At 19.0% CAGR, the Europe Medical Marijuana Market is projected to be worth US$ 9,703.38 million by 2028, says Business Market Insights

According to Business Market Insights research, the Europe medical marijuana market  was valued at US$ 3,414.26 million in 2022 and is expected to reach US$ 9,703.38 million by 2028, registering a CAGR of 19.0% from 2022 to 2028. Increasing approvals of medical marijuana is the critical factor attributed to the Europe medical marijuana market expansion.        

Pharmaceutical integration represents a fundamental side of the burgeoning European medical marijuana market. As more European countries recognize the therapeutic potential of cannabis-based medicines, pharmaceutical companies are increasingly exploring opportunities within the growing sector. The integration involves the development of standardized, pharmaceutical-grade cannabis products, which align with the stringent quality and safety standards of the pharmaceutical industry. Pharmaceutical integration benefits the medical marijuana market in several ways. Firstly, it encourages a sense of credibility and trust among healthcare professionals and patients. Pharmaceutical companies are providing them with a legacy of research, rigorous testing, and adherence to regulatory guidelines. This ensures product quality and consistency. Moreover, pharmaceutical integration leads to the creation of more precise and predictable medical cannabis formulations. Patients can benefit from medicines with known cannabis profiles, ensuring reliable and consistent therapeutic outcomes. Additionally, pharmaceutical companies can leverage their distribution networks and research capabilities to expand patient access to these medicines. Thus, the aforementioned factors are expected to offer lucrative opportunities to the players operating in the European medical marijuana market.

On the contrary, cultural and social stigma hampers the Europe medical marijuana market.  

Based on product type, the Europe medical marijuana market is segmented into dried form and extract form. The extract form segment held 62.3% share of Europe medical marijuana market in 2022, amassing US$ 2,125.71 million. It is projected to garner US$ 6,066.77 million by 2028 to expand at 19.1% CAGR during 2022–2028.

Based on application, the Europe medical marijuana market is segmented into pain management, tourette’s, alzheimer’s disease, migraines, depression and anxiety, multiple sclerosis, cancer, and others. The pain management segment held 25.3% share of Europe medical marijuana market in 2022, amassing US$ 865.17 million. It is projected to garner US$ 2,385.33 million by 2028 to expand at 18.4% CAGR during 2022–2028.

Based on distribution channel, the Europe medical marijuana market is segmented into retail pharmacy, e-commerce, and others. The retail pharmacy segment held 45.4% share of Europe medical marijuana market in 2022, amassing US$ 1,550.38 million. It is projected to garner US$  4,373.01 million by 2028 to expand at 18.9% CAGR during 2022–2028.

Based on country, the Europe medical marijuana market is segmented into Germany, the UK, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 26.6% share of Europe medical marijuana market in 2022. It was assessed at US$ 907.66 million in 2022 and is likely to hit US$ 2,606.68 million by 2028, exhibiting a CAGR of 19.2% during 2022–2028.

Key players operating in the Europe medical marijuana market are Aphria, Inc.; Canopy Growth Corporation; GW Pharmaceuticals; Panaxia Pharmaceutical Industries Ltd.; and VIVO Cannabis Inc, among others.  

• In November 2021, VIVO Cannabis Inc. launched its newest medical cannabis product formulation: high-dose cannabidiol (CBD) oil under its Beacon Medical brand. The entire family of Beacon Medical oil products are formulated using a non-GMO, food-grade medium-chain triglycerides (MCT) carrier oil which results in the final product being both scentless and flavorless in taste. VIVO simultaneously launched a Pediatric Compassionate Care Program to support caregivers and families requiring medical cannabis to treat a variety of pediatric conditions.

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