Global Cannabis Testing Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Cannabis Testing Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global cannabis testing market report has been segmented on the basis of product type, service type, end user, and region.

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Global Cannabis Testing Market: Overview

Cannabis testing is performed by analytical instruments such as liquid chromatography, gas chromatography etc. in order to detect active ingredients like terpene and cannabinoids. Commercial laboratories across the developed regions offers dedicated cannabis testing services.

Global Cannabis Testing Market: Dynamics

Increasing approval rate for cannabis-based products coupled with new research and development activities is a key factor expected to drive growth of the global market over the forecast period. In addition, increasing number of cannabis testing laboratories across the globe, owing to increasing legislation in order to use cannabis for medicine and research purpose is another factor expected to further fuel growth of the target market over the forecast period.

Furthermore, rising awareness for cannabis among propel by conducting various conferences, seminars, and other activities is another factor expected to propel growth of the global market over the forecast period. Moreover, increasing technological advancements, rising investment in research and development activities, and innovative product launches in order to treat various diseases are some other factors expected to boost growth of the target market over the forecast period.

However, high cost of analytical instruments for testing cannabis is a key factor expected to restrain growth of the global market over the forecast period. In addition, lack of trained laboratory professional is another factor expected to hamper growth of the target market over the forecast period.

Ongoing trend observed in the global market is rising adoption of cannabis for recreational purpose is expected to support growth of the target market over the forecast period.

Increasing focus towards developing new and effective cannabis products in order to target various disease and getting approvals from health regulatory bodies for their products efficacy and purity are expected to create potential revenue opportunities for players operating in the target market over the forecast period. For instance, in May 2018, the US Food and Drug Administration (FDA) approved the medication – Epidiolex, which is manufactured by GW Pharmaceuticals in order to treat two rare forms of epilepsy caused by Lennox-Gastaut and Dravet syndromes.

Global Cannabis Testing Market: Segment Analysis

Among the end user segments, the cannabis testing laboratories segment is expected to dominate in the target market over the forecast period, owing to increasing number of cannabis testing labs due to legalization of cannabis across various countries, availability of innovative and technologically advanced products in various laboratories and rising investment by various manufacturers for developing laboratories across the globe.

Global Cannabis Testing Market: Regional Analysis

The market in North America is expected to account for highest share in terms of revenue over the forecast period, owing to presence of major players operating in the target market and legalization of cannabis by various countries in the region. In addition, the market in Europe is expected to register significant revenue share over the forecast period, owing to increasing investment activities for cannabis testing, rising awareness regarding cannabis across various countries in the region.

The market in Asia Pacific is expected to register moderate growth in the global market over the forecast period, owing to rising adoption of cannabis in order to treat diseases and improving healthcare infrastructure across developing countries in the region. Furthermore, the markets in Latin America and Middle East & Africa are expected to register steady growth in terms of revenue over the forecast period, owing to rising awareness programs such as seminars, conference for cannabis and increasing use of cannabis LIMS across countries in these regions.

Global Cannabis Testing Market Segmentation:

Segmentation by product type:

Analytical Instruments
Chromatography Instruments
Spectroscopy Instruments
Consumables
Breathe Analyzer

Segmentation by service type:

Potency Testing
Terpene Testing
Pesticide Testing
Residual Solvent
Heavy Metal Testing
Mycotoxin and Microbial Testing

Segmentation by end user:

Testing Laboratories
Drug Manufacturer
Research Institutes