In a recent published report, Kenneth Research has updated the market report for Cannabis Testing Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
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.
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
1. Global Cannabis TestingMarket, by End User:
1.1 Product & Software
18.104.22.168 Small-Scale Laboratories
22.214.171.124 Medium-Scale Laboratories
126.96.36.199 Large-Scale Laboratories
1.2 Research Institutions
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
188.8.131.52 Chromatography Columns
184.108.40.206 Standards and CRMS
220.127.116.11 Sample Preparation Products
18.104.22.168 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
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
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 RESEARCH:
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.
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