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
Medical Cannabis Market for Flowers Segment to Grow at Fastest CAGR during Forecast Period
According to our new market research study on “Medical Cannabis Market to 2027 – Europe Analysis and Forecast – by Product Type, Medical Application, and Compound,” the market is expected to reach US$ 4,513.4 Mn in 2027 from US$ 168.3 in 2019. The market is estimated to grow with a CAGR of 50.9% from 2019-2027. The report highlights trends prevailing in the Europe Medical Cannabis Market and the drivers and restraints pertaining to the market growth.
The key factors such as increasing demand for research activities for cannabis quality, increasing government’s funding and focus for cannabis use, are expected to boost the growth of the medical cannabis market during the forecast period. On the other hand, illegal use of cannabis as a street drug is likely to hinder the growth of the medical cannabis market in the coming years. More and more countries are adopting medical cannabis laws, but it is rare for government officials to encourage health professionals to learn about cannabis herbal medicines. In 2016, various Cannabis experts were invited to Macedonia on the use of Cannabis in clinical practise to train local health providers. The programme was held in Skopje and was supported and financed by the Ministry of Health of Macedonia.
Cannabis offers unique opportunities in Macedonia, where the medical system is at a stage of evolution and modernization. Local medical specialists are now in a position to prescribe cannabis in the country. In view of this, Macedonian cannabis promoters have worked with local governments to set up a medical cannabis training programme to support doctors and their patients. The momentum of the Macedonian medical cannabis movement is moving fast, and the public opinion on cannabis has also changed dramatically in the region. The revolution in medical marijuana in the region urges the European Commission and Member States to address regulatory, financial and cultural barriers that burden scientific research and encourage them to fund research.
Similarly, the government is granting funds to accelerate research &development on cannabis use for COVID-19. For instance, in September 2020, EXMceuticals Inc. has announced receiving funds for focusing on research &development for landmark COVID-19 activities. The European Union and the Portuguese Government have allocated funds of ~US$ 353 thousand (EUR 302 thousand) to support the company's BioBlockCOVID project, which aims to create functional, natural, and innovative biocide formulations targeting specific molecules that makeup COVID-19. It is expected that the funds would enhance the research activities and help in innovating newer techniques.
Thus, due to the above advancements, the medical cannabis market is expected to grow at a rapid pace during the forecast period.
Aphria, Inc., Aurora Cannabis, Cannabis Science, Inc., Canopy Growth Corporation, Medical Marijuana, Inc., VIVO Cannabis Inc., Tikun Olam Ltd, Tilray, and Cronos Group among others. are among the leading companies operating in the Medical Cannabis Market.
The report segments Europe Medical Cannabis market as follows:
By Medical Application