Europe Medical Can-nabis Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Flowers, Concentrates, Tablets, Can-nabis Oil & Topical Ointments, Capsules, and Beverages & Edibles), Medical Application (Pain Management, Neurolog

Rising Research Activities on Medicinal Use of Can-nabis to Drive Europe Medical Can-nabis Market

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According to a new research study titled ""Europe Medical Can-nabis Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Product Type, Medical Application, and Compound,"" the market is expected to grow from US$ 492.1 million in 2021 to US$ 13,801.0 million by 2028. It is estimated to grow at a CAGR of 61.1% from 2022 to 2028. The report highlights trends prevailing in the market along with drivers and hindrances pertaining to the Europe medical can-nabis market growth.

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Can-nabis belongs to the cannabaceae family. Can-nabis is also known with other names such as grass, pot, hash, weed, reefer, dope, herb, mull, buddha, ganja, joint, stick, buckets, cones, skunk, hydro, yarndi, smoke and hooch. Can-nabis has long been used as vegetables and as juice, medicinal purposes and as a recreational drug. Can-nabis is basically a drug that is obtained from Indian hemp plants named Can-nabis indica and Can-nabis sativa. There are different forms of can-nabis available such as marijuana, hashish, and Hash oil. Some species of can-nabis are used to produce hemp fiber for use in paper, textiles, and clothing. Can-nabis is used for medical purposes for many years. Recent studies show that can-nabis may be useful to help conditions such as nausea and vomiting, particularly when associated with chemotherapy, glaucoma, epilepsy, and asthma.

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Factors, such as the increasing research activities on medicinal use of can-nabis and increasing government funding and focus on can-nabis use are driving the growth of the Europe medical can-nabis market. However, illegal use of can-nabis as street drug is hampering the market growth. With the legalization of can-nabis in Europe, producers are increasingly looking for quick and accurate means to determine the quality and potency of their products. Increasing use of can-nabis is propelling the demand for can-nabis testing. The European Parliament is calling for an EU-wide policy on medical can-nabis and well-funded scientific research.

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Poland dominated the Europe medical can-nabis market. The market is majorly driven owing to surge in developments by market players and noticeable support of European governments in promoting medical can-nabis cultivation. In January 2022, according to the data released by Prohibition Partners, Poland is home to more than 9,261 patients legally accessing medical can-nabis, one of the largest populations in Europe. Demand for medical can-nabis from patients in Poland is growing fast, but the government still fails to ensure adequate supply. The Parliament has rejected new legislation that would bolster the national supply. In August 2022, Tilray Brands announced its unit Tilray Medical received approval to commercialize its medical can-nabis products in Poland. The company announced that Tilray Medical had established multiple partnerships with pharmaceutical companies to distribute both Tilray branded and unbranded medical can-nabis products in Poland. In May 2022, PharmaCielo Ltd., the Canadian parent of Colombia's premier cultivator and producer of dried flower and medicinal-grade can-nabis extracts, and PharmaCielo Colombia Holdings S.A.S. signed an investment agreement with Soteria Holdings Limited, a UK-based portfolio company of Artemis Growth Partners, an established E.S.G. and impacted investor focused on the can-nabis industry worldwide. According to the Agreement, Soteria's Polish operating subsidiary will apply for a few licenses to import and wholesale the company's medical can-nabis flower and extracts in the Polish market. Furthermore, Soteria's Polish subsidiary will support a group of the country's leading medical can-nabis professionals to provide education and training programs to doctors in Poland looking to prescribe medical can-nabis to their patients. In August 2022, Curaleaf International's product registration in Poland will help to meet the increasing demand for can-nabis medicine in the country. According to Prohibition Partners, Poland is currently one of Europe's largest medical can-nabis markets by patient size.

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Aphria, Inc; Aurora Can-nabis; Can-nabis Science, Inc; Canopy Growth Corporation; Medical Marijuana, Inc; VIVO Can-nabis Inc; Tikum Olam; Tilray; The Cronos Group; and Canvory are among the key companies operating in the Europe medical can-nabis market.

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Global Europe medical can-nabis Market, by Region, 2022 (%)

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Source: The Insight Partners Analysis

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The Europe medical can-nabis market is further segmented into Germany, Poland, Denmark, Switzerland, Malta, Czechia, and the Rest of Europe.

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