Westford, USA, Oct. 14, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Cannabis Testing Market will attain the value of USD 21.9 Billion by 2031, with a CAGR of 13.5% during the forecast period (2024-2031). The use of cannabis in the treatment of several neurological and psychiatric conditions has also increased dramatically along with the increasing prevalence and production of marijuana. This growing trend is expected to drive significant growth in the cannabis testing market during the forecast period. According to the European Brain Council, around 600 cases of the neurological disorders have been reported worldwide, placing dementia among leading causes of the global poor health and disability.
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Browse in-depth TOC on "Cannabis Testing Market " Pages – 157, Tables – 99, Figures – 68
Cannabis Testing Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 7.9 Billion |
| Estimated Value by 2031 | USD 21.9 Billion |
| Growth Rate | Poised to grow at a CAGR of 13.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Test, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Potential Growth in Hemp and CBD Product Testing |
| Key Market Drivers | Rising Consumer Demand for Safe and Quality Products |
Potency Testing Segment to Dominate Due to Increasing Legalization of Clinical Marijuana
The segment specializing in efficient potency testing services has emerged as a dominant segment in the market, exhibiting the most sizeable proportion and poised for an increase in the forecast period. The surge within the cannabis testing market can be credited to the increasing legalization of clinical marijuana, distinguished inside the United States, coupled with the growing use of CBD in treating numerous sicknesses.
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Cannabis Cultivators and Growers Segment to Drive Market with Rise in Emphasis on Shopping Experience
In 2023, cannabis cultivators and growers emerged as key players, wielding substantial have an impact on and commanding a giant share of the marketplace revenue. Their prominence is evident in strategic partnerships forged with testing laboratories and research centers, a strategic response to stringent government regulations governing THC content in cannabis products across numerous countries. These collaborative endeavors effectively streamline compliance with regulatory standards, ensuring the production of cannabis strains that align with permissible THC limits.
Asia Pacific is Growing Due to Increasing Trend towards Legalization of Medical Marijuana
Asia-Pacific within the cannabis testing market will witness an outstanding CAGR of 25.9%, indicating a vast upward trend. This incremental growth is fueled with the aid of a developing trend towards the legalization of scientific marijuana in numerous states inside the location. As legalization evolves, the demand for the cannabis testing services growth, with authorities groups and enterprise prioritizing the transport of safe and the powerful scientific marijuana products. This emphasis largely on the rigorous checking out highlights the important position. These organizations play in making sure the quality and reliability of medical marijuana services.
Drivers
- Expanding Legalization of Cannabis Across Regions
- Rising Consumer Demand for Safe and Quality Products
- Stringent Government Regulations on Cannabis Safety
Restraints
- High Costs of Advanced Testing Equipment
- Lack of Standardized Testing Procedures
- Regulatory Inconsistencies Across Countries
Prominent Players in Cannabis Testing Market
- Shimadzu Scientific Instruments
- Agilent Technologies Inc.
- Danaher Corporation
- Accelerated Technology Laboratories Inc.
- Merck KGaA (Sigma Aldrich)
- Pharmlabs LLC
- Restek Corporation
- Sartorius AG
- Steep Hill Halent Laboratories Inc.
- PerkinElmer Inc.
- Digipath Inc.
- AB Sciex Pte. Ltd
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Key Questions Answered in Cannabis Testing Market Report
- How big is the global market?
- What are the key restraints of the market size?
- Which is the dominating region in the market?
This report provides the following insights
Analysis of key drivers (expanding legalization of cannabis across regions, rising consumer demand for safe and quality products, stringent government regulations on cannabis safety), restraints (lack of standardized testing procedures, regulatory inconsistencies across countries), opportunities (emerging markets with legal cannabis adoption, technological advancements in testing methods, potential growth in hemp and CBD product testing) influencing the growth of Cannabis Testing Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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