Selbyville, Delaware, Oct. 27, 2021 (GLOBE NEWSWIRE) —
The cannabis testing market size is anticipated to record a valuation of USD 11.6 billion by 2027, according to the most recent study by Global Market Insights Inc. The ability of cannabis to treat a number of medical conditions such as chronic pain, seizures, muscle spasms and anxiety is expected to accelerate the demand for cannabis testing. This increase in demand for cannabis has led the authorization of cannabis for medical purposes in various countries, thereby necessitating cannabis quality control test. In addition, constant support from a number of government bodies are poised to positively impact the market growth. Furthermore, rising investment in R&D for exploring the medical use of cannabis will positively affect the market.
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Chromatography segment accounted for the USD 1.9 billion in 2020 led by the various advantages of chromatography technique such as high sensitivity and ease of separation. Furthermore, launch of technologically advanced equipment for performing various analytical and quality tests of cannabis will positively affect the chromatography segment growth in the coming years.
Residual solvent screening segment is projected to expand at 21% growth rate through 2027. Without residual solvent screening, cannabis users will be frequently exposed to chemical residues that will have a negative impact on their health. With the growing demand of cannabis products, there will also be a higher demand for pure cannabis, thereby driving the segment expansion.
Latin America cannabis testing market captured over 2.4% of revenue share in the year 2020. The region is one of the leading producers and exporter of cannabis and hemp for medical uses, thus providing steady growth opportunities. This can primarily be attributed to the strong government support for the legalization of medical marijuana in these countries compared to other regions. This is attracting various investors, prominent players, and government bodies to invest in developing standards for cannabis testing laboratories or enhance their operations and activity. Moreover, various conducive regulatory norms and high demand for medical use of cannabis across the region will further augment the industry expansion.
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Companies having a strong foothold in the market are Anresco, Anandia Labs, CW Analytical Laboratories, CannaSafe Analytics, Eirlab, Digipath, Phytovista Laboratories, EVIO, Pure Analytics, SC Labs, Steep Hill, University of Mississippi, Battelle Memorial Institute and University of Alberta. Additionally, geographical expansion in developed as well as developing economies by these leaders enable them to serve a broader customer base. F
Table of Contents (ToC) of the report:
Chapter 3 Cannabis Testing Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By technology
3.4.2 By test type
3.5 COVID-19 impact analysis
3.6 Regulatory scenario
3.7 Porter’s analysis
3.8 Competitive landscape, 2020
3.8.1 Company matrix analysis
3.9 PESTEL analysis
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