New Delhi, July 22, 2024 (GLOBE NEWSWIRE) -- According to Astute Analytica, the Europe medical cannabis oil market was valued at US$ 905.56 million in 2023 and is projected to hit the market valuation of US$ 2,395.83 million by 2032 at a CAGR of 12.8% during the forecast period 2024–2032.
The medical cannabis oil market in Europe is poised for substantial growth due to the increasing legalization of cannabis for medicinal use and the evolving perception of cannabis-based treatments among consumers. The prevalence of chronic diseases and the acceptance of cannabis-based medicines are key factors contributing to this market expansion. Furthermore, advancements in clinical trials and regulatory approvals in countries with developed healthcare systems are expected to bolster the market's growth trajectory.
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Germany and the United Kingdom are at the forefront of this burgeoning market. Germany, which currently dominates the European medical cannabis sector, is expected to maintain a robust CAGR of 13.10% throughout the forecast period. Meanwhile, the UK is witnessing significant growth, with the number of medical cannabis patients projected to increase by 124% by 2028, reaching approximately 141,000 patients. This growth is anticipated to generate around €240 million in sales, driven by high per-patient consumption and the expansion of private clinics. The strong economic conditions and diverse consumer base in these countries create a favorable environment for the medical cannabis oil market.
Other European nations are also making strides in the medical cannabis oil market. Italy, the Netherlands, and Spain are developing medical cannabis programs, enabling patients to access cannabis products for therapeutic purposes. The European Union's supportive regulatory framework and investment in medical cannabis research are further accelerating market development and innovation. This dynamic market shift is underpinned by increasing legalization, shifting consumer preferences, and technological advancements in the cannabis industry.
Key Findings in Europe Medical Cannabis Oil Market
| Market Forecast (2032) | US$ 2,395.83 million |
| CAGR | 12.8% |
| Largest Region (2023) | Germany (59.15%) |
| By Derivatives | CBD (82.82%) |
| By Source | Natural (92.21%) |
| By Route of Administration | Oral Solutions and Capsules (53.31%) |
| By Application | Pain Management (26.46%) |
| By End User | Pharmaceutical Industry (51.02%) |
| By Distribution Channel | B2B (57.2%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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CBD Remains the Most Consumed Derivatives of Medical Cannabis Oil in Europe, Holds over 82.82% Market Share
The consumption of CBD in Europe's medical cannabis oil market has been on the rise, driven by shifting public perceptions and increasing awareness of its potential benefits. Recent studies highlight that CBD is perceived as a natural product with fewer harmful effects compared to other substances. In France, a national survey indicated that well-being was a major reason for CBD use, with some consumers also using it to alleviate disease symptoms. The perceived harmfulness of cannabis-derived products, including CBD, has been decreasing, contributing to its growing acceptance. Additionally, CBD has shown promise in treating various medical conditions, particularly severe childhood epilepsy, pain, insomnia, and anxiety. For example, a Canadian medical cannabis clinic found that CBD-rich oils, containing approximately 0.5-1 mg of THC/mL and 20-25 mg of CBD/mL, were commonly prescribed, illustrating its medical applications.
Despite its growing popularity, the European medical cannabis oil market faces several challenges, including high costs and regulatory issues. The price of CBD remains significant, with costs around $CAD 520 per 100 mg in some regions. Regulatory complexities also persist, as the legal status of CBD varies across different countries. The European Union classified CBD as a novel food in January 2019, indicating limited consumption before 1997. In the UK, the Food Standards Agency recommends restricting the daily dose of CBD to 70 mg. These regulatory challenges, coupled with the need for more comprehensive research on CBD's long-term effects, present both hurdles and opportunities for the European medical cannabis oil industry as it continues to evolve and expand.
Dominance of Oral Solutions and Capsules in European Medical Cannabis Oil Market Holds over 53% Market Share
The prevalence of medical cannabis oil in Europe, primarily consumed as oral solutions and capsules, can be attributed to several factors. Firstly, these forms offer precise dosing and ease of administration, which is crucial for medical applications. The oral route is generally preferred by patients and drug developers, making it a natural choice for cannabis-based medications. Additionally, the European regulatory landscape has been more accepting of these formulations. For instance, Epidyolex, an orally administered cannabidiol solution, has been approved in Europe for certain medical conditions. The dominance of these forms is further enabled by their compatibility with existing pharmaceutical standards and the ability to ensure consistent delivery of active ingredients. As of 2023, it's estimated that over 60% of medical cannabis prescriptions in Europe are for oral solutions or capsules.
Recent developments in the Europe medical cannabis oil market have seen a diversification of products and an increase in potency. While cannabis herb and resin still dominate the overall cannabis market, there's a growing trend towards high-potency extracts, vaping products, and edible. In terms of production, there are signs that cannabis resin production within the EU may be on the rise, potentially challenging Morocco's position as the largest supplier. Quality control has become a significant focus, with recent studies showing that many CBD products did not contain the levels of CBD claimed in advertising. This has led to increased scrutiny and calls for better regulation. In response, the industry has been investing in advanced extraction and formulation techniques. For example, a 2018 study developed a novel preparation method for cannabis oil that showed improved stability, with active molecule concentrations in oils and capsules varying less than 10% over 180 days. The market has also seen a surge in research on improved delivery methods, with recent studies focusing on overcoming the low oral bioavailability of CBD, currently estimated at only 6%. These developments are driving innovation in the sector and are likely to shape the future of medical cannabis products in Europe.
