Europe Medical Cannabis Market Growth Opportunities and Forecast by 2028

The Europe medical cannabis market is expected to reach US$ 13,801.0 million in 2028 from US$ 492.1 million in 2021; it is estimated to grow at a CAGR of 61.1% during 2022–2028. 

Cannabis belongs to the cannabaceae family. Cannabis is also known by 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 is a drug 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 paper, textiles, and clothing. Cannabis has been used for medical purposes for many years. Recent studies show that cannabis may help conditions such as nausea and vomiting, particularly when associated with chemotherapy, glaucoma, epilepsy, and asthma. 

The Europe medical cannabis market is segmented based on product type, medical application, compound, and country. This report offers insights and in-depth analysis of the market, emphasizing parameters, such as market trends and market dynamics, and the competitive analysis of the leading market players in the region.

Market Insights

Increasing Research Activities on Medicinal Use of Cannabis

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 cannabis use is increasing the demand for cannabis testing, which has an impact on the research activities of the region. The European Parliament is calling for an EU-wide policy on medical cannabis and well-funded scientific research. To this end, members of the European Parliament (MEPs) adopted a resolution on the use of cannabis for medicinal purposes in February 2019.

Many European countries have legalized the medical use of cannabis or cannabinoids and are considering changes in their legislation to legalize cannabis. The primary purpose of the resolution is to make a clear distinction between medical cannabis and other cannabis uses.

However, no European Union (EU) country authorizes the smoking or home-growing of cannabis for medicinal purposes. At the same time, the World Health Organization (WHO) has officially recommended that cannabis compound cannabidiol (CBD) not be classified as a controlled substance.

Cannabis or cannabinoids have therapeutic effects in stimulating appetite and alleviating mental disorders such as epilepsy, asthma, cancer and Alzheimer's. More research is needed, however. The primary objective of the European Parliament is to address research gaps in medical cannabis in the region and to call on Member States to seize the potential of cannabis-based medicines.

In addition, the success of cannabis-based medical products is confirmed by systematic studies of well-designed clinical trials (RCTs). It may also be moderately beneficial in multiple sclerosis, pain, and epilepsy. These conditions are most encountered in patients who use medical cannabis and are the most important in medical cannabis research. Moderately convincing evidence, as described in the 2017 NASEM study, describes 'several moderately convincing results from good to fair standard studies with much to no reliable adverse findings.'

The EU has also been successful in terms of basic research and technological advances. A new GBP 1.2 million research study in the UK would study the impact of CBD therapies on Parkinson-related psychosis, which affects more than 60% of Parkinson's patients. The French National Drug Protection Agency has approved clinical trials to study the effects of cannabis-derived drugs on certain medical conditions.

As a result, the need for more research in the therapeutic area and to stimulate innovations in medicinal cannabis projects is expected to see rapid growth in the region.

Product Type-Based Insights

Based on product type, the Europe medical cannabis market is segmented into flowers, concentrates, cannabis oil and topical ointments, capsules, tablets, and beverages & edibles. The flowers segment held the largest share of the market in 2021 and the beverages & edibles segment is expected to grow at the fastest rate in the coming years.

Europe Medical Cannabis Market, by Product Type– 2021 and 2028

Medical Application-Based Insights

Based on medical application, the Europe medical cannabis market is segmented into pain management, neurological health management, mental health management, and others. The pain management segment held the largest share of the market in 2021 and is expected to grow at the highest CAGR from 2022 to 2028.

Compound-Based Insights

Based on compound, the Europe medical cannabis market is segmented into THC-Dominant, CBD-Dominant, and balanced THC & CBD. The THC-Dominant segment held the largest share of the market in 2021 and is expected to grow at the highest CAGR from 2022 to 2028.

A few developments that have promoted the growth of the Europe medical cannabis market are listed below:

• In November 2021, VIVO Cannabis Inc. launched its new products under its Lumina health and wellness brand. Lumina Ultralight 0:50 is a high cannabidiol (CBD) full-spectrum oil. Lumina Spotlight 1:2 topical is a CBD-focused balanced topical with tetrahydrocannabinol (THC).
• In December 2021, Teva Israel and Tikun Olam signed the first commercial and exclusive agreement for the marketing and distribution of medical cannabis oil. 

Company Profiles

Organigram Holdings Inc; Aurora Cannabis Inc; Cannabis Science, Inc; Canopy Growth Corporation; Medical Marijuana Inc; VIVO Cannabis Inc; Tikun Olam; Tilray; The Cronos Group; and Canvory are among the prominent players in the Europe medical cannabis market.  

Europe Medical Cannabis Report Scope