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Pune, 22 july. Global Cannabis Testing Market was valued USD 1.2 billion in 2019 and is anticipated to grow at a CAGR of 14.1% during the forecast period. Increasing usage of cannabis for medical purposes has led to the legalization of cannabis in various countries across the globe. For instance, currently, more than 30 countries across the globe have legalized the use of cannabis for medical treatment. The legalization of cannabis for medical purposes will provide new growth avenues for testing laboratories, thus leading to a huge development of the cannabis testing industry throughout the forecast period. Moreover, increasing focus to meet the growing needs of hemp and cannabis cultivators will further lead to increasing cannabis testing laboratory setup, fueling the business growth in the future.
The growing number of medical applications of cannabis will spur the medical cannabis industry, thus rendering a positive impact over cannabis testing industry growth as various research institutes are investing in exploring additional therapeutic uses of medical cannabis.
The COVID-19 Impact on the Global Cannabis Testing Market
With COVID-19 continuing to spread all over the world, researchers are looking into numerous options for possible treatment, including existing drugs. Medical cannabis is one option that’s gained a lot of attention, but while early research shows some promise, it’s much too early to consider a safe and effective treatment.
Likely, due to the continued restrictions on cannabis research in the US, there are not yet any studies in the country focusing on cannabis as a possible treatment or prevention for COVID-19. However, earlier this month, the University of Miami researchers launched a study into how the novel coronavirus is impacting American cannabis users during the peak of the outbreak.
More recently, a partnership between the University of Lethbridge in Alberta, Canada, and Pathway RX and Swysh Inc. cannabis research companies found that to prevent infection with SARS-CoV-2, the virus that causes COVID-19, certain Cannabis sativa extracts could be used in treatments.
It will take many months before cannabis is a safe and effective option against COVID-19.
Chromatography Technique Driving the Demand for Analytical Instruments in Cannabis Testing
The analytical instrument will dominate the product segment owing to the increase in the use of chromatography. The preference of the chromatography techniques for cannabis testing is high because of its fast and effective results. Moreover, numerous manufacturers are offering specialized chromatography instrument for cannabis testing. This instrument for chromatography technique offers options like high output, high sensitivity, and high resolution.
Laboratories Segment to Lead the Growth of the End-user Segment
In the end-user, the laboratories segment will dominate the overall market because of the increasing demand for the legalization of cannabis for both medical and recreational use across the globe. Moreover, stringent rules implemented by various authorities to ensure superior quality of cannabis product and patient safety can further spur cannabis testing laboratory’s business growth throughout the analysis period.
North America Holds a Major Share of the Global Cannabis Testing Market
North America holds a dominant position in the global population market. The region’s dominance is attributable to the growing legalization of cannabis in several countries of the region for medical purposes.
In the U.S., 25 states have legalized medical cannabis; four states Colorado, Washington, Oregon, and Alaska—have legalized cannabis for both medical and recreational use.
Companies Pitch for Legalization, Development, and Research on Medical Usage of Cannabis for Aiding in Treatment of Various Diseases
Cannabis Testing Market vendors are making substantial efforts in adopting advanced technologies essentially by allying and partnering that will facilitate Cannabis Testing.
- March 5, 2020 – Sensabues AB announced that it has partnered with RCU Labs, Inc. for recent cannabis use.
- June 18, 2020 – Stero Therapeutics, an Israeli startup has announced a clinical trial to tests cannabis component could enable reduced steroid dosage or enhance steroid treatment to avoid negative effects.
- August 11, 2019 – AYUSH experts on Saturday pitched for the legalization of medical use of cannabis, saying India can revolutionize pain management with cannabis by using ayurvedic knowledge.
Key participants operating in the market include Agilent Technologies, Inc., Waters Corporation, Shimadzu Corporation, PerkinElmer, Inc., Millipore Sigma, AB SCIEX LLC, Restek Corporation, CannaSafe Analytics, Steep Hill Labs, Inc.,SC Laboratories, Inc., Digipath Labs, Inc., and PharmLabs.
Source: Quince Market Insights