Cannabis Testing Market 2023: Share, Size, Industry Insights and Forecast to 2028

According to IMARC Group’s latest report, titled "Cannabis Testing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on the cannabis testing market share. 

The global cannabis testing market size reached US$ 1,269 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,619 Million by 2028, exhibiting a growth rate (CAGR) of 13.00% during 2023-2028. Cannabis, also referred to as marijuana, is obtained from the dried leaves, stems, flowers, and seeds of the Cannabis indica or sativa plant. It comprises three major compounds, such as Cannabidiol (CBD), Tetrahydrocannabinol (THC), and cannabinol (CBN). Cannabis is widely used in water pipes, hand-rolled cigarettes, and cigars. It is also inhaled through vaporizers that pull the ingredients from the marijuana and accumulate their vapor to avoid smoking. Cannabis has non-intoxicating, psychoactive, and non-euphoric properties, which reduce inflammation and pain. It assists in treating various medical conditions, including glaucoma, chronic pain, and poor appetite. In addition, cannabis aids in preventing migraine, seizures, nausea, and anxiety. There is a rise in the need for marijuana testing to examine the level of contaminants and impurities, such as mold, disease, residual solvents, pests, or pesticide residue.

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Cannabis Testing Market Trends:

The high exposure of marijuana plants to heavy metals from fungus, molds, soil, and pesticides is primarily driving the cannabis testing market. In addition to this, the launch of several policies by the government bodies to establish maximum quantity limits on residual solvents, insecticides, microbes, and mycotoxins for examining samples is further augmenting the market growth. Moreover, the expanding advanced laboratories to conduct testing, the legalization of medical cannabis to treat various diseases, and the rising awareness among the masses toward the benefits of marijuana testing through conferences, symposia, and workshops are also catalyzing the global market. Apart from this, the extensive utilization of laboratory information management systems (LIMS) in research laboratories to collect, track, and maintain data throughout the development, bioanalytical, and manufacturing processes is acting as another significant growth-inducing factor. Furthermore, the growing popularity of spectroscopy technology in marijuana examination, including real-time analysis, high throughput, and minimal requirements for sample preparation, is expected to bolster the cannabis testing market in the coming years.  

Cannabis Testing Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the cannabis testing market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• AB Sciex Pte. Ltd
• Accelerated Technology Laboratories Inc.
• Agilent Technologies Inc.
• Digipath Inc.
• Merck KGaA (Sigma Aldrich)
• PerkinElmer Inc.
• Pharmlabs LLC
• Sartorius AG
• SC Laboratories Inc.
• Shimadzu Corporation
• Steep Hill Inc.
• Thermo Fisher Scientific Inc.
• Water Corporation

Key Market Segmentation:

The report has segmented the global cannabis testing market based on product type, test type, end user and region.

Breakup by Product Type:

• Instruments
  • Chromatography Instruments
  • Spectroscopy Instruments
• Consumables
• Software

Breakup by Test Type:

• Heavy Metal Testing
• Microbial Analysis
• Potency Testing
• Residual Screening
• Others

Breakup by End User:

• Cannabis Cultivators/Growers
• Cannabis Drug Manufacturers
• Others

Breakup by Region:

• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
• Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)

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This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Key Highlights of the Report:

• Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
  • Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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Article source: https://article-realm.com/article/Finance/39119-Cannabis-Testing-Market-2023-Share-Size-Industry-Insights-and-Forecast-to-2028.html