The term "medical cannabis" or "medical marijuana" describes psychoactive medications derived from plants that are used to treat a variety of illnesses. The primary constituents are cannabidiol (CBD) and tetrahydrocannabinol (THC), and it is often derived from cannabis indica, sativa, and hybrid cannabis plants. Edible cannabis products, including as oils and capsules, are produced for medical use. These include muscle spasms, nausea, anxiety, anorexia, and persistent discomfort. In addition, they have a positive impact on gastrointestinal and vascular health, immune system modulation, and neuroplasticity.
Europe Medical Cannabis Market Driving Factors and Challenges
Drivers: Increasing Number of Elderly People More medical visits are necessary due to the increased risk of chronic illness among the world's aging population. Diabetes, depression, and dementia are just a few of the health issues that plague the population that is getting older. The increasing population is having a big impact since medical cannabis has the potential to treat many illnesses. Increase in the Number of Conditions Needing Cannabis Use All around the world, chronic diseases are prevalent medical disorders. One in three persons worldwide are dealing with chronic illnesses. Numerous persons' quality of life and health have been impacted by neurological illnesses. Hospitalization, long-term impairment, a decreased quality of life, and even death are possible outcomes of chronic neurological disorders such epilepsy, cancer, Alzheimer's disease, and inflammatory bowel disease.
Challenges: There are a number of challenges facing the European medical cannabis market, chief among them being the complexity of regulations and the disparities in national perceptions of cannabis. Even while medicinal cannabis is becoming more and more accepted, there are still obstacles to market entry and product accessibility due to the fragmented and frequently strict regulatory frameworks. More barriers to the widespread use of medical cannabis products among patients and healthcare professionals include a lack of research and clinical proof about the safety and effectiveness of these products. Furthermore, the negative connotation attached to cannabis, along with conservative viewpoints in certain areas, create obstacles for public acceptance and educational initiatives.
Impact of COVID-19 on Europe Medical Cannabis Market
Europe's medical cannabis industry was significantly impacted by the COVID-19 pandemic, which presented both opportunities and challenges. Lockdowns and other regulations at first disrupted supply chains and made it harder for patients to get medical cannabis products. However, they also brought about changes in regulations and increased the use of telemedicine consultations, which increased the accessibility of medical cannabis to those who needed it. Furthermore, when governments sought funding sources to mitigate economic downturns, numerous European countries expedited the legalization or creation of medicinal cannabis programs in an attempt to profit from the industry's potential economic benefits.
Europe Medical Cannabis Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Tilray, Althea Company Pty Ltd (A subsidiary of Althea Group Holdings Limited), Jazz Pharmaceuticals, Inc., EcoGen Biosciences, GRASS & CO., PharmaHemp, Aurora Cannabis Inc., CANOPY GROWTH CORPORATION, CANNARAY, and Sanity Group GmbH among others.
Europe Medical Cannabis Market Segmentation:
By Species: Based on the Species, Europe Medical Cannabis Market is segmented as; Indica, Sativa, Hybrid.
By Derivative: Based on the Derivative, Europe Medical Cannabis Market is segmented as; Cannabidiol Tetrahydrocannabinol Others.
By Application: Based on the Application, Europe Medical Cannabis Market is segmented as; Cancer, Arthritis, Migraine, Epilepsy, Others.
By End Use: Based on the End Use, Europe Medical Cannabis Market is segmented as; Pharmaceutical Industry, Research and Development Centers, Other.
By Region: This research also includes data for UK, France, Germany, Italy, Spain, Rest of Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.