BRUSSELS, Belgium – Summary:
Medi-Tech Insights: Legalization of medical cannabis & rising number of cannabis testing laboratories in key markets such as the U.S., growing adoption of laboratory information management systems (LIMS) in cannabis testing laboratories, and government support for legalization of medical marijuana in LATAM and Europe are the key factors driving the growth of Cannabis Testing Market.
Legalization of Medical Cannabis and Rising Number of Cannabis Testing Laboratories in US Market bolsters the Global Cannabis Testing Market.
Citing the benefits of medical cannabis, governments in various countries are legalizing its use. In recent years, countries such as Israel, Australia, North Korea, Spain, the UK, Canada, Portugal, Germany, Italy, Brazil, and the Netherlands have all legalized the use of medical cannabis. In the United States, 37 states, 4 U.S. territories as well as the District of Columbia have also legalized medicinal cannabis. Due to the growing legalization and increased adoption of cannabis testing, the demand for the analytical testing of cannabis to ensure that the products are contamination-free and safe for human consumption has grown. To cater to the growing demand for cannabis testing, the number of cannabis testing laboratories is also growing.
Strong Government Support for Legalization of Medical Marijuana in LATAM and Selected European Countries Likely to Open New Growth Avenues for the Cannabis Testing Market
- Across Europe, there is considerable variation in the regulatory approach to medical cannabis
- Countries such as the UK, the Netherlands, Poland and Portugal have well-established medical cannabis legislation
- Government of Greece and UK approved the legalization of cannabis for medical use in 2018, while Germany made it legal for doctors to prescribe medical cannabis in 2017.
- In December 2021, Malta legalized the cultivation and personal use of cannabis and in October 21, Luxembourg legalized cannabis production, and consumption
- Medical marijuana is legal in Argentina, Brazil, Chile, Colombia, Ecuador, México, Panama, Paraguay, and Perú
- In March 2022, Costa Rica also legalized medical marijuana
“Legal right to use marijuana for medical purposes will improve the lives of patients who currently rely on multiple ineffective medications. Medical marijuana use is expected to alleviate patients’ symptoms of epilepsy, multiple sclerosis, chemo-induced nausea, and chronic pain.” – Director, Leading Epilepsy Foundation, Panama
Competitor Analysis: Cannabis Testing market
The global Cannabis Testing market is marked by the presence of key players such as Agilent Technologies, Shimadzu Corporation, MERCK KGAA, Thermo Fisher Scientific, DigiPath, Steep Hill, SC Laboratories, PharmLabs, and others.
(This information is primarily sourced from Medi-Tech Insights. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).