WASHINGTON – Vantage Market Research’s recent analysis of the Global Cannabis Testing Market finds that the increasing medical application expedites market growth. In addition, the rising advancement in research on cannabis for medical usage is likely to expand the development of the Global Cannabis Testing Market during the forecast period.
The global Cannabis Testing Market size is expected to reach USD 2,669.45 million by 2028.
The Global Market revenue was valued at USD 1,024.23 Million and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 12.72% during the forecast period; 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).”
Key Industry Findings & Insights from the report:
- The global Cannabis Testing Market was valued USD 1,024.23 Million in 2020 and is all set to surpass USD 2,669.45 Million by 2028, exhibiting a CAGR of 12.72% during the forecast period 2022-2028.
- In terms of revenue, the application segment grasps the largest revenue share in 2021 and is appraised to maintain its dominance for the forecast period.
- In terms of revenue, the product segment grasps the second largest market share of in 2021 and is appraised to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developed and developing countries.
- North America accounts the lion share in 2021 and is projected to continue its position during the forecast period. This can be attributed to the existence of a significant number of Cannabis Testing industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
List of Prominent Players in Healthcare Biometrics Market:
- Agilent Technologies, Inc.
- Shimadzu Corporation
- MERCK KGAA
- Thermo Fisher Scientific
- DigiPath, Inc.
- Steep Hill Inc.
- SC Laboratories, Inc.
- PharmLabs LLC.
Rise in Medical Applications to Drive Market
The cannabis is effective and useful in several medical applications, like chemotherapy that is caused due to reduction in nausea, for the stimulation of appetite in AIDS patients, decrease of intraocular pressure in the patients with glaucoma as well as controlling of muscular spasms in patients having multiple sclerosis. Also having number of health benefits, the governments in countries are now recognizing the usage and benefits of medical cannabis and legalizing the use of cannabis for medical purpose. The cannabis is gradually being legalized in countries across globe for medical usage, the requirement for cannabis analytical testing to make sure its safety before the human consumption, which has grown in recent years. According to industry, cannabis testing labs are all set to increase in the near future.
Rise in Research on Cannabis for Medical Use to Drive Market Growth
Number of organizations provides empowerment to the laboratories that does analytical or well-organized testing of cannabis derived products. The rising investment in the research for medical usage of cannabis by the pharmaceutical as well as biotechnology companies is one of the major factors impelling the market growth. Furthermore, the testing of cannabis derived products is for exhibiting the safety of products, the rising demand of cannabis for testing in laboratories will fuel the demand for cannabis testing services.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected number of industries across the globe, and the Cannabis Testing Market is not an exception. Administrative bodies worldwide implemented several measures like strict social distancing, lockdown in order to stop swift spread of pandemic. Cannabis Testing Market suffered as the manufacturing units around the world were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies which are the backbone technology providers to the Cannabis Testing industry were directly affected due to the pandemic. Additionally, Cannabis Testing Market was also impacted by the restricted movement of goods and people due to the lockdown measures in place during the beginning stages of the epidemic spread.
The rollout for the Cannabis Testing industry too is taken into consideration as the after effects of the pandemic are moderately coming down since the beginning of 2022. The workforce and supplies are expected to resume normal which will further fuel Cannabis Testing industry coming back on track. In addition, the study by Vantage Market Research, also deep dives into the after-effects of the COVID-19 pandemic on the subsidiary units of the Cannabis Testing industry. The impact of COVID-19 on the market demand is considered while estimating the present and future market size and growth trends of the Cannabis Testing industry for all the regions and countries primarily based on the aforementioned data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Key Strategies Undertaken by Companies to Tackle COVID-19 Pandemic
- Quarterly Market Revenue Forecast by Asia Pacific 2021 & 2022
- Long Term Dynamics
- Short Term Dynamics
The report on Cannabis Testing Market highlights:
- Evaluation of the market
- Premium Insights
- COVID Impact Analysis
- Competitive Landscape
- Global and Regional Dynamics
- Historic Data, Estimates and Forecast
- Company Profiles
North America Dominated the Global Cannabis Testing Market
Rise in Biopharmaceutical Industry to Drive the Growth in North America
In fact, according to Vantage Market Research, Cannabis Testing are becoming especially popular in North America will continue to dominate during the forecast period. The increasing establishment of the biopharmaceutical industry and the presence of number of major players that are operating are the factors driving the cannabis testing market growth in the region. On the other hand, the Asia Pacific to account higher CAGR over the forecast period (2022-2028). Due to the rising research in life science, legalization of cannabis for medical purpose as well as increasing investment in the industry boost the regional growth.
1. In 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. Cary 3500 UV-Vis data can now be managed, protected, and stored in a secure central database and will help meet global regulatory requirements.
2. In November 2021: Shimadzu Corporation announced the release of LabSolutions MD, support software for analytical method development for high-performance liquid chromatography (HPLC).
Key Questions Answered by Vantage Market Research:
- Which region will grow with highest CAGR in the near future?
- Which are the top seven players and their weakness and strength?
- What will be the future innovation in the forecast of six years?
- Which application and product accounts the largest share of the global market during the forecast period?
- What are the growth drivers, opportunities, restraints and challenges of the industry?
- What will be the CAGR and size of the Cannabis Testing Market for the base year and forecast period 2022-2028?
(This information is primarily sourced from Vantage Market Research. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).