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How Much Will The International Cannabis Testing Market Be Worth By 2028?

Dublin, Dec. 29, 2021 (GLOBE NEWSWIRE) — The “Cannabis Testing Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Product, Type, End User, and Portability and Geography” report has been added to ResearchAndMarkets.com’s offering.

According to the study, the market is expected to reach US$ 2,960.2 million by 2028 from US$ 1,290.08 million in 2021. The market is estimated to grow at a CAGR of 10.1% from 2021 to 2028. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth.

Industry Highlights

Legalization of medical cannabis, increasing awareness through conferences, symposia, and workshops and growing adoption of LIMS in cannabis testing laboratories are driving the growth of the cannabis testing market. However, the stringent regulatory framework for cannabis, and dearth of trained laboratory professionals hinder the market growth.

The medical use of cannabis has witnessed a significant change in this decade as many governments have legalized use of cannabis. The governments of various states have attempted to spread the use of cannabis in medical industry. Due to this, various government institutions have initiated the process of legalizing the use of medical cannabis and have started to place a legal framework to practice. These rapid changes in the industry have enabled medical experts and professionals to organize events and spread the use of medical cannabis.

Currently, medical cannabis conferences have been taking places in various parts of the world. In the US, conferences symposium and seminars take place at various states to acquaint its citizens and authorities with the use of medical marijuana and legal framework related to it.

Conferences which recently took place globally are:

  • World Medical Cannabis Conference and Expo (April 2018) is one of the most popular conference in the US with participants across the world. This is the largest cannabis symposium in the world, which brings all business stakeholder together. It involves over 3000 guests and 150 exhibitors.
  • CannaCon is first ever symposium that features legal sale of cannabis for business purposes. The expo provides a platform for guest to get access to knowledge from business experts with over 12000 guests.
  • U.S Cannabis Conference and Expo conference involves high profile discussion, presentation and will educate entrepreneur to boost the development and evolution of medical cannabis industry.
  • Additionally, CannMed 2021 is going to be held in Pasadena, California in September 2021. CannMed showcases latest findings and breakthrough technologies in the cannabis science, medicines, cultivation, and safety.

Thus, owing to rising number of conferences, expo and other awareness programs, the cannabis testing market is expected to witness rapid growth.

Leading Companies Profiled

  • Purpl Scientific
  • Orange Photonics, Inc.
  • Agilent Technologies, Inc.
  • Shimadzu Corporation
  • Merck KGaA
  • Restek Corporation
  • CannaSafe Analytics
  • Accelerated Technology Laboratories, Inc.
  • Digipath Inc.

The report segments the market as follows:

  • By Product
    • Analytical Instruments
      • Chromatography Instruments
      • Spectroscopy
      • Other Analytical Instruments
    • Consumables
    • Software
  • By Type
    • Potency Testing
    • Microbial Analysis
    • Residual Solvent Screening
    • Heavy Metal Testing
    • Pesticide Screening
    • Terpene Profiling
    • Genetic Testing
  • By End-user
    • Testing Laboratories
    • Drug Manufacturers
    • Research Institutes
  • By Portability
    • Stand-alone
    • Handheld Devices
  • By Geography
    • North America
    • Europe
    • Asia Pacific (APAC)
    • Middle East & Africa (MEA)
    • South and Central America (SCAM)

For more information about this report visit https://www.researchandmarkets.com/r/1wkwxt

Source: Globenewswire