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, Neurologic

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

The Europe medical cannabis market is expected to reach US$ 13,801.0 million by 2028 from US$ 492.1 million in 2021. The market is estimated to grow with a CAGR of 61.1% from 2022 to 2028. The market growth is mainly attributed to factors such as increasing research activities on medicinal use of cannabis and increasing government funding and focus on cannabis use. However, the illegal use of cannabis as a street drug is likely to hinder market growth.

Significant number of countries are adopting medical cannabis laws, but it is rare for government officials to encourage health professionals to learn about cannabis herbal medicines. In 2016, various Cannabis experts were invited to Macedonia on the use of cannabis in clinical practice to train local health providers. The program was held in Skopje and was supported and financed by the Ministry of Health of Macedonia.

Cannabis offers unique opportunities in Macedonia, where the medical system is at a stage of evolution and modernization. Local medical specialists are now able to prescribe cannabis in the country. In view of this, Macedonian cannabis promoters have worked with local governments to set up a medical cannabis training program to support doctors and their patients. The momentum of the Macedonian medical cannabis movement is moving fast, and the public opinion on cannabis has also changed dramatically in the region. The revolution in medical marijuana in the region urges the European Commission and Member States to address regulatory, financial and cultural barriers that burden scientific research and encourage them to fund research.

Similarly, the government is granting funds to accelerate R&D activities on cannabis use for COVID-19. For instance, in September 2020, EXMceuticals Inc. announced receiving funds for focusing on R&D for landmark COVID-19 activities. The European Union and the Portuguese government have allocated funds of ~US$ 353,000 (EUR 302,000) to support the company’s BioBlockCOVID project, which aims to create functional, natural, and innovative biocide formulations targeting specific molecules that makeup COVID-19. It is expected that the funds would enhance the research activities and help in innovating newer techniques.

Thus, due to the above advancements, the medical cannabis market is expected to grow at a rapid pace during the forecast period.

Country Analysis

The prescription of medical cannabis for medical use was legalized in Germany in March 2017. There are different types of medicinal cannabis products found in Germany. German pharmacies are selling more medicinal cannabis to patients. According to Germany’s Federal Ministry of Health, sales have increased from 33.8 kg in the first six months of 2015 to 61.8 kg in the first six months of 2016. In addition, clinical studies with medical cannabis or single cannabinoids in different diseases are increasing. Sativex was licensed in Germany in 2011 as an add-on therapy for moderate-to-severe multiple sclerosis (MS) treatment-resistant spasticity symptoms. In Germany, Sativex clinical trials have proved that Sativex is a cost-effective treatment option for patients with MS spasticity.

Additionally, due to rising medical applications of medical cannabis, in July 2018, Germany’s Federal Institute for Drugs and Medical Devices (BfArM) permitted the growth of 10,400 kg of medical cannabis in Germany over the next four years. Owing to increased cultivation of medical cannabis and growing government support for medical cannabis cultivation drive the growth of the medical cannabis market.

The Centers for Disease Control and Prevention (CDC), National Library of Medicine, Prohibition Partners, State Agency for Medical Cannabis (SAKL), and Worldometer are among the primary and secondary sources referred to while preparing the report on the Europe medical cannabis market.

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