Report : Europe Medical Cannabis Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product Type (Flowers, Concentrates, Tablets, Topical Ointments, Capsules, Beverages and Edibles); Medical Application (Pain Management, Neurological Health Management, Mental Health Management, Others); Compound (Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, Balanced THC and CBD), and Country
Rising Research Activities on Medicinal Use of Cannabis to Drive Europe Medical Cannabis Market
According to a new research study titled "Europe Medical Cannabis Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type, Medical Application, and Compound," the market is expected to grow from US$ 492.1 million in 2021 to US$ 13,801.0 million by 2028. It is estimated to grow at a CAGR of 61.1% from 2022 to 2028. The report highlights trends prevailing in the market along with drivers and hindrances pertaining to the Europe medical cannabis market growth.
Cannabis belongs to the cannabaceae family. Cannabis is also known with other names such as grass, pot, hash, weed, reefer, dope, herb, mull, buddha, ganja, joint, stick, buckets, cones, skunk, hydro, yarndi, smoke and hooch. Cannabis has long been used as vegetables and as juice, medicinal purposes and as a recreational drug. Cannabis is basically a drug that is obtained from Indian hemp plants named Cannabis indica and Cannabis sativa. There are different forms of cannabis available such as marijuana, hashish, and Hash oil. Some species of cannabis are used to produce hemp fiber for use in paper, textiles, and clothing. Cannabis is used for medical purposes for many years. Recent studies show that cannabis may be useful to help conditions such as nausea and vomiting, particularly when associated with chemotherapy, glaucoma, epilepsy, and asthma.
Factors, such as the increasing research activities on medicinal use of cannabis and increasing government funding and focus on cannabis use are driving the growth of the Europe medical cannabis market. However, illegal use of cannabis as street drug is hampering the market growth. With the legalization of cannabis in Europe, producers are increasingly looking for quick and accurate means to determine the quality and potency of their products. Increasing use of cannabis is propelling the demand for cannabis testing. The European Parliament is calling for an EU-wide policy on medical cannabis and well-funded scientific research.
Poland dominated the Europe medical cannabis market. The market is majorly driven owing to surge in developments by market players and noticeable support of European governments in promoting medical cannabis cultivation. In January 2022, according to the data released by Prohibition Partners, Poland is home to more than 9,261 patients legally accessing medical cannabis, one of the largest populations in Europe. Demand for medical cannabis from patients in Poland is growing fast, but the government still fails to ensure adequate supply. The Parliament has rejected new legislation that would bolster the national supply. In August 2022, Tilray Brands announced its unit Tilray Medical received approval to commercialize its medical cannabis products in Poland. The company announced that Tilray Medical had established multiple partnerships with pharmaceutical companies to distribute both Tilray branded and unbranded medical cannabis products in Poland. In May 2022, PharmaCielo Ltd., the Canadian parent of Colombia's premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, and PharmaCielo Colombia Holdings S.A.S. signed an investment agreement with Soteria Holdings Limited, a UK-based portfolio company of Artemis Growth Partners, an established E.S.G. and impacted investor focused on the cannabis industry worldwide. According to the Agreement, Soteria's Polish operating subsidiary will apply for a few licenses to import and wholesale the company's medical cannabis flower and extracts in the Polish market. Furthermore, Soteria's Polish subsidiary will support a group of the country's leading medical cannabis professionals to provide education and training programs to doctors in Poland looking to prescribe medical cannabis to their patients. In August 2022, Curaleaf International’s product registration in Poland will help to meet the increasing demand for cannabis medicine in the country. According to Prohibition Partners, Poland is currently one of Europe’s largest medical cannabis markets by patient size.
Aphria, Inc; Aurora Cannabis; Cannabis Science, Inc; Canopy Growth Corporation; Medical Marijuana, Inc; VIVO Cannabis Inc; Tikum Olam; Tilray; The Cronos Group; and Canvory are among the key companies operating in the Europe medical cannabis market.
The Europe medical cannabis market is further segmented into Germany, Poland, Denmark, Switzerland, Malta, Czechia, and the Rest of Europe.
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