Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) — The “Europe Medical Marijuana Market Forecast to 2028 – Regional Analysis – by Product Type, Application, and Distribution Channel” report has been added to ResearchAndMarkets.com’s offering.
The burgeoning Europe medical marijuana market is poised for robust growth, as evidenced by the latest market insights which project an impressive leap from US$ 3,414.26 million in 2022 to US$ 9,703.38 million by 2028. This significant expansion is characterized by a Compound Annual Growth Rate (CAGR) of 19.0% over the forecast period.
With the wave of legalization and growing acceptance of medical marijuana sweeping across Europe, countries such as Germany, France, and the UK are at the forefront in recognizing and embracing cannabis’s therapeutic applications. Germany’s mature medical marijuana market, France’s exploratory pilot program, and the UK’s regulatory adjustments to improve patient access, collectively exemplify the evolving landscape within the European Union.
Expansive Market Penetration Across Europe
The divide of the Europe medical marijuana market encompasses several key regions including Germany, the UK, France, Italy, Spain, and the Rest of Europe. Germany currently leads the market share, with an anticipated surging growth rate, owing to significant investments in life science research across the region.
Market Segmentation Insights
- Product Type: Dominated by the extract form segment, the market is bifurcated into dried and extract forms, with the latter showing a broader acceptance.
- Application: The pain management sector has emerged as the largest market shareholder, amongst other applications such as Tourette’s, Alzheimer’s disease, cancer, and more.
- Distribution Channel: Retail pharmacies hold the lion’s share in distribution channels, followed by e-commerce platforms and others.
- Country: Amongst the listed countries, Germany stands out as the dominant player within the European market.
Notable industry leaders like Aphria, Inc., Canopy Growth Corporation, and GW Pharmaceuticals continue to contribute to the ever-expanding Europe medical marijuana market.
