Research shows that CBD consumption for the treatment of neurological conditions is set to rise.
With an exponential rise in the availability of CBD products and public opinion towards it becoming more positive over the past decade, the consumption of the ingredient has exploded. Global Market Insights, Inc., forecasts that global cannabidiol market size will be worth more than $89bn by 2026.
However, the industry will need to overcome the complex regulatory landscape as well as quality and supply challenges in the near future.
Over the past few years, cannabidiol, or CBD, has caught the public’s imagination as an ingredient presenting a range of health benefits when infused in various consumables. More and more individuals worldwide are now vouching for its effectiveness in terms of alleviating certain chronic illnesses and treating several health conditions.
CBD has conquered industry after industry, from pharmaceuticals to personal care and cosmetics, food and beverages, and nutraceuticals.
Cannabidiol is the legal and non-psychoactive counterpart of tetrahydro cannabidiol (THC), the chemical compound responsible for cannabis’s psychological effects. CBD is the second most-commonly used active ingredients of cannabis. The cannabinoid is derived directly from the hemp plant, a cousin of the cannabis plant, and forms an essential component of medical cannabis.
CBD regulatory landscape in Europe
Factors such as population growth, nationalised healthcare, GDP, and cultural historic use of CBD in many European countries make the continent an attractive market for global producers of both medical and retail cannabis-based products. Hemp cultivation in the region has witnessed a massive upsurge in recent years; the European Union (EU) constitutes more than 25% of the global hemp production.
In July last year Epidiolex CBD oil received a positive recommendation for marketing approval from the European Medicines Agency (EMA) for the treatment of seizures. EMA’s Human Medicines Committee (CHMP) approved the oral solution for use with clobazam for the treatment of seizures associated with Dravet syndrome or Lennox-Gastaut syndrome in patients aged two or more.
The European Commission granted marketing approval to Epidyolex, the trade name for Epidiolex in Europe, in September 2019. Epidiolex is the only federally-approved CBD product in the U.S.
Additionally, the use of CBD in cosmetics is harmonised within the European Cosmetic Regulation 1223/2009. The regulation prohibits the use of cannabis and its derivatives in cosmetic products. Essentially, EU prohibits the use of CBD derived naturally from cannabis plants. However, the use of hemp-derived or synthetically-produced cannabidiol is approved.
Europe CBD market is poised to witness monumental growth in the forthcoming years on account of surging consumer demand for safe-strength CBD products that are easily available in their normal retail environments and cultivated, extracted, processed and labelled as per the European standards.
Growing burden of neurological diseases in Europe
Europe has witnessed a growing occurrence of various neurological conditions in recent years. These include epilepsy, migraine, stress, anxiety, and numerous sleeping disorders. An expanding geriatric population base indicates rising incidences of these conditions. Citing data from the European Brain Council, more than 220 million people in Europe suffer from at least one neurological condition, which is more than the populations of France, Germany, and the Great Britain combined.
Described below are some of the most prevalent neurological conditions in Europe and the effectiveness of CBD in their treatment.
- Stress and anxiety – Nearly 25% of the European population suffers from stress, anxiety or depression each year. The effectiveness of CBD products as anti-anxiety nutraceuticals is backed with plenty of research, however there is still a long way to go. Several clinical trials have provided considerable evidence of cannabidiol’s usefulness for the treatment of generalised anxiety disorder (GAD), post-traumatic stress disorder (PTSD), obsessive-compulsive disorder (OCD), social anxiety disorder, and panic disorder;
- Migraine – Migraine currently affects more than 11% of the global population. The social societal burden of migraine in Europe is an approximately €27bn per year. While pain medications are known to help temporarily alleviate the symptoms of migraine, they can have several side-effects. Research concerning the use of cannabidiol for migraine is limited however a number of laboratory studies suggest that CBD oil may help reduce all types of acute and chronic pain, including migraine; and
- Seizures – In Europe, close to six. million people suffer from epilepsy, while 15 million people will have at least one seizure at some point during their lifetime. Numerous research studies over the years have demonstrated the benefits and effectiveness of hemp-derived CBD products in patients with epilepsy who have not responded to traditional treatment.
Surging popularity of cannabidiol among boomers along with ongoing research and development into its potential health benefits will augment CBD market forecast. More and more boomers are adding CBD to their health regimes to help reduce stress and anxiety, get better sleep, and alleviate chronic pain. Increasing awareness towards the safety and efficacy of cannabidiol products will drive future CBD industry trends.
Global Market Insights