Cannabis is a psychoactive drug that is derived from the cannabis plant of the Cannabaceae family. For several years, it has been used medicinally. It 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 use of cannabis as medicine is not rigorously tested due to government restrictions and, resulting in limited clinical research to define the efficacy of cannabis in medical and clinical applications. However, preliminary studies suggest that cannabis reduces vomiting and nausea in chemotherapy patients and helps in increasing appetite.
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Data Bridge Market Research analyzes that the Medical Cannabis Market is expected to grow at a CAGR of 33.6% in the forecast period of 2024 to 2031 and is expected to reach USD 24,646.06 million by 2031 from USD 2,625.67 million by 2023. The oil segment is projected to propel market growth due to the rising demand for medicinal usage among the population.
Key Findings of the Study
Growing Geriatric Population Across the Globe
The growing geriatric population across the globe is more susceptible to chronic illness, which requires more physician visits. The steadily aging population suffers from various health conditions, including diabetes, depression, and dementia among others. Medical cannabis has the properties to treat these diseases, and therefore, the growing population is playing a significant role. The geriatric population may benefit from cannabis treatment for a variety of symptoms, such as chronic pain, sleep difficulties, tremors, spasticity, agitation, nausea, vomiting, and reduced appetite.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Year
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2022 (Customizable to 2016–2021)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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Product (Oil, Dried Medial Cannabis, Medical Cannabis Capsules, Whole Flower, Ground Flower, Vape Pen, Creams & Moisturizer, and Others), Source (Synthetic and Natural), Species (Cannabis Indica, Sativa, and Hybrid), Derivatives (Cannabidiol (CBD), Tetrahydrocannabinol (THC) /Delta-8-Tetrahydrocannabinol, and Others), Application (Pain Management, Anxiety, Muscle Spasms, Nausea, Appetite Loss, Cancer, Arthritis, Alzheimer's Disease/Migranes, Epilepsy, Depression and Sleep Disorders, Multiple Sclerosis, Autism, Mental Health Conditions, Elevate Mood, and Others), Route of Administration (Oral Solutions and Capsules, Smoking, Vaporizers, Topicals, and Others) End User (Pharmaceutical Industry, Research and Development Centers, Homecare Setting, Hospital, Rehab Centers, Others), Distribution Channel (B2B and B2C)
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Countries Covered
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Germany, France, U.K., Spain, Italy, Turkey, Netherlands, Belgium, Switzerland, Greece, Luxembourg, and Rest of Europe
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Market Players Covered
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Tilray (U.S.), Althea Company pty Ltd. (Australia), Aurora Cannabis (Canada), Sanity Group GmbH (Germany), CANNARAY (U.K.), GRASS & CO. (U.K.), PharmaHemp (U.K.), MAARICANN INC. (Austria), Jazz Pharmaceuticals, Inc (Ireland), CANOPY GROWTH CORPORATION (Canada), and EcoGen Biosciences (U.S) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis
The Europe medical cannabis market is segmented on the basis of product, source, species, derivatives, route of administration, application, end user, and distribution channel.
- On the basis of product, the market is segmented into oil, medical cannabis capsules, whole flower, ground flower, vape pen, dried medical cannabis, creams & moisturizer, and others
In 2024, the oil segment is expected to dominate the Europe medical cannabis market
In 2024, the oil segment is expected to dominate the market due to high technology adoption by key players with a market share of 37.88%.
- On the basis of source, the market is segmented into synthetic and natural
In 2024, the natural segment is expected to dominate the Europe medical cannabis market
In 2024, the natural segment is expected to dominate the market due to increasing healthcare expenditure with a market share of 85.13%.
- On the basis of species, the market is segmented into cannabis indica, sativa, and hybrid. In 2024, the sativa segment is expected to dominate the market with a market share of 64.13%
- On the basis of derivatives, the market is segmented into Cannabidiol (CBD), Tetrahydrocannabinol (THC)/delta-8-tetrahydrocannabinol, and others. In 2024, the Cannabidiol (CBD) segment is expected to dominate the market with a market share of 65.70%
- On the basis of application, the market is segmented into pain management, anxiety, muscle spasms, nausea, appetite loss, cancer, arthritis, alzheimer's disease/migranes, epilepsy, depression and sleep disorders, multiple sclerosis, autism, mental health conditions, elevate modd, others. In 2024, the pain management segment is expected to dominate the market with a market share of 26.52%
- On the basis of route of administration, the market is segmented into oral solutions and capsules, smoking, vaporizers, topicals, and others. In 2024, the oral solutions and capsules segment is expected to dominate the market with a market share of 52.29%
- On the basis of end user, the market is segmented into pharmaceutical industry, research and development centers, homecare setting, hospital, rehab centers, and others. In 2024, the homecare setting segment is expected to dominate the market with a market share of 37.67%
- On the basis of distribution channel, the market is segmented into B2B and B2C. In 2024, B2C segment is further segmented into conventional stores, online stores, pharmacies, and others. In 2024, the B2C segment is expected to dominate the market with a market share of 53.44%
Major Players
Data Bridge Market Research analyzes Tilray (U.S.), Aurora Cannabis Inc. (Canada), Jazz Pharmaceuticals Inc (Ireland), CANOPY GROWTH CORPORATION (CANADA), EcoGen Biosciences (U.S) as major market players in the Europe medical cannabis market.
Market Development
- In March 2022, Aurora Cannabis Inc. acquired Terra Farma Inc. The acquisition is expected to strategically strengthen Aurora Cannabis Inc.'s position in the Canadian and European markets by placing the Thrive team in charge of Aurora's Canadian recreational portfolio to focus on premium products, including dried flowers, pre-rolls, vapor products, and concentrates
- In January 2021, Canopy Growth Corporation announced the opening of nine retail franchised cannabis locations across Ontario. This will help the company in addressing consumer demands and in improving sales.
- In November 2020, Aurora Cannabis announced that it entered a strategic supply agreement with Cantek Holdings. The agreement will help in supplying cannabis products in Israel and will help the company diversify its market
- In November 2020, EcoGen Biosciences announced that it had acquired General Processing LLC, the U.S. based company that was engaged in processing and extracting hemp. This acquisition has increased the company's credibility in the market, leading to an increased production capacity.
- In December 2019, Tilray announced its merger with Privateer Holdings, Inc., which invests in the legal cannabis industry. This will help the company to grow in the coming years
Regional Analysis
Geographically, the countries covered in the Europe medical cannabis market report are Germany, France, U.K., Spain, Italy, Turkey, Netherlands, Belgium, Switzerland, Greece, Luxembourg, and rest of Europe.
As per Data Bridge Market Research analysis:
Germany is the dominant and fastest growing country in the Europe medical cannabis market
Germany is expected to dominate and fastest growing country in the market due to the medical cannabis market owing to the higher level of investments by the manufacturers and the increasing prevalence of chronic diseases. Germany will continue to dominate the medical cannabis market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period.
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