Europe Medical cannabis Market is expected to grow at a CAGR of 22.5% by 2030

Europe Medical cannabis Market research report consists of fundamental, secondary and advanced information allied to the global status and trend, market size, sales volume, market share, growth, future trends analysis, segment and forecasts from 2023 – 2030. This report conducts study of market drivers, market restraints, opportunities and challenges underneath market overview which provides valuable insights to businesses for taking right moves. Moreover, the report endows with the data and information for actionable, most recent and real-time market insights which make it uncomplicated to take critical business decisions. Market research analysis lends a hand to businesses for the planning of production, product launches, costing, inventory, purchasing and marketing strategies.

Data Bridge Market Research analyzes that the Europe medical cannabis market is expected to grow at a CAGR of 22.5% during the forecast period of 2023 to 2030.

The rising number of patients related to chronic diseases Europe and an increased inclination towards a healthy lifestyle are some of the factors that are expected to drive market growth. In addition, the rise in the number of product approvals and increasing R&D activities for medical cannabis devices are expected to drive market growth. However, the high cost of medical cannabis devices and procedures, medicinal drugs, safety concerns and adverse effects associated with laser procedures, and lack of awareness about the treatment from laser devices are expected to restrain the market growth. Additional technological advancements in medical cannabis and strategic initiatives by emerging players are expected to act as opportunities for market growth. However, stringent regulations and a lack of skilled professionals are expected to pose a challenge to market growth.

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Cannabis is a psychoactive drug that is derived from the cannabis plant of the Cannabaceae family. For several years, it has been used medicinally and has a wide range of applications in the treatment of various diseases including chronic pain, cancer, depression, diabetes, arthritis, glaucoma, epilepsy, migraines, AIDS, and Alzheimer’s among others.

The increased medicinal use of cannabis, the controlled legalization and use of cannabis in various industries, and the advanced methodologies present in the field are some of the factors expected to drive market growth.

Opportunities

• Novel product development with increasing R&D activities

Medicinal cannabis comes in many different forms including capsules, chewable gum, creams, crystals, flower, lozenges, oil, and oro-mucosal sprays. High growth in the demand for cannabis with legalization has increased the need to come up with better product strains and delivery systems. This has led many companies to conduct R&D activities to check the genetic improvement strategies for cannabis. The FDA’s Cannabis Product Committee (CPC) develops and implements cross-Agency strategies and policies for the regulation of cannabis products. The novel products that are developed and on the rise are hemp protein powders, energy bars, hemp milk, hemp flour, and hemp tea, which are expected to create opportunities for market growth.

• Increased adoption of cannabis for recreational purpose

Legalizing recreational marijuana results in helpful regulation of a safe drug, without increasing potential negative consequences. The legalization of marijuana has various societal benefits as the rise in the economy without increasing taxes, creating thousands of job opportunities, stopping the racial differences in marijuana enforcement, and freeing up scarce police resources. Legal recreational marijuana can end the costly enforcement of marijuana laws and debilitate the illegal marijuana market.

Due to these benefits, marijuana has been legalized and is being increasingly adopted by people of different age groups. This creates a demand for good-quality marijuana for fun and relaxation. Hence, the increasing adoption of cannabis for recreational purposes is expected to create opportunities for manufacturers in the market.

Restraint/Challenge

• High-cost purchasing and rush for premium quality

Medical cannabis devices can be expensive to manufacture and purchase, and the procedure cost can also be high due to the specialized equipment and training required. This can limit the accessibility of medical cannabis treatments for patients and healthcare facilities, particularly in lower-income regions. Additionally, the high cost of medical cannabis devices and procedures may deter some patients from choosing these treatments, especially if they have to pay out of pocket. Insurance coverage for medical cannabis treatments can also be limited, limiting their adoption.

As a result, the high cost of medical cannabis devices and procedures can be a significant barrier to market growth, especially in regions where cost is a major factor. However, as technology advances, the cost of these devices and procedures may decrease, making them more accessible to patients and healthcare facilities.

The increased intricacy of medical cannabis devices and the high cost of medical cannabis treatment are expected to restrain the market growth.

Recent Development

• In May 2018, as per the Cannabis Act of the Government of Canada, the cannabis act will create a strict legal framework for controlling the production, distribution, sale, and possession of cannabis across Canada which is meant to keep cannabis out of the hands of youth and profits out of pockets of organized crime by fostering a robust legal and regulated industry.

