January 03, 2022 07:16 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Jan. 03, 2022 (GLOBE NEWSWIRE) — The global Cannabis Testing Market size is expected to reach USD 2,669.45 million by 2028, exhibiting a CAGR of 12.72% during the forecast period. The increasing legalization of cannabis by various countries for its medical use is growing the market share, states Vantage Market Research, in a report, titled “Cannabis Testing Market, By Products & Software’s (Instruments, Consumables, and LIMS), By Services (Heavy Metal Testing, Microbial Analysis, Potency, and Residual Screening), By End-User (Cultivators, Laboratories, and Research Institutes) and By Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028).” The market size stood at USD 1,024.23 million in 2020.
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The COVID-19 outbreak has affected various industries worldwide. The Cannabis Testing Market is no exception. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop swift spread of COVID-19. These actions led to severe impact on the global economy impairing various industries. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data-points:
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Various Medical Applications to Drive Market
The use of cannabis is medical has been proved effective in several medical applications, like stimulating the appetite in AIDS patients, reduction in nausea that is caused due to chemotherapy, reduction of intraocular pressure in the patients with glaucoma as well as controlling of muscular spasms in patients of multiple sclerosis. Having several health benefits, the governments in countries are now legalizing the usage of medical cannabis. The medical cannabis is slowly being legalized in countries all over the globe, the requirement for analytical testing of the cannabis to ensure its safety before the human consumption has grown in last few years. According to experts in industry, numbers of cannabis testing labs are expected to increase in coming years
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Research on Cannabis for Medical Use to Drive Market Growth
Several organizations provide accreditation to the laboratories that does analytical testing of hemp as well as cannabis derived products. The growth in the research for medical usage of cannabis coupled with rise in investments by the pharmaceutical as well as biotechnology companies is some factors fuelling market growth. In addition, the testing of cannabis products is for demonstrating the safety of products, the growing requirement of cannabis for testing will boost the demand for laboratories providing cannabis testing services.
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Establishment of Biopharmaceutical Industry to Augment Growth in North America
North America is anticipated to have the largest share of the cannabis testing market, after Europe. The growth in the region is driven by the establishment of the biopharmaceutical industry coupled by the presence of key players that are operating in the cannabis testing market in the region. The Asia Pacific is about to witness higher CAGR in the forecast period and the fact is driven by the increasing research in life science, legalization of medical cannabis as well as huge investment in the industry fuelling regional growth.
List Of Prominent Players in the Cannabis Testing Market:
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Browse market data Tables and Figures spread through Pages and in-depth TOC on “Cannabis Testing Market by Type (Products, Services, Software), by Application (Laboratories, Cannabis Drug Manufacturers and Dispensaries, Other End Users), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Table of Content here – https://www.vantagemarketresearch.com/press-release/cannabis-testing-market-495001
Recent Developments in the Industry:
1. December 2021: Agilent Technologies Inc. has announced that Agilent Cary 3500 UV-Vis Spectrophotometer is compatible now with the Agilent OpenLab software suite of products. The Cary 3500 UV-Vis data can now be protected, managed, as well as stored in a secure central database and will help to meet global regulatory requirements.
2. November 2021: Shimadzu Corporation announced the release of LabSolutions MD, support software for analytical method development for high-performance liquid chromatography (HPLC).
Global Cannabis Testing Market: Report Scope
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