- Global cannabis testing is expected to perform at a CAGR of around 14.4 % between 2019 and 2027.
- Rise in the acceptance of medicinal cannabis products due to its legalization will steer the growth of the market over the forecast timeline.
- The growth of the products segment is due to the massive use of analytical devices for the purpose of cannabis testing.
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 is fueling the global cannabis testing market demand.
Cannabis testing is a kind of drug testing that detects the active elements such as Terpene and cannabinoids through the usage of chromatographic or analytical testing.
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.
According to the report, the global cannabis testing market was valued at approximately $1,051 million in 2018 and is expected to reach a value of around $3,526 million by 2027, at a CAGR of around 14.4 % between 2019 and 2027.
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Legalization of cannabis for medicine & recreation to steer market trends
Rise in the acceptance of medicinal cannabis products due to its 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.
Medicinal cannabis can reduce nausea after chemotherapy or create appetite stimulation in AIDS patients for controlling muscle spasms. This will propel 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.
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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 market progression over the forecast timeline.
The growth of the products segment is due to the massive use of analytical devices for the purpose of cannabis testing.
The growth of the testing laboratories 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 of cannabis products along with the need for ensuring patient safety will cause cannabis testing laboratories segment growth during the period from 2019 to 2027.
North America to dominate the overall regional market revenue share over the forecast period
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 ensures 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.
Key players involved in the global cannabis testing business include PerkinElmer Inc., Millipore Sigma, AB SCIEX LLC, Agilent Technologies Inc., PharmLabs LLC, Waters Corporation, CannaSys Inc., Shimadzu Corporation, GenTech Scientific, and Cannabix Technologies Inc.