The cannabis testing market was valued at US$ 1,512. 06 million in 2021 and is projected to reach US$ 2,960. 20 million by 2028; it is expected to grow at a CAGR of 10. 1% from 2021 to 2028. Legalization of medical cannabis, increasing awareness through conferences, symposia, and workshops and growing adoption of LIMS in cannabis testing laboratories are expected to drive the growth of the cannabis testing market during the forecast period.
New York, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cannabis Testing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product, Type, End User, and Portability and Geography" - https://www.reportlinker.com/p06130837/?utm_source=GNW
However, the stringent regulatory framework for cannabis, and dearth of trained laboratory professionals hinder the market growth.
The medicinal and recreational cannabis industries are growing at rapid pace and is expected to witness tremendous growth by 2025. Advances in analytical testing technologies and services are enabling to drive the industry and accelerate growth in drug development and medicine as well as regulatory guidance.
Some instrument manufacturers now offer dedicated instruments for cannabis potency testing, which include dedicated HPLC or UHPLC devices with hardware and methods optimized for compound isolation and quantitative analysis.Whereas some instrument vendors offer new, used, and refurbished equipment, along with other hardware components and service programs, for the purpose of cannabis testing.
This holds the ability to service, upgrade, and customize equipment as methods and operations progress.
For instance, Sage Analytics has launched their new, unique, portable next generation cannabis potency testing Device Humboldt Mini in 2017. It is the latest addition of Sage Analytics cannabis potency profilers that enables measuring the potency of buds, trim and extracts using methodologies that are less time consuming.
Owing to these factors, the advances in cannabis testing equipment continues to drive the market growth of cannabis testing market
Based on product, the cannabis testing market is segmented into analytical instruments, consumables, and software.In 2021, analytical instruments accounted for the largest share in the market owing to increasing use of the consumables as well as capital equipment for cannabis tests because of increasing use of cannabis for medical and recreational use.
Also, rapid legalization of the medical cannabis in various parts of the world is likely to favor the growth of the market. Moreover, the consumables segment is estimated to grow at a CAGR of 8.0% from 2021 to 2028.
In terms of 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 also estimated to register the highest CAGR in the market during the forecast period.
World Health Organization (WHO), Ministry of Food and Drug Safety, Medical Cannabis Network, Bureau of Labor Statistics (BLS), Ministry of Health, Labor and Welfare, National Center of Neurology and Psychiatry, and the Italian National Confederation of Independent Farmers are among the major secondary sources referred to while preparing the report on the cannabis testing market.
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