Cannabis Testing Market
The global cannabis testing market was valued at $ 1,029 million in 2019, and is projected to reach $2,445 million by 2027, registering a CAGR of 11.9%.
By product, the consumables segment occupied 59% market share of the global cannabis testing market in 2019. ”
— Allied Market Research
WILMINGTON, DELAWARE , UNITED STATES, March 29, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Cannabis Testing Market by Product, Test Type, and End User: Global Opportunity Analysis and Industry Forecast, 2019-2027,”
The global cannabis testing market was valued at $ 1,029 million in 2019, and is projected to reach $2,445 million by 2027, registering a CAGR of 11.9%.
Cannabis encompasses three plants—Cannabis sativa, Cannabis indica, and Cannabis ruderalis—each possessing psychoactive properties. When harvested and dried, the flowers of these plants yield one of the most prevalent drugs globally, known as cannabis, weed, pot, or marijuana. Typically sought for its calming effects, cannabis undergoes testing using medical instruments, consumables, and software to determine its quality for various medical applications. Previously prohibited worldwide, both cultivation and sales of cannabis have seen a shift as many nations acknowledge its medicinal benefits and lift bans.
𝑭𝒐𝒓 𝑹𝒊𝒈𝒉𝒕 𝑷𝒆𝒓𝒔𝒑𝒆𝒄𝒕𝒊𝒗𝒆 𝒂𝒏𝒅 𝑪𝒐𝒎𝒑𝒆𝒕𝒊𝒕𝒊𝒗𝒆 𝑰𝒏𝒔𝒊𝒈𝒉𝒕𝒔, 𝑮𝒆𝒕 𝑺𝒂𝒎𝒑𝒍𝒆 𝑹𝒆𝒑𝒐𝒓𝒕 𝒂𝒕: https://www.alliedmarketresearch.com/request-sample/A10899
The COVID-19 pandemic and a slowdown in global research activities have adversely affected operations and financial performances within the cannabis testing market. Closure of academic institutions, research centers, and testing laboratories resulted in a reduced volume of cannabis tests conducted. Notably, in Canada, federally regulated cannabis labs diverted focus to COVID-19 testing, further impacting cannabis testing volumes. Revenue losses ensued due to testing lab closures, disrupted supply chains, economic downturns, and mobility restrictions. Market players supplying products and software to the cannabis testing sector experienced decreased sales of instruments and consumables, owing to lab shutdowns and reduced testing activities. Consequently, the segment's growth was hindered by diminished product purchases.
Nevertheless, the cannabis testing market is experiencing rapid expansion driven by increased legalization of medical marijuana, especially in the U.S., coupled with funding initiatives for cannabis testing labs and a growing number of cultivators, drug manufacturers, and testing facilities. However, challenges such as methodological variations and inadequate testing regulations may impede market growth. Conversely, emerging economies in regions like Latin America and Asia-Pacific are anticipated to offer new prospects for market players in the future.
𝑫𝒐 𝑷𝒖𝒓𝒄𝒉𝒂𝒔𝒆 𝑬𝒏𝒒𝒖𝒊𝒓𝒚 -https://www.alliedmarketresearch.com/purchase-enquiry/A10899
𝑭𝒓𝒐𝒏𝒕𝒓𝒖𝒏𝒏𝒆𝒓𝒔 𝒊𝒏 𝒕𝒉𝒆 𝒊𝒏𝒅𝒖𝒔𝒕𝒓𝒚-
Agilent Technologies Inc.
Waters Corporation
Danaher Corporation
PerkinElmer
Merck KGAA
SC Laboratories
Shimadzu Corporation
Restek Corporation
Steep Hill
Thermo Fisher Scientific
David Correa
Allied Market Research
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