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Cannabis Testing Market Size, Share, 2022 Movements By Key Findings, Covid-19 Impact Analysis, Progression Status, Revenue Expectation to 2031 Research Report

Kenneth Research, in its repository of market research reports, have recently added a report on the Cannabis Testing Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Cannabis Testing Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention 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) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst 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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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.

The report covers the forecast and analysis of the cannabis testing market on a global and regional level. The study provides historical data from 2015 to 2018 along with a forecast from 2019 to 2027 based on revenue (USD Million). The study includes drivers and restraints of the cannabis testing market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the cannabis testing market on a global level.

In order to give the users of this report a comprehensive view of the cannabis testing market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are bench marked based on their market size, growth rate, and general attractiveness.

The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product & service launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis.

The study provides a decisive view of the cannabis testing market by segmenting the market based on the product & software, method of testing, end-users, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2027. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

The usage of medicinal cannabis for the purpose of reducing nausea post the chemotherapy or appetite stimulation in AIDS patients for controlling muscle spasms will propel the industry demand. In addition to this, the rise in the approval of cannabis-based medicines along with new product introduction will spur the growth of cannabis testing market during the timespan from 2019 to 2027. Apparently, the large-scale acceptance of LIMS across the cannabis testing labs will enlarge the business scope during the forecast timeline. Nevertheless, the high cost of analytical devices and high variation in the testing procedures will hinder the market progression over the forecast timeline.

Based on the product & software, the market is sectored into products and software. The products segment is again divided into Analytical Instruments, Spectroscopy Instruments, and Consumables. Based on the method of testing, the industry is divided into Potency, Residual Solvent Screening, Heavy Metal, Pesticide Screening, Terpene Profiling, Genetic, and Microbial Analysis. In terms of end-users, the market is classified into Cannabis Testing Laboratories, Drug Manufacturers & Dispensaries, Research Institutions, and Cultivators.

The key players involved in the global cannabis testing business include Waters Corporation, Agilent Technologies, Inc., Shimadzu Corporation, PerkinElmer, Inc., GenTech Scientific, Millipore Sigma, AB SCIEX LLC, PharmLabs, LLC, CannaSys, Inc., and Cannabix Technologies, Inc.

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