Publication Month: Jun 2021 | Report Code: TIPHE100001394 | No. of Pages: 214 | Category: Pharmaceuticals | Status: Published
Cannabis testing is used in variety of applications that includes determining the concentration of cannabis in various analytical samples such as pharmaceutical drugs, and detection of contaminants such as bacteria and fungi. Further, it is also performed for determination of trace metals such as arsenic and cadmium that can adversely impact health if remained unchecked. These tests are performed with various analytical techniques, such as chromatography analysis, spectrometry, ELISA, and polymerase chain reaction (PCR).
The cannabis testing market is segmented based on product, type, end user, portability, and region. The market, based on region, is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. The report offers insights and in-depth analysis of the cannabis testing market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world. It also includes the impact of the COVID–19 pandemic on the market across all the regions. The impact of the pandemic and decreasing global research activities have also harmed the operations and financial execution of several companies in the market. The number of cannabis tests conducted in the laboratories decreased due to the shutting down of academic & research institutes and testing laboratories. For instance, according to a report issued by MJBizDaily in March 2020, most federally managed cannabis labs in Canada help COVID-19 testing, consequently impacting the number of cannabis tests performed in the labs. In addition, the cannabis market lost some revenue due to shop closures, testing laboratories closings, interrupted supply chains, global economic slowdown, and limited movement.
The US is anticipated to be the major country to use medical cannabis. 30 states of the United States of America have legalized the use of cannabis. These 30 states comprise of 60% of total population and have approved use of medical marijuana. This has become the driving force for the growth of cannabis testing marked in the entire North America region. At present, more than 8000 active licenses for cannabis businesses in the US. It is the only country with such number of market players. Europe is another region that has shown a decent growth rate for cannabis testing market. There has been an increase in the process of legalization of cannabis in European countries. In November 2018, Government of UK announced that medicinal cannabis is legal. The main force for growth in demand of cannabis is because of the use of cannabis in pesticides in Europe. Growing number of cannabis testing laboratories have fueled the demand for cannabis in the Europe region.
The Asia Pacific region projects a great demand for cannabis testing market. This is because the medical use of cannabis to heal patients of various disease for example chronic neuropathic pain, and any spinal injury. It also helps to deal with anorexia in HIV AIDS, which is a major challenge in this region. In December 2018, Thailand was the first country in Southeast Asia to legalize cannabis. There has been significant rise in investments in cannabis testing labs and recent law changes, which have led to acceptance of marijuana and cannabis.
Similarly, in 2019, in Madhya Pradesh, India, the state government legalized the cultivation of hemp for industrial and medicinal purposes. Also, several other states in India are in the process of legalizing cannabis cultivation. For instance, in March 2021, the Chief Minister of Himachal Pradesh, announced that the state government is coming up with new policies to allow the cultivation of cannabis for medicinal and industrial use to boost the local economy. Further, the state government of Tripura, India, is forming an expert panel to legalize cannabis cultivation.
Thus, due to growing legalization of cannabis, the cannabis testing market is expected to grow at rapid pace.
Based on type, the cannabis testing market is segmented into potency testing, microbial analysis, residual solvent screening, heavy metal testing, pesticide screening, terpene profiling, genetic testing. The potency testing segment accounted for the global cannabis testing market's largest market share. The growth can be attributed to increasing drug investigation services, growing medicinal applications of cannabis, and increasing number of toxicological laboratories. Also, the market for the potency testing segment is anticipated to grow faster during 2021–2028.
Based on end user, the cannabis testing market is segmented into testing laboratories, drug manufacturers, and research institutes. The testing laboratories segment held the largest share of the market in 2021 and is estimated to register the highest CAGR in the market during the forecast period.
|Market Size Value in||US$ 1,512.06 Million in 2021|
|Market Size Value by||US$ 2,960.20 Million by 2028|
|Growth rate||CAGR of 10.1% from 2021-2028|
|No. of Pages||214|
|No. of Tables||138|
|No. of Charts & Figures||81|
|Historical data available||Yes|
|Segments covered||Product , Type , End User , and Portability and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Inorganic strategies such as partnerships, and mergers and acquisitions are commonly adopted by companies to cater to changing customer demand and maintain their brand name across the world. Market players operating in the cannabis testing market also adopt organic strategies such as product launch and expansion to outstretch their footprint and product portfolio worldwide as well as to meet the growing demand.
The List of Companies - Cannabis Testing Market