DUBLIN–(BUSINESS WIRE)–The “Cannabis Testing Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)” report has been added to ResearchAndMarkets.com’s offering.
The global cannabis testing market was valued at USD 950.9 million in 2020, and it is expected to reach USD 1,801.51 million by 2026, registering a CAGR of 11.29% during the forecast period, 2021-2026.
The impact of COVID-19 on this industry is still being studied. On one hand, due to the shutdown of non-essential labs and testing facilities across the world in response to COVID-19 induced lockdowns, sales of cannabis testing equipment and services were a bit low.
However, there has been positive news too. In April 2020, two Israel-based companies, Eybna and CannaSoul, collaborated to work on a patented cannabis terpene formulation for treating COVID-19. The companies are examining the efficacy of the cannabis terpene formulation NT-VRL, which is being used to treat a diverse range of inflammatory conditions, including the cytokine storm syndrome caused by COVID-19. Collaborations and increased research in this segment are likely to create demand for cannabis testing services to isolate novel compounds.
The major factor attributing to the growth of the market is the increasing approval for the use of medical cannabis. The legal usage of cannabis for medical purposes is steadily growing but varies across countries based on the possession, distribution, cultivation, and medical indications for its consumption. In addition, there is an increasing volume of research supporting the use of marijuana for medical purposes, while some studies demonstrated it to be a potential means of fighting the opioid epidemic. Government bodies of several countries across North America, Europe, and South America have legalized the use of medicinal marijuana completely or for limited usage in certain forms on a strict basis.
Globally, there are about 40 countries that allow the legal use of marijuana that is distributed through prescription or limited use in ayurvedic medicines. The use of hemp-based products has seen favorable legislation since the passage of the United States Farm Bill in 2018. The bill allowed the broad-based cultivation of hemp while restricting it to pilot programs for studying market interest in hemp-derived products. The bill explicitly allowed the transfer of hemp-derived products across state lines for commercial or other purposes. Additionally, it puts no restrictions on the sale, transport, or possession of hemp-derived products, so long as those items are produced in a manner consistent with the law.
In February 2021, lawmakers in the United States stated that they were planning new legislation that would end the federal prohibition on marijuana, which has been legalized to some degree by many states. These initiatives are likely to impact the demand for cannabis testing equipment in a positive manner. As cannabis-based products find increased legislation and come under the ambit of law, the demand for testing equipment is expected to increase during the study period.
Cannabis extracts are also used to treat many neurological and mental disorders. As the incidence of these disorders increases, along with the increase in use and production of cannabis, the cannabis testing market is also expected to grow during the forecast period. According to the World Health Organization, as of 2019, approximately 450 million people suffer from such conditions, placing mental disorders among the leading causes of ill-health and disability globally.
Depression is the most common mental disorder. Globally, more than 264 million people of all ages suffer from depression. More women are affected by depression than men. Furthermore, growing awareness and adoption of software services in labs testing cannabis are other factors boosting the market. However, the high cost involved in cannabis testing instruments is a major drawback of the market growth.
Key Market Trends
- The Analytical Instruments Segment is Dominating the Market
- North America Dominates the Market and is Expected to do the Same During the Forecast Period
The cannabis testing market is moderately consolidated and consists of some major players. Some of the companies currently dominating the market are Agilent Technologies, Shimadzu Scientific Instruments, Merck, Restek Corporation, PerkinElmer, Danaher Corporation, Accelerated Technology Laboratories, Steep Hill Halent Laboratories, Digipath, and Pharmlabs.
Key Topics Covered
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Legalization of Cannabis for Various Medical Purposes
4.2.2 Increasing Awareness regarding Cannabis for Treating Neurological Diseases
4.3 Market Restraints
4.3.1 High Cost of Analytical Instruments
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Product and Software/Service
5.1.1 Analytical Instruments
5.1.2 Spectroscopy Instruments
5.1.4 Cannabis Testing Software and Services
5.2 By Type
5.2.1 Potency Testing
5.2.2 Terpene Profiling
5.2.3 Residual Solvent Screening
5.2.4 Heavy Metal Testing
5.2.5 Mycotoxin Testing
5.2.6 Other Types
5.3 By End-user
5.3.2 Cannabis Drug Manufacturers and Dispensaries
5.3.3 Other End-users
5.4.1 North America
5.4.4 Middle-East and Africa
5.4.5 South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Agilent Technologies Inc.
6.1.2 Shimadzu Scientific Instruments
6.1.3 Merck KGaA (Sigma Aldrich)
6.1.4 Restek Corporation
6.1.5 PerkinElmer Inc.
6.1.6 Danaher Corporation
6.1.7 Accelerated Technology Laboratories Inc.
6.1.8 Steep Hill Halent Laboratories Inc.
6.1.9 Digipath Inc.
6.1.10 Pharmlabs LLC
6.1.11 Sartorius AG
6.1.12 AB Sciex Pte. Ltd.
6.1.13 ENCORE Labs
6.1.14 Aurum Labs
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/wt760c