The Cannabis Market in Europe Registered a Dynamic Growth from $3.4 Billion to $9.7 Billion

The medical cannabis market in Europe is experiencing a period of dynamic development, presenting a picture of changes in both the medical and legal spheres. Recent market analyzes paint a picture of a significant increase in the value of this market, from $3.4 billion in 2022 to a projected $9.7 billion in 2028.

This growth, characterized by an impressive annual growth rate of 19%, is the result of a number of factors that are changing the medical landscape marijuana in Europe. In this article, we will look at key aspects of this phenomenon by analyzing the Europe Medical Cannabis Market Forecast to 2028 report published by Research and Markets, taking into account both the legal and social as well as economic factors that are driving this development.

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Key growth factors for the European cannabis market

The development of the medical cannabis market in Europe is driven by a number of important factors that together contribute to its dynamic growth.

Legalization and growing acceptance : In recent years, there has been a significant shift in attitudes towards medical cannabis in many European countries. Germany, being one of the leaders in this field, legalized medical cannabis already in 2017, which paved the way for market development and an increase in the number of patients using cannabis-based therapy.

France, meanwhile, began a two-year pilot program in 2021 to assess the effectiveness and feasibility of using medical cannabis to treat specific conditions. In the UK, following the legalization of medical cannabis in 2018, we have seen regulations continually adapt to facilitate access to therapy for patients. Poland legalized medical cannabis on November 1, 2017, and only in the first half of 2023, 1,589 kg of hemp from Portuguese crops reached Poland , becoming the second largest importer, right after Germany.

Diverse market and increasing availability : The medical cannabis market in Europe is characterized by a diversity of product forms available, from dry forms to extracts, with increasing acceptance of the latter form. This diversity allows patients to choose the product best suited to their needs and preferences.

Research and Investment Growth : Market growth is also supported by increasing investments in research on medical marijuana and its potential therapeutic applications. Such investments not only increase the availability and quality of products, but also expand knowledge about their effectiveness and safety

Cannabis market segmentation analysis:

The segmentation of the medical marijuana market in Europe reflects its complexity and dynamics. Key aspects of this segmentation include:

Product Type:

Dried Forms and Extracts : The market is segmented into dried forms of marijuana and extracts. Extracts are more popular due to their convenience of use and effectiveness. They are also more commonly used in medical therapies due to easier dosing and stability.

Application:

Pain management : The pain management sector dominates the market, reflecting the growing interest in using cannabis to treat chronic pain as well as conditions such as multiple sclerosis and cancer.

Other Uses : Medical cannabis is also used to treat Tourette’s, Alzheimer’s disease, depression, sleep disorders, anxiety, and other conditions, demonstrating its versatility and therapeutic potential.

Distribution channel

Retail pharmacies : This is the primary distribution channel that offers patients direct access to medical cannabis products.

E-commerce platforms : The increase in the popularity of online shopping is also visible in the medical cannabis sector, which facilitates access and selection of products for patients. This method has not yet been introduced in Poland, so patients must make purchases in person at pharmacies.

Market overview in individual countries

The medical cannabis market in Europe varies across countries, with Germany leading in terms of market share and growth rate. An overview of the situation in selected European countries is as follows:

Germany : As the leader of the medical cannabis market in Europe, Germany stands out for its extensive market and well-developed regulatory system. The legalization of cannabis for medical purposes in 2017 led to a significant increase in the number of patients and product availability. Medical cannabis is also cultivated in Germany, which affects the availability and lower prices of products.

United Kingdom : Since the legalization of medical cannabis in 2018, the UK market has grown steadily, despite some challenges with availability and regulation. The UK government continues to work to improve access to cannabis-based therapies.

France : France, although still in its early stages, has launched a pilot program to assess the effectiveness and safety of medical cannabis. This step may contribute to further market development.

Italy, Spain and the Rest of Europe : Other countries such as Italy and Spain are also seeing an increase in interest in medical cannabis. Italy, with a well-developed medical cannabis program, continues to advance in regulation and availability. In the report “Europe Medical Cannabis Market Forecast to 2028”, Poland was included in the “rest of Europe” category, although everything indicates that we are one of the leaders in the use of cannabis for medical purposes.

The future of the medical cannabis market in Europe

Forecasts for the future of the medical cannabis market in Europe are promising. The dynamic growth and development is expected to continue:

Developments in Research and Innovation : Increasing investment in research is expected to advance understanding of the potential uses of medical cannabis and open up new therapeutic opportunities. This, in turn, could lead to an expansion of the list of conditions eligible for treatment with cannabis.

Regulation and Accessibility : It is expected that European countries will continue to work on improving laws to facilitate access to medical cannabis, making it more accessible to patients.
Increase in Awareness and Acceptance : As more and more data proves the effectiveness of medical cannabis in treating various medical conditions, public awareness and acceptance is expected to increase, which will also fuel the market growth.

Summary

The medical cannabis market in Europe is on the verge of significant growth and development. The market value, which is expected to grow from $3.41 billion in 2022 to $9.70 billion in 2028, reflects the growing acceptance, legalization and interest in the medical uses of cannabis.

Countries such as Germany, Poland, the UK and France are playing a key role in this process, helping to shape the future of this sector in Europe. Increased awareness, research development and regulatory improvements will continue to expand and mature the market, which may open up new therapeutic options for patients across the continent.

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(Featured image by Christian Lue via Unsplash)

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First published in FaktyKonopne. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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