Product Type Segment to Dominate Europe Medical Cannabis Market
According to The Insight Partners 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 increasing research activities on medicinal use of cannabis and increasing government funding and focus on cannabis use are driving the growth of the market. However, illegal use of cannabis as street drug is hampering the market growth during the forecast period.
The European economy is severely affected due to the exponential growth of COVID-19 cases in the region. Spain, Italy, Germany, France, and the UK are among the most affected European countries. As per the Worldometer, the total active cases as of February 8, 2021, in the UK, Spain, Italy, Germany, and France recorded 1,917,586; 427,024; 188,013; and 3,025,106, respectively, and the deaths toll is also high in these countries. Many researchers found that medical cannabis has been proved a boon for the treatment of COVID-19. An article posted that the estimated value of medical cannabis products sold via Cannazon, a market devoted to medical cannabis products, reached approximately €4.3 million (US$ 4.83 million) between January and March 2020, representing a volume of 1.6 metric tons. Thus, the researched showed an increased European medical cannabis demand in a mid of COVID-19 pandemic. Similarly, According to Pan European Networks Ltd, in April 2020, a survey is conducted by the researchers to obtain information from medical cannabis patients regarding their mental health and physical health, as well as examining changes in patient’s frequency of use of medical cannabis, dosage, and route of administration based on COVID-19-realted closures and updates. This will help identifying the usage of medical cannabis. According to the European Monitoring Centre for Drugs and Drug Addiction (EMCDDA), March 2020, it was identified an increase in the number of sales of medical cannabis flower products among common purchase-weight categories between 1g and 28g (1oz). Therefore, numerous advantages of medical cannabis increasing the demand for medical cannabis in Europe, hence it can boost the growth of the medical cannabis market.
Based on product type, the Europe medical cannabis market is segmented into flowers, concentrates, beverages and edible, topical ointments, capsules, and tablets. The flowers segment held the largest share of the market in 2021, and the beverages and edible segment is anticipated to register the highest CAGR during the forecast period.
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.
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 the key companies operating in the Europe medical cannabis market.
Europe Medical Cannabis Market, by Geography, 2022 (%)
Europe Medical Cannabis Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Flowers, Concentrates, Tablets, Cannabis Oil & Topical Ointments, Capsules, and Beverages & Edibles), Medical Application (Pain Management, Neurological Health Management, Mental Health Management, and Others), Compound (THC-Dominant, CBD-Dominant, Balanced THC & CBD), and Country
Europe Medical Cannabis Market to Grow at a CAGR of 61.1% to reach US$ 13,801.0 million from 2021 to 2028
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Source: The Insight Partners Analysis
The report segments the Europe Medical Cannabis market as follows:
The Europe medical cannabis market is analyzed on the basis of product type, medical application, compound, and country. Based on product type, the market is segmented into flowers, concentrates, beverages & edible, topical ointments, capsules, and tablets. By medical application, the market is segmented into pain management, neurological health management, mental health management, and others. In terms of compound, the market is segmented into Tetrahydrocannabinol (THC)-Dominant, Cannabidiol (CBD)-Dominant, and Balanced THC and CBD.
The Europe medical cannabis market is further segmented into Germany, Poland, Denmark, Switzerland, Malta, Czechia, and the Rest of Europe.
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