Most of European Consumers Cannabis Oil for Pain Management, Contributes Over 26.46% Market Revenue
The surging demand for medical cannabis oil market for pain management across Europe stems from a confluence of factors, including evolving regulatory landscapes, growing scientific evidence, and shifting public perceptions. As of 2023, 22 European countries have legalized medical cannabis in some form, with Germany, Italy, and the Netherlands leading in patient access. The European medical cannabis market reached a value of €403 million in 2023, with projections estimating growth to €3.2 billion by 2025. Pain-related conditions, particularly chronic pain, represent the primary reason for medical cannabis prescriptions in Europe, accounting for over 60,000 prescriptions in Germany alone last year. The United Kingdom saw a 425% increase in medical cannabis prescriptions from 2019 to 2023, with pain management being the top indication. In France, where a two-year medical cannabis pilot program began in 2021, 1,500 patients were enrolled by mid-2023, with chronic pain patients representing the largest group. The Czech Republic reported 130,000 medical cannabis prescriptions in 2023, a 32% increase from the previous year.
The rise in demand is further fueled by promising clinical research and patient testimonials in the medical cannabis oil market. A 2023 study involving 1,200 European patients across 6 countries found that 72% of those using cannabis oil for chronic pain reported significant improvement in their quality of life. The European Pain Federation endorsed cannabis-based medicines for chronic pain treatment in specific cases, influencing 15,000 pain specialists across the continent. In Spain, medical cannabis oil prescriptions for pain management increased by 280% between 2021 and 2023, with 8,500 patients now registered. Poland saw a 150% growth in medical cannabis imports for pain-related conditions in 2023 compared to 2022. Denmark's pilot program, initiated in 2018, has now treated over 10,000 patients, with chronic pain being the primary indication. In Switzerland, where low-THC cannabis products are legally available, sales for pain management purposes reached CHF 150 million in 2023. These statistics underscore the growing acceptance and utilization of medical cannabis oil for pain management across Europe, driven by both patient demand and evolving medical practices.
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Competitive Landscape of the European Medical Cannabis Oil Market: Top 5 Players Control Over 43% Market Share
The European medical cannabis oil industry is predominantly controlled by a few key players, including Tilray, Aurora Cannabis Inc., GW Pharmaceuticals, Almirall, and Bedrocan, which collectively hold over 43% of the market share. This concentration is largely due to the significant investments these companies have made in research and development, strategic partnerships, and regulatory compliance. For instance, Tilray has established a robust presence by supplying medical cannabis products to over 20 countries and launching initiatives to destigmatize medical marijuana use in women's healthcare. Similarly, GW Pharmaceuticals has become a major player by focusing on the development and export of cannabis-based medicines like Epidiolex and Sativex, which have gained approval for treating specific medical conditions.
- Strategic Alliances and Market Expansion
Strategic alliances and acquisitions have been pivotal in consolidating Europe medical cannabis oil market positions for these companies. Aurora Cannabis Inc., for example, has expanded its footprint through collaborations and acquisitions, such as its partnership with MedReleaf Australia to introduce new medical cannabis brands. Additionally, the company's restructuring efforts and cost reductions have been aimed at enhancing operational efficiency and market reach. Almirall, on the other hand, has leveraged distribution agreements with companies like Jazz Pharmaceuticals to boost its presence in major European markets. These strategic moves have enabled these companies to navigate the complex regulatory landscape and cater to the growing demand for medical cannabis products.
Investment in research and development (R&D) has been a critical factor in maintaining a competitive edge in the European medical cannabis oil industry. Companies like Bedrocan have made significant strides in the research and development of pharmaceutical-grade cannabis, which has positioned them as leaders in the market. GW Pharmaceuticals' focus on developing high-profile licensed medicines has also contributed to its dominance. The emphasis on R&D not only helps in creating innovative products but also ensures compliance with stringent regulatory standards, thereby fostering trust and credibility among healthcare providers and patients. This focus on innovation and quality has been instrumental in establishing these companies as dominant players in the European medical cannabis oil market.
Europe Medical Cannabis Oil Market Key Players
- Aurora Cannabis Inc.
- Bedrocan
- Biocann
- BIOTA Biosciences LLC
- Cannamedical
- Mary Jane CBD
- Sanity Group GmbH
- Tilray
- Valcon Medical
- Other Prominent Players
Key Segmentation:
By Derivatives
- Cannabidiol (CBD)
- Tetrahydrocannabinol (THC)
- Cannabicyclol (CBL)
- Cannabichromene (CBC)
- Others
By Source
- Natural
- Synthetic
By Application
- Alzheimer's Disease
- Appetite Loss
- Cancer
- Inflammatory Bowel Diseases
- Autism
- Mental Health Conditions
- Multiple Sclerosis
- Pain Management
- Nausea
- Muscle Spasms
- Depression and Sleep Disorders
- Others
By Route of Administration
- Oral Solutions and Capsules
- Vaporizers
- Topicals
- Others
By End User
- Pharmaceutical Industry
- Research and Development Centers
- Homecare Setting
- Hospitals
- Rehab Centers
By Distribution Channel
- B2B
- B2C
By Country
- The UK
- Germany
- The Netherlands
- Italy
- Spain
- Poland
- Rest of Europe
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