana from Schedule IV into a less dangerous category. By examining current legislation in the UK, France, and Spain, the market in this region is anticipated to expand. Six more nations declared the legalization of medical cannabis in 2018. In 2020, 17 ongoing clinical trials in Austria, Bulgaria, Denmark, Germany, Hungary, Netherlands, Poland, the UK, Switzerland, and Spain examined the effectiveness of cannabis and cannabinoid therapies against ailments.
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