The Europe cannabis testing market is expected to reach US$ 807.9 Mn in 2025 from US$ 361.6 Mn in 2017 – Yahoo Finance

Posted: January 29, 2020 at 11:43 am

The market is estimated to grow with a CAGR of 10. 8% from 2018-2025. The growth of the cannabis testing market is primarily attributed to the European government is funding cannabis education for doctors, and increasing demand for research activities for cannabis quality.

New York, Jan. 29, 2020 (GLOBE NEWSWIRE) -- announces the release of the report "Europe Cannabis Testing Market to 2025 - Regional Analysis and Forecasts by Type ; Services ; End User and Country" - However, cannabis used as a street drug and trouble with CBD oil are likely to pose a negative impact on the market growth.

On the other hand, cannabinoid testing in Europe is likely to have a positive impact on the growth of the Europe cannabis testing market in the coming years.The growing number of countries are adopting medical cannabis laws but the governmental officials are rare that encouraging healthcare professionals to become educated about cannabis plant medicines.

On the use of cannabis in clinical practice, to instruct local healthcare providers, various cannabis experts were invited to Macedonia, in 2016.The program was held in Skopje and was supported and funded by the Macedonian Ministry of Health.

Cannabis provides the unique opportunities in Macedonia, where the medical system is in a stage of evolution and modernization. Local medical specialists are now able to prescribe cannabis in the country. Considering this, Macedonian cannabis promoters worked with local governments and created the medical cannabis training program in an effort to support doctors and their patients. Currently, the impetus of the Macedonian medical cannabis movement is moving quickly, and the public opinion on cannabis has also changed dramatically in the region. The medical marijuana resolution in the region urges the Commission and member states to address regulatory, financial and cultural barriers which burden scientific research and invite them to fund research. Thus, due to the above advancements, the cannabis testing market is expected to grow at a rapid pace during the forecast period.In 2017, the product segment held a largest market share of 73.7% of the cannabis testing market, by type. This segment is also expected to dominate the market in 2025 owing diverse portfolio of cannabis testing products to the healthcare industry for innovations in the technologies. Moreover, the same segment is also expected to witness the highest CAGR in the market accounting to 11.1% in 2018 to 2015 owing to increasing analytical services and medicinal cannabis services in testing cannabis.Europe cannabis testing market, based on services was segmented into potency testing, microbial analysis, residual solvent screening, heavy metal testing, pesticide screening, terpene profiling, and genetic testing. The potency testing segment is anticipated to grow at a CAGR of 11.8% during the forecast period.The testing laboratory segment held a largest market share of 49.2% of the cannabis testing market, by end user. This segment is also expected to dominate the market in 2025 owing to increasing number of diagnostic testing performed in the reference labs for the numerous diseases.

Some of the major primary and secondary sources for cannabis testing included in the report are Federal Commission for the Protection against Sanitary Risk (COFEPRIS), Defense Advanced Research Projects Agency (DARPA), German Research Foundation (DFG), European Research Area (ERA), Food & Drug Administration (FDA), Indian Institutes of Technology (IITs), Japan Society for the Promotion of Science (JSPS), Laboratory Information Management System (LIMS), Medical Marijuana Regulation and Safety Act (MMRSA), Non-Governmental Organization (NGO), National Science Foundation (NSF) and others.

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The key findings and recommendations highlight crucial progressive industry trends in the global cannabis testing market, thereby allowing players across the value chain to develop effective long-term strategies.

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The Europe cannabis testing market is expected to reach US$ 807.9 Mn in 2025 from US$ 361.6 Mn in 2017 - Yahoo Finance

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