Global Cannabis Testing Market Is Expected to Reach USD 4.87 billion by 2027 : Fior Markets – GlobeNewswire

Posted: October 8, 2020 at 6:55 pm

Newark, NJ, Oct. 05, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, theglobal cannabis testing market is expected to grow from USD 1.71 billion in 2019 and to reach USD 4.87 billion by 2027, growing at a CAGR of 14% during the forecast period 2020-2027.

The global cannabis testing market is witnessing significant growth from recent years. This growth is attributed to the growing number of medical applications of cannabis, rising investment by various research institutes, increasing focus to meet the needs of hemp and cannabis cultivator, and legalization of medical cannabis associated with a rising number of cannabis analysis laboratories. Rising adoption of LIMS in cannabis testing laboratories, growing awareness among people through workshops and conferences will propel the market growth.

The methods of drug testing for detecting the use of cannabis in an individual in the field of medicine, sport, and the law is known as cannabis testing. The various methods in which cannabis can be detected are hair testing, saliva testing, urine testing and various others. An analysis of a single cannabis sample tested to determine elements, such as CBD, THC, terpene levels and impurities like mold, residual solvents, pesticide residual and diseases, is referred to as cannabis testing. The amount of concentration obtained from these analyses can be useful in distinguishing elapsed time since used, active use from passive exposure and duration of use. Certified chemical and laboratory technicians can only perform cannabis testing.

The global cannabis testing market is expected to witness significant growth, owing to the increase in the development of therapies derived from cannabis and components, rising investment, and legalization of cannabis in various emerging economies. Lack of standard testing process, absence of trained laboratory professionals, and high cost of analytical instruments will restrain the market growth. Revoking of the ban on cannabis in developing economies will provide market growth opportunities. However, the lack of industry standards for cannabis testing and high start-up cost for cannabis testing laboratories will challenge the market growth.

DOWNLOAD FREE SAMPLE REPORT AThttps://www.fiormarkets.com/report-detail/418923/request-sampleThe key players operating in the global cannabis testing market are CannaSafe Analytics, Steep Hill, Anandia Labs, Eirlab, Phytovista Laboratories, CW Analytical Laboratories, Pure Analytics, Anresco, EVIO, SC Labs, and Digipath. To gain a significant market share in the global cannabis testing market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Digipath and CannaSafe are some of the key manufacturers in cannabis testing.

Chromatography instruments segment dominated the market and held the largest share of 38.9% in the year 2019On the basis of product and software, the global cannabis testing market is segmented into analytical instruments, consumables, and software. The analytical instruments segment is further segmented into chromatography instruments, spectroscopy instruments, and other analytical instruments. The chromatography instruments are further classified into liquid chromatography, gas chromatography, and other chromatography instruments. The spectroscopy instruments segment is further classified into mass spectrometry, atomic spectroscopy, and atomic spectroscopy. The consumables segment is further segmented into chromatography columns, standards & CRMS, sample preparation products, and supplies and accessories. Chromatography instruments segments dominated the market and held the largest share of 38.9% in the year 2019. This growth is attributed to the application of chromatography techniques in potency testing of cannabis. The spectroscopy instrument segment is anticipated to witness significant growth due to the increasing legalization of cannabis testing and its derivative for adults' recreational and medical use.

Potency testing segment dominated the market and held the largest share of 21.4% in the year 2019On the basis of testing procedure, the global cannabis testing market is segmented into the residual solvent screening, terpene profiling, potency testing, genetic testing, pesticide screening, heavy metal testing, and microbial analysis. The potency testing segment dominated the market and held the largest share of 21.4% in the year 2019. This growth was attributed to the increasing applications of cannabinoids for medical purposes. It is also essential for the precise labeling of medical purposes.

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Laboratories segment dominated the market and held the largest share of 31.2% in the year 2019On the basis of end-user, the global cannabis testing market is segmented into laboratories, cannabis cultivators, research institutes, and drug manufacturers & dispensaries. Laboratories segment dominated the market and held the largest share of 31.2% in the year 2019. This growth was attributed to the increasing legalization of cannabis for medical as well as recreational use, and rising demand for cannabis testing software in labs.

Regional Segment of Cannabis Testing Market

On the basis of geography, the global cannabis testing market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America held the major share of 28.71% in the year 2019. This growth was attributed to the growing legalization pertaining to the use of cannabis across various U.S. states, increasing cultivators of marijuana, and the rising number of testing laboratories. The growing demand for cannabis for personal use will further propel the market growth. The Chile cannabis testing market is anticipated to grow due to the growing awareness of the medical use of cannabis and the increase in cannabis use for medical purposes. The Germany market is expected to witness significant growth due to increased approval of production licenses and new medical cannabis legislation.

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About the report:The global cannabis testing market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porters five forces model, attractiveness analysis, raw material analysis, and competitors position grid analysis.

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Fior Markets is a futuristic market intelligence company, helping customers flourish their business strategies and make better decisions using actionable intelligence. With transparent information pool, we meet clients objectives, commitments on high standard and targeting possible prospects for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market intelligence research reports including industries like technology, pharmaceutical, consumer goods, food and beverages, chemicals, media, materials and many others. Our Strategic Intelligence capabilities are purposely planned to boost your business extension and elucidate the vigor of diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective domains. The global market research reports we provide involve both qualitative and quantitative analysis of current market scenario as per the geographical regions segregated and comprehensive performance in different regions with global approach. In addition, our syndicated research reports offer a packaged guide to keep companies abreast of the upcoming major restyle in their domains. Fior Markets facilitates clients with research analysis that are customized to their exact requirements, specifications and challenges, whether it is comprehensive desk research, survey work, composition of multiple methods, in-detailed interviewing or competitive intelligence. Our research experts are experienced in matching the exact personnel and methodology to your business need.

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