Cannabis Testing Market refers to the different kinds of drug test methodologies primarily intended for cannabis use in law, medicine, and sport. The use of cannabis is easily detectable via testing urine, hair, and saliva samples and the effects can last up to a few weeks.
Taking Mental Health Out of the Closet Will Boost Cannabis Testing Market
A key factor responsible for the growth of the cannabis testing market is the gradual acceptance for the use of cannabis for medical purposes. Cannabis extracts are quite effective at treating mental and neurological imbalances such as Alzheimer’s disease, epilepsy, anorexia, schizophrenia and PTSD. The World Health Organization (WHO) estimates that nearly half a billion people already suffer from mental ailments and with this number anticipated to rise further, the use of medical cannabis should increase. In addition, the rising awareness of laboratory information management systems (LIMS) is projected to play a key role in the cannabis testing market. LIMS enable all test data to be stored in a single, highly controlled environment, ensuring a robust QA framework adhering to strict legislative requirements commonplace in the cannabis testing market.
Ever-changing Regulatory Policies Have Seesaw Effect on the Cannabis Testing Market
However, the stringent regulatory policies are predicted to have a negative impact on the cannabis testing market. In California, every batch of cannabis sold must be certified by a state-licensed laboratory and be tested for more than 100 contaminants, including 66 pesticides with a lower threshold than the permissible level for any other agricultural product. In certain countries, there are also province or state-wise safety laws or procedures that differ dramatically. As of 2019, 32 of the 50 U.S states had legalized the use of medical cannabis. The lack of standardization across nations and even within states restricts the growth of the cannabis testing market. Furthermore, the heavy initial investment in analytical equipment coupled with a serious dearth of qualified lab professionals might hamper the cannabis testing market over the duration of the study.
Constant Vigilance Key to Success in the Cannabis Testing Market
In terms of products, the cannabis testing market can broadly be classified into analytical instruments, end-user consumables, and cannabis testing software and services. Some of the testing instruments involved include potency testing, heavy metal testing, heavy metal testing, pesticide testing, and moisture content & water activity testing. These tests are critical in making cannabis products medically safe, while simultaneously generating revenue and a high return on investment for key players in the cannabis testing market.
Key players in the global Cannabis Testing market covered:
Accelerated Technology Laboratories, Inc.
SC Laboratories Inc.
Digipath Labs, Inc.
Green Leaf Lab
AB SCIEX LLC
Thermo Fisher Scientific
Steep Hill Labs, Inc.
Agilent Technologies, Inc.
On the basis of types, the Cannabis Testing market is primarily split into:
On the basis of applications, the Cannabis Testing market covers:
Cannabis Testing Laboratories
Drug Manufacturers and Dispensaries
Geographically, the detailed analysis of production, trade of the following countries is covered:
Laboratories Dominate the Cannabis Testing Market
Laboratories, cannabis drug manufacturers, cultivators, laboratories, and research institutions are the primary users in the cannabis testing market. As a result of the rising adoption of LIMS, workshops, conferences, and medical symposia increasing overall awareness, laboratories are forecast to be the largest end users in the cannabis testing market.
North America Blazing a Path in the Global Cannabis Testing Market
North America is on track to lead the cannabis testing market in the forecast period on account of the legalization of marijuana across Canada and the majority of US states. There has been growing acceptance of both the medical and recreational use of cannabis on the continent. The World Medical Cannabis Conference and Expo, the largest of its kind, was held in Pennsylvania in March 2019, to boost the North American cannabis testing market. Along with North America, several European countries such as Croatia, Cyprus, Germany, Greece, Norway, the Netherlands, and Switzerland have legalized medical cannabis, making the Europe cannabis testing market important. Although APAC countries have not legalized the use as of 2020, the growing concern about mental illness coupled with a surge in cannabis testing labs catering should fuel growth in the APAC cannabis testing market.
Major Companies In The Cannabis Testing Market comprise Agilent Technologies, Waters Corporation, AB Sciex LLC, Shimadzu Corporation, Millipore Sigma, PharmLabs, Cannabix Technologies, and CannaSys.
Could COVID-19 Crash The High Of The Cannabis Testing Market?
As of mid-2020, cannabis testing labs have reported steady business, COVID-19 pandemic notwithstanding, though there could be some bottlenecks down the road if personal protective equipment (PPE) shortages continue. This must be taken into consideration by players in the cannabis testing market, as COVID-19 could possibly affect the whole supply chain right from the seed to the sale. A few cannabis testing labs have begun staggered shifts to adhere to social distancing norms, and facility owners are reassuring customers of the inherent cleanliness of their working environments. Unfortunately, PPE and isopropyl alcohol needed to sterilize lab surfaces and equipment are in short supply. Access to capital could also pose a challenge in the cannabis testing market as private equity funds become more discerning in their investment decisions. On the whole though, cannabis, similar to alcohol and tobacco consumption, has historically faced well during challenging times and there is little reason to suggest that history won’t repeat itself.
Credible Markets has emerged as a dependable source for the market research needs of businesses within a quick time span. We have collaborated with leading publishers of market intelligence and the coverage of our reports reserve spans all the key industry verticals and thousands of micro markets. The massive repository allows our clients to pick from recently published reports from a range of publishers that also provide extensive regional and country-wise analysis. Moreover, pre-booked research reports are among our top offerings.
Credible Markets Analytics
99 Wall Street 2124 New York, NY 10005
Email: [email protected]
Get more Information: https://www.crediblemarkets.com/market-analysis/global-cannabis-testing-market-520820