Medical Cannabis Market in Europe 2024:
How Big is the Europe Medical Cannabis Industry?
The Europe medical cannabis market size reached USD 2,167.8 Million in 2023. Looking forward, IMARC Group expects the market to reach USD 11,093.7 Million by 2032, exhibiting a growth rate (CAGR) of 19.3% during 2024-2032.
| Report Attribute | Key Statistics |
| Base Year | 2023 |
| Forecast Years | 2024-2032 |
| Historical Years | 2018-2023 |
| Market Size in 2023 | US$ 2,167.8 Million |
| Market Forecast in 2032 | US$ 11,093.7 Million |
| Market Growth Rate (2024-2032) | 19.3% |
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Europe Medical Cannabis Market Trends:
The Europe market is primarily driven by the increasing legalization and regulatory approvals of cannabis for medical use across various countries. In line with this, the rising prevalence of chronic diseases such as cancer, epilepsy, and multiple sclerosis is augmenting the market demand. Furthermore, growing awareness about the therapeutic benefits of cannabis, particularly in pain management and mental health disorders, is further fueling market expansion.
Similarly, continual advances in research and clinical trials are providing a solid foundation for wider adoption of cannabis-based treatments. Moreover, the expanding geriatric population, which is more susceptible to chronic conditions requiring pain relief, is also stimulating the market demand. Additionally, the increasing number of pharmaceutical companies investing in medical cannabis research and development (R&D) leading to innovative product formulations and delivery methods, is providing an impetus to the market.
Europe Medical Cannabis Market Scope and Growth Analysis:
The scope of the market is broadening as more countries in the region move towards the legalization of cannabis for medical purposes, creating new opportunities for growth. The market scope is expected to experience robust expansion due to the growing acceptance of cannabis-based therapies among healthcare providers and patients alike. According to market analysis, the rapid introduction of new cannabis-derived pharmaceuticals and the increasing availability of diverse product formats, including oils, capsules, and vaporized solutions, are enhancing market accessibility.
With ongoing research into the potential applications of medical cannabis for various health conditions, the market is expected to witness further innovations in product development and targeted therapies. The growing demand for personalized treatments, tailored to individual patient needs, is also emerging as a significant trend in the market. Moreover, the strategic partnerships between producers and pharmaceutical companies are catalyzing market growth, as these collaborations lead to improved distribution networks and broader consumer reach.
Europe Medical Cannabis Market Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Species:
- Indica
- Sativa
- Hybrid
Breakup by Derivative:
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
- OthersÂ
Breakup by Application:
- Cancer
- Arthritis
- Migraine
- Epilepsy
- OthersÂ
Breakup by End Use:
- Pharmaceutical Industry
- Research and Development Centers
- Others
Breakup by Route of Administration:
- Oral Solutions and Capsules
- Smoking
- Vaporizers
- Topicals
- OthersÂ
Breakup by Country:
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
Other key areas covered in the report:
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Market Dynamics
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
- Top Winning Strategies
- Recent Industry News
- Key Technological Trends & Development
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.
IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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