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Kenneth Research has recently added a report titled Cannabis Testing Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Cannabis Testing Market products.
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The global Cannabis TestingMarketwas valued at USD 824.11 million in 2016 and is projected to reach USD 2182.75million by 2025, growing at a CAGR of 11.43% from 2017 to 2025.
Cannabis drug testing describes various drug test methodologies for the use of cannabis in medicine, sport, and law. Cannabis use is highly detectable and can be detected by urinalysis, hair analysis, as well as saliva tests for days or weeks. The market is expected to boost during the forecast period for the methodology and test procedures.
Sample Infographics:
Market Dynamics:
1. Market Drivers
1.1 Increasing Legalization of Medical Cannabis
1.2 Growing Number of Cannabis Testing Laboratories
1.3 Increasing Awareness Through Conferences, Symposia, and Workshops
2. Market Restraints
2.1 High Cost of Analytical Instruments
2.2 Dearth of Trained Laboratory Professionals
Market Segmentation:
1. Global Cannabis Testing Market , by End User:
1.1 Product & Software
1.1.1 Laboratories
1.1.1.1 Small-Scale Laboratories
1.1.1.2 Medium-Scale Laboratories
1.1.1.3 Large-Scale Laboratories
1.2 Research Institutions
1.3 Services
1.3.1 Cannabis Drug Manufacturers & Dispensaries
1.3.2 Cannabis Cultivators/Growers
2. Global Cannabis TestingMarket, by Product and Software:
2.1 Cannabis Testing product
2.1.1 Analytical Instruments
2.1.1.1 Chromatography
2.1.1.2 Spectroscopy
2.1.2 Consumables
2.1.2.1 Chromatography Columns
2.1.2.2 Standards and CRMS
2.1.2.3 Sample Preparation Products
2.1.2.4 Supplies and Accessories
2.2 Cannabis Testing Software
3. Global Cannabis TestingMarket, by Type:
3.1 Potency Testing
3.2 Terpene Profiling
3.3 Residual Solvent Screening
3.4 Microbial Analysis
3.5 Pesticide Screening
3.6 Heavy Metal Testing
3.7 Genetic Testing
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4. Global Cannabis Testing Market, by Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. Agilent Technologies, Inc.
2. Shimadzu Corporation
3. Millipore Sigma (A Life Science Segment of Merck KGaA)
4. Restek Corporation
5. Perkinelmer, Inc.
6. AB Sciex LLC (A Subsidiary of Danaher Corporation)
7. Waters Corporation
8. Accelerated Technology Laboratories, Inc.
9. Steep Hill Halent Laboratories, Inc.
10. Digipath, Inc.
11. SC (Science of Cannabis) Laboratories, Inc.
12. Pharmlabs LLC
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Cannabis TestingMarketwas performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the Research Methodology of Verified Market Intelligence and other aspects of the research study, kindly get in touch with our sales team.
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