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Some of the major market players operating in this market are MediPharm Labs Inc., Tilray, Aurora Cannabis, JAZZ Pharmaceuticals Inc. (GW Pharmaceuticals plc), HEXO Corp. (Zenabis Europe Ltd), Cresco Labs, Peace Naturals Project Inc., CANOPY GROWTH CORPORATION, Medical Marijuana, Inc., Seed Cellar, EcoGen Biosciences, CANNABIS SEEDS USA, Seeds For Me, HUMBOLDT SEED COMPANY, Extractas, World Class Cannabis Seeds (Crop King Seeds), BARNEY’S FARM, FOLIUM BIOSCIENCES, PharmaHemp, Elixinol Europe Limited, ENDOCA, Harmony, MARY’S nutritionals, LLC, Pure Ratios, Greenwich Biosciences, Inc., Upstate Elevator Supply Co., Apothecanna, BOL Pharma, and IDT Australia among others.

Europe Medical Cannabis Market Scope

Product

• Oil
• Dried Medical Cannabis
• Medical Cannabis Capsules
• Vape Pen
• Whole Flower
• Creams & Moisturizer
• Ground Flower
• Patch
• Masks & Serum
• Cleanser
• Others

On the basis of product, the market is segmented into oil, medical cannabis capsules, patch, whole flower, ground flower, vape pen, dried medical cannabis, creams & moisturizer, masks & serum, cleanser, and others.

Source

• Synthetic
• Natural

On the basis of source, the market is segmented into synthetic and natural.

Species

• Cannabis Indica
• Sativa
• Hybrid

On the basis of species, the market is segmented into cannabis indica, sativa, and hybrid.

Derivatives

• Cannabidiol (CBD)
• Tetrahydrocannabinol (THC)/ Delta-8-Tetrahydrocannabinol
• Cannabigerol (CBG)
• Cannabichromene (CBC)
• Cannabinol (CBN)
• Cannabicyclol (CBL)
• Others

On the basis of derivatives, the market is segmented into Cannabidiol (CBD), tetrahydrocannabinol (THC)/delta-8-tetrahydrocannabinol, Cannabinol (CBN), Cannabicyclol (CBL), Cannabichromene (CBC), Cannabigerol (CBG), and others.

Application

• Pain Management
• Anxiety
• Muscle Spasm
• Nausea
• Appetite Loss
• Eating Disorders
• Inflammatory Bowel Diseases
• Cancer
• Arthritis
• Wasting Syndrome (Cachexia)
• Alzheimer’s Disease
• Epilepsy
• Depression and Sleep Disorder
• Multiple Sclerosis
• Autism
• Mental Health Conditions
• Elevate Mood
• Others

On the basis of application, the market is segmented into Alzheimer’s disease, appetite loss, cancer, inflammatory bowel diseases, eating disorders, epilepsy, autism, mental health conditions, multiple sclerosis, pain management, nausea, muscle spasms, wasting syndrome (cachexia), elevate mood, multiple sclerosis, depression and sleep disorders, anxiety, and others.

Route of Administration

• Oral Solutions and Capsules
• Smoking
• Vaporizers
• Topicals
• Others

On the basis of route of administration, the market is segmented into oral solutions and capsules, smoking, vaporizers, topicals, and others.

Treatment Type

• Analgesic
• Psychedelic
• Antiviral
• Aphrodisiac
• Expectorant
• Others

On the basis of treatment type, the market is segmented into expectorant, antiviral, analgesic, aphrodisiac, psychedelic, and others.

End User

• Homecare Setting
• Hospital
• Rehab Centers
• Pharmaceutical Industry
• Research and Development Centers
• Others

On the basis of end user, the market is segmented into pharmaceutical industry, research and development centers, homecare settings, hospital, rehab centers, and others.

Distribution Channel

• B2B
• B2C

On the basis of distribution channel, the market is segmented into B2B and B2C.

The report provides insights on the following pointers:

• Market Penetration: Comprehensive information on the product portfolios of the top players in the this market
• Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market
• Competitive Assessment: In-depth assessment of the market strategies, and geographic and business segments of the leading players in the market
• Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies

Critical Insights Related to This Market Included in the Report:

• Exclusive graphics and Illustrative SWOT analysis of some of the leading companies in this market
• Value chain analysis of prominent players in the market
• Current trends influencing the dynamics of this market across various geographies
• Recent mergers, acquisitions, collaborations, and partnerships
• Revenue growth of this industry over the forecast period
• Marketing strategy study and growth trends
• Growth driven factor analysis
• Emerging recess segments and region-wise market
• An empirical evaluation of the curve of this market
• Ancient, Present, and Probable scope of the market from both prospect value and volume

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