Cannabis Testing Market by Product (Instruments, Consumables, and Software), Test Type (Heavy Metal Testing, Microbial Analysis, Potency Testing, Residual Screening, and Others), and End User (Cannabis Cultivators/Growers, Cannabis Drug Manufacturers, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2027.
The global Cannabis Testing Market generated $1.02 billion in 2019, and is estimated to generate $2.44 billion by 2027, witnessing a CAGR of 11.9% from 2020 to 2027.
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What are the key trends in the cannabis testing market report?
The major factor that fuels the growth of the Digital PCR Market owing to growing demand for cannabis legalization in several countries for medical purpose, increase in adoption of LIMS in cannabis testing, 3.5.1.3. Collaborations between major companieslaboratories.
COVID-19 scenario-
Closures of testing laboratories, disrupted supply chains, general economic slowdown, and restricted movement impacted the global cannabis testing market negatively, especially during the first phase of the lockdown.
However, several government bodies have come up with relaxations on the existing rules & dictums, and the market is expected to revive soon.
Based on product, the consumables segment accounted for the highest market share in 2019, holding nearly three-fifths of the total share in 2019, and is expected to continue its leadership status by 2027. However, the instruments segment is estimated to witness the largest CAGR of 13.2% from 2020 to 2027.
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Frontrunners in the industry-
- Agilent Technologies Inc.
- Waters Corporation
- Danaher Corporation
- PerkinElmer
- Merck KGAA
- SC Laboratories
- Shimadzu Corporation
- Restek Corporation
- Steep Hill
- Thermo Fisher Scientific
Important Questions Being Answered by the Market Report
- What is the Cannabis Testing Market size and growth?
- What are the prominent and latest trends impacting the market?
- Which regions will observe growth on new occasions?
- Which players are adopting a functioning and planned framework to obtain customer loyalty?
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