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Europe Medical Cannabis Market
The European medical cannabis market is projected to expand from US$492.1 million in 2021 to US$13,801.0 million by 2028, growing at a remarkable CAGR of 61.1% from 2022 to 2028. This surge is primarily driven by rising research into cannabis-based therapies and increased government funding and policy support for medicinal cannabis use. However, concerns over cannabis misuse as a street drug may restrain market growth.
While many European countries have legalized medical cannabis, few governments actively promote physician education on cannabis-based treatments. Macedonia has emerged as a pioneer in this regard—in 2016, the country’s Ministry of Health sponsored a training program in Skopje, where international cannabis experts educated local healthcare providers on its clinical applications.
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Macedonia’s evolving healthcare system presents a unique opportunity for medical cannabis integration. With local doctors now permitted to prescribe cannabis, Macedonian advocates have collaborated with authorities to establish specialized training programs for physicians and patients. Public perception of cannabis in the region has shifted significantly, fueling rapid progress in medical cannabis adoption.
This momentum highlights the need for the European Commission and member states to tackle regulatory, financial, and cultural barriers that hinder scientific research. Increased funding and policy reforms could accelerate advancements in cannabis-based medicine across Europe.
Europe Medical Cannabis Strategic Insights
Strategic insights for the Europe Medical Cannabis provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Market leaders and key 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
Canvory
Europe Medical Cannabis Regional Insights
The geographic scope of the Europe Medical Cannabis refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Government Funding Boosts Cannabis R&D for COVID-19
Governments are increasingly allocating funds to accelerate cannabis-related research and development (R&D) for COVID-19 treatments. For example, in September 2020, EXMceuticals Inc. announced it had received funding to advance its COVID-19 research initiatives. The European Union and the Portuguese government granted approximately $353,000 (€302,000) to support the company’s BioBlockCOVID project. This initiative focuses on developing innovative, natural biocide formulations designed to target specific molecules of the COVID-19 virus. Such financial support is expected to drive breakthroughs in medical cannabis applications, fostering rapid market growth in the coming years.
Country Spotlight: Germany’s Medical Cannabis Market
Germany legalized medical cannabis prescriptions in March 2017, leading to a surge in demand. A variety of medicinal cannabis products are now available in German pharmacies, with sales rising from 33.8 kg in the first half of 2015 to 61.8 kg in the same period in 2016, according to Germany’s Federal Ministry of Health. Additionally, clinical trials exploring cannabis and cannabinoids for various medical conditions are expanding.
One notable product, Sativex, was approved in Germany in 2011 as an add-on treatment for moderate-to-severe multiple sclerosis (MS) spasticity. Clinical trials have demonstrated its cost-effectiveness for MS patients.
To meet growing demand, Germany’s Federal Institute for Drugs and Medical Devices (BfArM) authorized the cultivation of 10,400 kg of medical cannabis over four years starting in July 2018. This move, along with increasing government support for cannabis cultivation, is propelling the medical cannabis market forward.
Research Sources
This analysis draws on data from reputable sources, including the Centers for Disease Control and Prevention (CDC), National Library of Medicine, Prohibition Partners, State Agency for Medical Cannabis (SAKL), and Worldometer.
The combination of government funding, expanding clinical research, and rising legalization efforts is expected to drive significant growth in Europe’s medical cannabis market in the forecast period.
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Author's Bio
Akshay
Senior Market Research Expert at Business Market Insights
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