New York, NY, March 08, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Cannabis Testing Market By Product & Software (Products and Software), By Method of Testing (Potency, Residual Solvent Screening, Heavy Metal, Pesticide Screening, Terpene Profiling, Genetic, and Microbial Analysis), and By End-Users (Cannabis Testing Laboratories, Drug Manufacturers & Dispensaries, Research Institutions, and Cultivators): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027” .
“According to the research report, the global Cannabis Testing Market size & share was estimated at USD 1,051 Million in 2018 and is expected to reach USD 3,526 Million by 2027. The global Cannabis Testing Market size & share is expected to grow at a compound annual growth rate (CAGR) of 14.4% from 2019 to 2027”.
Cannabis testing is a kind of drug testing that detects active elements such as Terpene and cannabinoids through the usage of chromatographic or analytical testing. Moreover, the legalization of cannabis in myriad countries, escalating awareness through programs like conferences and seminars, and an increase in the advancements of the systems used for cannabis testing are fueling the global cannabis testing market demand.
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Key Questions Answered in this Report
1) What was the impact of the COVID-19 pandemic on the Cannabis Testing Market?
2) What is the market size, share, and future trends of the Cannabis Testing Market?
3) Who are the top market players in Cannabis Testing Market?
4) What will be the future market opportunities and challenges of the Cannabis Testing Market?
Key Features of Cannabis Testing Market Report:
- Cannabis Testing Market structure: Overview, industry life cycle analysis, supply chain analysis
- Cannabis Testing Market: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Cannabis Testing Market size, trend, and forecast analysis
- Cannabis Testing Market segments’ trend and forecast
- Cannabis Testing Market’s competitive landscapes: Market share, Product portfolio, new product launches, etc.
- Cannabis Testing Market attractiveness and associated growth opportunities
- Emerging Trends in the Cannabis Testing Market.
- Strategic growth opportunities for the existing and new players
- Key success factors
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Impact Analysis of COVID-19 Pandemic on Businesses: Know Short Term and Long Term Impact
Most of the businesses are facing a growing litany of business-critical concerns related to the coronavirus outbreak, including supply chain disruptions, a risk of a recession, and a potential drop in consumer spending. All these scenarios will play out differently across various regions and industries, making accurate and timely market research more essential than ever.
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Cannabis is a type of psychoactive drug which is used for recreational and therapeutic purpose. It mainly comprised of tetrahydrocannabinol that causes alternation in perception, an increase in the appetite, and sensation of ecstasy. There are different kinds of cannabis available across the globe and this includes topical cannabis, solid edible cannabis, inhaling cannabis, and liquid edible cannabis that are tested during the cannabis testing process.
Top Market Players in the Market:
The key players involved in the global cannabis testing business include Waters Corporation, Agilent Technologies, Inc., Shimadzu Corporation, PerkinElmer, Inc., GenTech Scientific, Millipore Sigma, AB SCIEX LLC, PharmLabs, LLC, CannaSys, Inc., and Cannabix Technologies, Inc.
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Legalization of cannabis for medicine & recreation to steer market trends
The rise in the acceptance of medicinal cannabis products due to their legalization will steer the growth of the market over the forecast timeline. Moreover, extensive research activities taking place across the medical cannabis sector will further impel market trends.
Furthermore, the usage of medicinal cannabis for the purpose of reducing nausea post the chemotherapy or appetite stimulation in AIDS patients for controlling muscle spasms will propel the industry demand. In addition to this, the rise in the approval of cannabis-based medicines along with new product introduction will steer the expansion of the cannabis testing market during the period from 2019 to 2027.
Apparently, the large-scale acceptance of LIMS across the cannabis testing labs will enlarge the business scope during the forecast timeline. Nonetheless, the high cost of analytical devices and high variation in the testing procedures will restrict the market progression over the forecast timeline.
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Products to dominate the products & software segment over the forecast timeline
The growth of the product segment is due to the massive use of analytical devices for the purpose of cannabis testing.
Cannabis testing laboratories segment to lead the end-user landscape
The growth of the segment is attributed to the massive testing of cannabis products for their use in medicinal as well as recreational use. Apparently, stringent laws enforced by various governments on the firms to produce high quality cannabis products along with the need for ensuring patient safety will further enlarge the cannabis testing laboratories segment growth during the period from 2019 to 2027.
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The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product & service launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis.
The study provides a decisive view of the cannabis testing market by segmenting the market based on the product & software, method of testing, end-users, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2027.
North America to dominate the overall regional market revenue share over the forecast period
With a large number of states in the U.S. approving the medicinal use of cannabis along with the legalization of cannabis by the Canadian government will embellish the growth of the cannabis testing industry in North America. Apart from this, the increase in the presence of a number of players in Canada and the U.S. will further fuel the regional market growth over the forecast timeline.
Browse the full “Cannabis Testing Market By Product & Software (Products and Software), By Method of Testing (Potency, Residual Solvent Screening, Heavy Metal, Pesticide Screening, Terpene Profiling, Genetic, and Microbial Analysis), and By End-Users (Cannabis Testing Laboratories, Drug Manufacturers & Dispensaries, Research Institutions, and Cultivators): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027” report at https://www.fnfresearch.com/cannabis-testing-market-by-product-software-products-and-165
The usage of medicinal cannabis for the purpose of reducing nausea post-chemotherapy or appetite stimulation in AIDS patients for controlling muscle spasms will propel the industry demand. In addition to this, the rise in the approval of cannabis-based medicines along with new product introduction will spur the growth of the cannabis testing market during the timespan from 2019 to 2027. Apparently, the large-scale acceptance of LIMS across the cannabis testing labs will enlarge the business scope during the forecast timeline. Nevertheless, the high cost of analytical devices and high variation in the testing procedures will hinder the market progression over the forecast timeline.
Based on the product & software, the market is sectored into products and software. The product segment is again divided into Analytical Instruments, Spectroscopy Instruments, and Consumables. Based on the method of testing, the industry is divided into Potency, Residual Solvent Screening, Heavy Metal, Pesticide Screening, Terpene Profiling, Genetic, and Microbial Analysis. In terms of end-users, the market is classified into Cannabis Testing Laboratories, Drug Manufacturers & Dispensaries, Research Institutions, and Cultivators.
This report segments the global cannabis testing market as follows:
Global Cannabis Testing Market: By Product & Software Segment Analysis
- Analytical Instruments
- Chromatography Instruments
- Liquid Chromatography
- Gas Chromatography
- Spectroscopy Instruments
- Mass Spectrometry
- Atomic Spectroscopy
- Chromatography Columns
- Standards & CRMS
- Sample Preparation Products & Software
- Supplies & Accessories
- Analytical Instruments
Global Cannabis Testing Market: By Method of Testing Segment Analysis
- Residual Solvent Screening
- Heavy Metal
- Pesticide Screening
- Terpene Profiling
- Microbial Analysis
Global Cannabis Testing Market: By End-Users Segment Analysis
- Cannabis Testing Laboratories
- Research Institutions
- Drug Manufacturers and Dispensaries
Pharmacokinetics Services Market: https://www.fnfresearch.com/pharmacokinetics-services-market-by-drug-type-large-molecules-979
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