WASHINGTON, Jan. 03, 2022 (GLOBE NEWSWIRE) – The global cannabis testing market size is expected to reach $ 2,669.45 million by 2028, with a CAGR of 12.72% during the forecast period. Growing legalization of cannabis by various countries for medical use is increasing market share, says Vantage Market Research, in a report titled “Cannabis Testing Market, By Product & Software (Instruments, Consumables & LIMS), By Service (Heavy Metal Testing, Microbial Analysis, Potency & Residual Screening), By End User (Growers, Laboratories & Research Institutes) & By Region (North America, Europe, Asia-Pacific, Latin America & Middle East & Africa) – Global Industry Assessment (2016 – 2021) and Forecast (2022 – 2028). ” The market size was USD 1,024.23 million in 2020.
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The COVID-19 epidemic has affected various industries around the world. the Cannabis Testing Market is no exception. Governments around the world have taken tough measures like sealing borders, lockdowns and implementing strict social distancing measures, in order to stop the rapid spread of COVID-19. These actions have had serious repercussions on the global economy, affecting various industries. The impact of COVID-19 on market demand is considered while estimating the current and projected market size and market growth trends for all regions and countries based on the following data points:
- Assessment of the impact of the COVID-19 pandemic
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Quarterly Market Revenue Forecast by Asia-Pacific 2020 and 2021
- Key strategies implemented by companies to fight COVID-19
- Long-term dynamics
- Short-term dynamics
Retail AI report highlights:
- Market assessment
- Premium previews
- Competitive landscape
- Analysis of the impact of COVID
- Historical data, estimates and forecasts
- Company Profiles
- Global and regional dynamics
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Various medical applications to drive the market
The use of cannabis for medical purposes has been shown to be effective in several medical applications, such as stimulation of appetite in patients with AIDS, reduction of nausea caused by chemotherapy, reduction of intraocular pressure in patients with glaucoma as well as the control of muscle spasms in patients with glaucoma. patients with multiple sclerosis. Having several health benefits, country governments are now legalizing the use of medical cannabis. Medical cannabis is slowly being legalized in countries around the world, with the requirement for analytical testing of cannabis to ensure its safety before human consumption has increased in recent years. According to industry experts, the number of cannabis testing laboratories is expected to increase in the coming years
Important questions answered in this report:
- What is the estimated market size and growth rate of the Cannabis Testing market?
- What segments are included in the Cannabis Testing market?
- What are the major companies active in the Cannabis Testing market?
- What are the major driving factors driving the growth of the cannabis testing market?
- How can I get free sample reports or cannabis testing market research?
Medicinal Cannabis Research To Drive Market Growth
Several organizations provide accreditation to laboratories that perform analytical testing on hemp as well as cannabis-derived products. Growth in research for the medical use of cannabis coupled with increased investment by pharmaceutical and biotech companies are factors fueling the growth of the market. In addition, the testing of cannabis products is aimed at demonstrating the safety of the products, the increasing demand for cannabis for testing will increase the demand for laboratories providing cannabis testing services.
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Establishment of the biopharmaceutical industry to increase growth in North America
North America is expected to hold the largest share of the cannabis testing market, after Europe. Growth in the region is driven by the creation of the biopharmaceutical industry coupled by the presence of key players that operate in the cannabis testing market in the region. Asia-Pacific is poised to witness a higher CAGR during the forecast period and this is due to increasing research in the life sciences, legalization of medical cannabis as well as huge investments in industry fueling regional growth.
List of leading players in the cannabis testing market:
|1.||Agilent Technologies, Inc.||California, United States|
|2.||Shimadzu Company||Kayoto, Japan|
|3.||MERCK KGAA||Darmstadt, Germany|
|4.||Thermo Fisher Scientific||Massachusetts, United States|
|5.||DigiPath, Inc.||Nevada, United States|
|6.||Steep Hill Inc.||Berkeley, United States|
|seven.||SC Laboratories, Inc.||California, United States|
|8.||PharmLabs LLC||California, United States|
Benefits of this research:
- Evaluate market share for commercial cannabis testing market opportunities, track market size, competitive drug sales, summary information for business development and licensing.
- Develop tactics and strategies to take advantage of opportunities in the cannabis testing market.
- Latest market trends and events and analyze key events in the cannabis testing market.
- Develop in-depth knowledge of the competition and analyze sales data to update your brand planning trackers.
- Respond to vital business questions; supports R&D decision making for long term marketing strategies
- Develop economic models, forecasting models and healthcare frameworks.
Browse the market data tables and figures spread across the pages and the in-depth table of contents on “Cannabis Testing Market by Type (Products, Services, Software), by Application (Cannabis Drug Labs, Manufacturers & Dispensaries, Other End Users), by Region (North America, Europe, Asia Pacific, America Latin America & Middle East & Africa) – Global Industry Assessment (2016 – 2021) and Forecast (2022 – 2028) “ Check out the detailed table of contents here – https://www.vantagemarketresearch.com/press-release/cannabis-testing-market-495001
Recent developments in the industry:
December 1, 2021: Agilent Technologies Inc. announced that the Agilent Cary 3500 UV-Vis spectrophotometer is now compatible with the Agilent OpenLab product suite. Data from the Cary 3500 UV-Vis can now be protected, managed and stored in a central secure database and will help meet global regulatory requirements.
November 2, 2021: Shimadzu Corporation announced the release of LabSolutions MD, software supporting the development of analytical methods for high performance liquid chromatography (HPLC).
Global Cannabis Testing Market: Scope of the Report
|Market size in 2020||$ 1,024.23 million|
|Projected market size in 2028||$ 2,669.45 million|
|CAGR growth rate||12.72% CAGR from 2021 to 2028|
|Year of reference||2020|
|Key market players||Agilent Technologies, Inc., Shimadzu Corporation, MERCK KGAA, Thermo Fisher Scientific, DigiPath, Inc., Steep Hill Inc., SC Laboratories, Inc., PharmLabs LLC.|
|Covered segments||Type, application|
|Regions covered||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Purchase options||Request personalized purchasing options to meet your research needs. Explore purchasing options|
|Cover of the report||Market Growth Drivers, Restraints, Opportunities, Porter’s Five Forces Analysis, PEST Analysis, Value Chain Analysis, Regulatory Landscape, Technology Landscape, Patent Analysis, Market Attractiveness Analysis by Segments and in America North, Company Market Share Analysis and COVID-19 Impact Analysis|
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