DUBLIN--(BUSINESS WIRE)--The "Cannabis Testing Market by Product Type, Test Type , End User and Region 2023-20" report has been added to ResearchAndMarkets.com's offering.
The global cannabis testing market size reached US$ 1,269 Million in 2022. Looking forward, the analyst expects the market to reach US$ 2,619 Million by 2028, exhibiting a CAGR of 12.84% during 2022-2028.
Companies Mentioned
- AB Sciex Pte. Ltd
- Accelerated Technology Laboratories Inc.
- Agilent Technologies Inc.
- Digipath Inc.
- Merck KGaA (Sigma Aldrich)
- PerkinElmer Inc.
- Pharmlabs LLC
- Sartorius AG
- SC Laboratories Inc.
- Shimadzu Corporation
- Steep Hill Inc.
- Thermo Fisher Scientific Inc.
- Water Corporation
The increasing awareness among the masses about the benefits of cannabis testing, rising number of advanced laboratories, and the growing utilization of laboratory information management system (LIMS) represent some of the key factors driving the market.
Cannabis, also known as marijuana, is obtained from the dried flowers, leaves, stems, and seeds of the Cannabis sativa or Cannabis indica plant. It comprises three major compounds, such as Tetrahydrocannabinol (THC), Cannabidiol (CBD), and cannabinol (CBN). It is widely used in hand-rolled cigarettes, water pipes, and cigars.
It is also inhaled via vaporizers that pull the ingredients from the cannabis and collect their vapor in a storage unit to avoid smoking. It has psychoactive, non-intoxicating, and non-euphoric properties, which help reduce inflammation and pain. It also assists in treating various medical conditions, such as chronic pain, glaucoma, and poor appetite. Besides this, it aids in preventing nausea, migraine, seizures, and anxiety.
At present, there is a rise in the demand for cannabis testing to examine the level of contaminants and impurities, such as residual solvents, mold, disease, pests, or pesticide residue, across the globe.
The increasing need for cannabis testing due to the exposure of cannabis plants to heavy metals from the soil, fungus, molds, and pesticides currently represents one of the key factors supporting the market growth. In addition, various regulatory agencies are establishing maximum quantity limits on residual solvents, insecticides, microbes, and mycotoxins for testing plant samples around the world.
In line with this, the growing number of advanced laboratories to conduct cannabis testing is presently offering a favorable market outlook. Besides this, the rising legalization of medical cannabis to treat various diseases is offering lucrative growth opportunities to industry investors.
Moreover, the increasing awareness among the masses about the benefits of cannabis testing through conferences, symposia, and workshops is propelling the growth of the market. Apart from this, there is a rise in the utilization of laboratory information management system (LIMS) in research laboratories to collect, track, and maintain data throughout the development, bioanalytical, and manufacturing processes.
This, along with the increasing cultivation of cannabis around the world, is strengthening the growth of the market. Additionally, the growing employment of spectroscopy technology in cannabis testing, such as real-time analysis, high throughput, and minimal requirements for sample preparation, is positively influencing the market.
Key Market Segmentation:
The analyst provides an analysis of the key trends in each segment of the global cannabis testing market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on product type, test type, and end user.
Product Type Insights:
- Instruments
- Chromatography Instruments
- Spectroscopy Instruments
- Consumables
- Software
The report has provided a detailed breakup and analysis of the cannabis testing market based on the product type. This includes instruments (chromatography instruments and spectroscopy instruments), consumables, and software. According to the report, instruments (chromatography instruments and spectroscopy instruments) represented the largest segment.
Test Type Insights:
- Heavy Metal Testing
- Microbial Analysis
- Potency Testing
- Residual Screening
- Others
A detailed breakup and analysis of the cannabis testing market based on test type has also been provided in the report. This includes heavy metal testing, microbial analysis, potency testing, residual screening, and others. According to the report, potency testing accounted for the largest market share.
End User Insights:
- Cannabis Cultivators/Growers
- Cannabis Drug Manufacturers
- Others
A detailed breakup and analysis of the cannabis testing market based on end user has also been provided in the report. This includes cannabis cultivators/growers, cannabis drug manufacturers, and others. According to the report, cannabis cultivators/growers accounted for the largest market share.
Key Questions Answered in This Report:
- How has the global cannabis testing market performed so far and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global cannabis testing market?
- What are the key regional markets?
- Which countries represent the most attractive cannabis testing markets?
- What is the breakup of the market based on the product type?
- Which is the most attractive product type in the cannabis testing market?
- What is the breakup of the market based on the test type?
- Which is the most attractive test type in the cannabis testing market?
- What is the breakup of the market based on the end user?
- Which is the most attractive end user in the cannabis testing market?
- What is the competitive structure of the global cannabis testing market?
- Who are the key players/companies in the global cannabis testing market?
For more information about this report visit https://www.researchandmarkets.com/r/9li3f0
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