DUBLIN–(BUSINESS WIRE)–The “Europe Medical Cannabis Market Forecast to 2028 – COVID-19 Impact and Regional Analysis By Product Type, Medical Application, Compound, and Country” report has been added to ResearchAndMarkets.com’s offering.
The Europe medical cannabis market is expected to reach US$ 13,801.0 million by 2028 from US$ 492.1 million in 2021. The market is estimated to grow with a CAGR of 61.1% from 2022 to 2028. The market growth is mainly attributed to factors such as increasing research activities on medicinal use of cannabis and increasing government funding and focus on cannabis use. However, the illegal use of cannabis as a street drug is likely to hinder market growth.
Significant number of countries are adopting medical cannabis laws, but it is rare for government officials to encourage health professionals to learn about cannabis herbal medicines. In 2016, various Cannabis experts were invited to Macedonia on the use of cannabis in clinical practice to train local health providers. The program was held in Skopje and was supported and financed by the Ministry of Health of Macedonia.
Cannabis offers unique opportunities in Macedonia, where the medical system is at a stage of evolution and modernization. Local medical specialists are now able to prescribe cannabis in the country. In view of this, Macedonian cannabis promoters have worked with local governments to set up a medical cannabis training program to support doctors and their patients. The momentum of the Macedonian medical cannabis movement is moving fast, and the public opinion on cannabis has also changed dramatically in the region. The revolution in medical marijuana in the region urges the European Commission and Member States to address regulatory, financial and cultural barriers that burden scientific research and encourage them to fund research.
Similarly, the government is granting funds to accelerate R&D activities on cannabis use for COVID-19. For instance, in September 2020, EXMceuticals Inc. announced receiving funds for focusing on R&D for landmark COVID-19 activities. The European Union and the Portuguese government have allocated funds of ~US$ 353,000 (EUR 302,000) to support the company’s BioBlockCOVID project, which aims to create functional, natural, and innovative biocide formulations targeting specific molecules that makeup COVID-19. It is expected that the funds would enhance the research activities and help in innovating newer techniques.
Thus, due to the above advancements, the medical cannabis market is expected to grow at a rapid pace during the forecast period.
Market Dynamics
Market Drivers
- Increasing Research Activities on Medicinal Use of Cannabis
- Increasing Government Funding and Focus on Cannabis Use
Market Restraints
- Illegal Cannabis Used as Street Drug
Market Opportunities
- Growing Demand for Cannabis During COVID-19
Future Trends
- Increased Acceptance and Distribution of Medical Cannabis
Key Topics Covered:
1. Introduction
2. Europe Medical Cannabis Market- Key Takeaways
3. Research Methodology
4. Europe Medical Cannabis- Market Landscape
5. Europe Medical Cannabis Market- Key Industry Dynamics
6. Medical Cannabis Market- Europe Analysis
7. Medical Cannabis Market Analysis and Forecasts To 2028 – Product Type
8. Medical Cannabis Market Analysis and Forecasts To 2028 – Medical Application
9. Medical Cannabis Market Analysis and Forecasts To 2028 – Compound
10. Europe Medical Cannabis Market Revenue and Forecasts To 2028
11. Impact of COVID-19 Pandemic on Europe Medical Cannabis Market
12. Medical Cannabis Market-Industry Landscape
13. Company Profiles
14. Appendix
Companies Mentioned
- Organigram Holdings Inc
- Aurora Cannabis Inc
- Cannabis Science, Inc
- Canopy Growth Corporation
- Medical Marijuana Inc
- VIVO Cannabis Inc
- Tikun Olam
- Tilray
- The Cronos Group
- Canvory
For more information about this report visit https://www.researchandmarkets.com/r/23zjzf
