Increased demand for cannabis testing services due to an increase in contamination incidents is the major driver for the expansion of the market.
HYDERABAD, TELANGANA, INDIA, June 9, 2022 /EINPresswire.com/ — The global cannabis testing services market size was valued at USD 1.08 billion in 2021 and is expected to grow at a CAGR of 13.2% during of the forecast period. Cannabis testing is done for a variety of reasons, including determining the concentration of active ingredients (cannabinoids and terpenes), which defines the medical potency of cannabis. It is also used to determine the presence of many additional ingredients in a sample. To assess residual pesticide content in a particular sample, for example, which compromises its purity and efficacy. Cannabis testing also includes identifying impurities like fungi and bacteria (mycotoxins), which can cause serious lung infections if used improperly.
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The Cannabis Testing Market – Growth Factors
An increasing cannabis product approval rate, combined with increased research and development initiatives, is expected to fuel the expansion of the global market throughout the forecast period. Additionally, the growing number of cannabis testing laboratories globally, owing to the increase in legislation allowing the use of cannabis for medical and research purposes, is expected to fuel the expansion of the target market over the course of the year. of the forecast period. Furthermore, increase in technical developments, investment expenditures in R&D activities, and innovative product launches to treat various ailments are all expected to enhance the growth of the target market during the forecast period. Furthermore, increased public awareness of cannabis through conferences, seminars, and other events is likely to drive the global market forward throughout the forecast period.
The Cannabis Testing Market – Segmentation
The global cannabis testing market based on type is divided into medical and recreational.
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The cannabis testing market trend:
• The market is likely to grow as the number of medical cannabis applications increase.
• The increased acceptance of cannabis for recreational activities, which has been witnessed in the global market, is expected to support the growth of the target market over the forecast period.
The Cannabis Testing Market – Regional Analysis
North America held the largest share in 2019, accounting for 87.0% of total revenue, and is expected to continue growing at a rapid pace over the forecast period. The existence of a large number of cultivators in the region, as well as the increase in the number of testing laboratories in the region due to the government’s strict standards for marijuana growers, are key factors supporting the growth of the market in this region.
Impact of the COVID-19 pandemic:
The unforeseen outbreak of COVID-19 has had both positive and negative effects on the life sciences and pharmaceutical industries. Some business sectors have been more damaged than others due to shortages of consumables, instruments and reagents, as well as supply chain disruptions and trade restrictions.
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