The latest report by IMARC Group, titled “Europe Medical Cannabis Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, offers a comprehensive analysis of the industry, which comprises insights on the europe medical cannabis market report. The market size reached US$ 1,743 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 6,458 Million by 2028, exhibiting a growth rate (CAGR) of 22.1% during 2023-2028.
Medical cannabis, also known as medical marijuana, is a term used to describe the use of the cannabis plant or its components, such as cannabinoids like THC (tetrahydrocannabinol) and CBD (cannabidiol), for medical purposes. It is widely recognized for its potential therapeutic benefits in managing various medical conditions and symptoms. Medical cannabis can be administered in numerous forms, including dried flowers, oils, tinctures, capsules, and edibles. The potential medical uses of cannabis are diverse and include pain management, relief from nausea and vomiting associated with chemotherapy, appetite stimulation for patients with eating disorders or cancer-related wasting syndrome, and the treatment of certain neurological conditions like epilepsy. Furthermore, medical cannabis has shown promise in alleviating symptoms associated with conditions like glaucoma, inflammatory bowel disease, and rheumatoid arthritis. At present, medical cannabis is gaining immense traction across Europe due to evolving regulatory frameworks, heightened awareness of its potential therapeutic benefits, and growing acceptance of its use in managing different medical conditions.
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Europe Medical Cannabis Market Trends and Drivers:
The Europe medical cannabis market is primarily driven by the increasing acceptance of medical cannabis as a viable treatment option for a spectrum of medical conditions, including chronic pain, epilepsy, and multiple sclerosis. Apart from this, the evolving regulatory frameworks and changes in legislation within European countries that expand access to medical cannabis and reduce the stigma associated with its use are further propelling market growth. Moreover, the rising awareness of the therapeutic potential of cannabinoids, particularly non-psychoactive compounds like CBD, has catalyzed market growth as patients and healthcare providers seek alternative treatments with fewer side effects. Additionally, ongoing clinical research and studies examining the effectiveness and safety of cannabis-based therapies have accelerated the adoption of medical cannabis. Besides this, the heightened importance of exploring alternative treatments amid the coronavirus (COVID-19) pandemic represents another major growth-inducing factor. Furthermore, the escalating demand for medical cannabis as it caters to the evolving needs of patients and healthcare practitioners looking for effective and innovative medical solutions across the region is contributing to market growth.
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)
- Others
Breakup by Application:
- Cancer
- Arthritis
- Migraine
- Epilepsy
- Others
Breakup by End Use:
- Pharmaceutical Industry
- Research and Development Centers
- Others
Breakup by Route of Administration:
- Oral Solutions and Capsules
- Smoking
- Vaporizers
- Topicals
- Others
Breakup by Country:
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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