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
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Medical Application, Compound -Dominant, and Country
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Czechia, Germany, Denmark, Switzerland, Malta, Poland,
Frequently Asked Questions
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 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 fibre 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.
The factors that are driving the growth of the Europe medical cannabis market are the increasing research activities on medicinal use of cannabis and increasing government funding & focus on cannabis use.
The Europe medical cannabis market majorly consists of the players, such as 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.
The CAGR value of the Europe medical cannabis market during the forecasted period of 2022-2028 is 61.1%
The Europe medical cannabis market is estimated to be valued at US$ 492.1 million in 2021.
The Europe medical cannabis market is expected to be valued at US$ 13,801.0 million in 2028.
The flowers segment held the largest share of the market in 2021. However, the beverages and edibles segment is estimated to register a CAGR of 62.9% in the market from 2022 –2028.
The Poland is expected to be the fastest-growing region in the Europe medical cannabis market over the forecast period due to increased developments by market players and growing government support for medical cannabis cultivation is further likely to contribute to the growth of the region.
The List of Companies - Europe Medical Cannabis Market
- Organigram Holdings Inc
- Aurora Cannabis Inc
- Cannabis Science, Inc
- Canopy Growth Corporation
- Medical Marijuana Inc
- VIVO Cannabis Inc
- Tikun Olam
- Tilray
- The Cronos Group
- Canvory
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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