The European medical cannabis oil market is projected to reach nearly $2.4 billion in value by 2032 according to a recent analysis by Astute Analytica. Astute Analytica describes itself as ‘a global analytics and advisory company.’
“According to Astute Analytica, the Europe medical cannabis oil market was valued at US$ 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 company stated in a press release.
“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.” Astute Analytica reported about Germany’s market.
“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 press release stated about the United Kingdom’s market.
Germany and the United Kingdom are projected to control an estimated 77% of Europe’s emerging legal medical cannabis market by 2028 according to a separate recent analysis by The Dales Report.
“This growth is driven by both expanding legal frameworks and an increasing acknowledgment of the therapeutic benefits of cannabis. As both nations continue to refine their policies and commercial strategies, the focus remains on balancing patient needs with scientific and public health priorities.” The Dales Report stated about both national markets.
Astute Analytica also listed the following in its analysis:
- 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
- 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
“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.” Astute Analytics stated.