DUBLIN–(BUSINESS WIRE)–The “Cannabis Testing Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Cannabis Testing Market was estimated to be USD 950.9 million in 2020 and is poised to grow at a CAGR of 11.29 % to reach USD 1,801.51 million by the year 2026.
- Agilent Technologies, Inc.
- Shimadzu Scientific Instruments.
- Merck KGaA (Sigma Aldrich)
- Restek Corporation
- PerkinElmer Inc.
- Danaher Corporation
- Accelerated Technology Laboratories, Inc.
- Steep Hill Halent Laboratories, Inc.
- Digipath, Inc.
- Pharmlabs LLC
- Sartorius AG
- AB Sciex Pte. Ltd.
- ENCORE Labs
- Aurum Labs
Key Market Trends
Analytical Instruments Segment is Dominating the Cannabis Testing Market.
The COVID-19 impact on analytical instruments has been positive. In general, due to the COVID-19 pandemic, there has been an increase in demand for analytical instruments as the production of equipment has increased significantly. Additionally, since cannabis extracts are being used for medical research, there has been sustained demand for these equipment even during the pandemic. Finally, many regions in the United States tagged cannabis dispensaries with the title of ‘essential business’. Thus, these developments are expected to positively affect market development.
Cannabis extracts need to be tested for heavy metals, potency, pesticides, terpene profile, residual solvents, moisture, microbial and fungal growth, and mycotoxins/aflatoxin. Testing makes sure that the products are safe, while concurrently generating revenues and a return on investment. Instruments, like HPLC, Gas chromatography, Liquid Chromatography, and so on are used extensively. A study was conducted by researchers at the Suez Canal University in Egypt between 2015 and 2018, and the results were published in January 2019. The researchers studied some of the most widely used Cannabis analytical techniques. These techniques ranged from liquid chromatography (LC) to gas chromatography (GC) and others.
Chromatography techniques are used extensively for contaminant reduction. They can be cost-effective too while efficiently removing contaminants like fungicides, pesticides, herbicides, synergists, and heavy metals from cannabis and hemp extracts. Chromatography can also be used for reducing THC content in cannabis extracts. They are used to separate cannabinoids like CBD, THC, CBN, CBG, etc from cannabis extracts. Many companies like Sorbent Technologies, Inc. offer exclusive chromatography based testing and extraction products. The company manufactures dedicated chromatographic products like Adsorbents, TLC Plates, Flash Cartridges, Flash Chromatographic Systems, FPLC Columns, HPLC Columns, GC Columns, Gel Filtration, SPE Cartridges and Syringe Filters.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to factors such as the high prevalence of chronic diseases in the region, favorable legislation and the presence of large companies are some of the key factors accountable for the growth of the market in this region.
According to UCB Canada Inc., a major biopharmaceutical company based in Canada, there were over 100,000 cases of Parkinson’s disease in 2018, with about 6,600 new cases of Parkinson’s diagnosed each year in Canada. The Parkinson’s Foundation of the United States estimated that around 60,000 people are diagnosed with Parkinson’s Disease each year. Cannabis-derived CBD products are used to treat some symptoms of neurological disorders like Parkinson’s. Such high incidence rates are expected to have a positive effect on market growth. Canada was one of the first countries in the world to legalize the production and use of cannabis. In October 2019, it updated its laws to establish rules for the legal production and sale of three new classes of cannabis which included edible cannabis, cannabis extracts, and cannabis topicals. These products need advanced purification and testing equipment for their extraction from Cannabis sativa plants. Thus, regulatory changes like the one in Canada are expected to have a positive effect on market development.
Furthermore, collaborations between major companies and an increase in the number of research efforts are some of the drivers expected to increase market growth. In this region, the United States is expected to have the maximum share due to supportive healthcare policies and the high number of patients.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Legalization of Cannabis for Various Medical Purposes
4.2.2 Increasing Awareness regarding Cannabis for Treating Neurological Diseases
4.3 Market Restraints
4.3.1 High Cost of Analytical Instruments
4.4 Porter’s Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Product and Software/Service
5.1.1 Analytical Instruments
5.1.2 Spectroscopy Instruments
5.1.4 Cannabis Testing Software and Services
5.2 By Type
5.2.1 Potency Testing
5.2.2 Terpene Profiling
5.2.3 Residual solvent screening
5.2.4 Heavy metal testing
5.2.5 Mycotoxin testing
5.3 By End-User
5.3.2 Cannabis Drug Manufacturers & Dispensaries
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/mc3x0j