Global Cannabis Testing Market Insights and Projections, 2022-2027 – Agilent Technologies, Shimadzu Scientific Instruments, Merck (Sigma Aldrich), Restek, and PerkinElmer are Dominating the Industry – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Cannabis Testing Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)” report has been added to ResearchAndMarkets.com’s offering. The global cannabis testing market was valued at USD 950.9 million in 2020, and it is expected to reach USD 1,801.51 million by 2026, registering a CAGR of 11.29% during the forecast period, 2021-2026. The impact of COVID-19 on this industry is still being studied. On one hand, due to the shutdown of non-essential labs and testing facilities across the world in response to COVID-19 induced lockdowns, sales of cannabis testing equipment and services were a bit low. However, there has been positive news too. In April 2020, two Israel-based companies, Eybna and CannaSoul, collaborated to work on a patented cannabis terpene formulation for treating COVID-19. The companies are examining the efficacy of the cannabis terpene formulation NT-VRL, which is being used to treat a diverse range of inflammatory conditions, including the cytokine storm syndrome caused by COVID-19. Collaborations and increased research in this segment are likely to create demand for cannabis testing services to isolate novel compounds. The major factor attributing to the growth of the market is the increasing approval for the use of medical cannabis. The legal usage of cannabis for medical purposes is steadily growing but varies across countries based on the possession, distribution, cultivation, and medical indications for its consumption. In addition, there is an increasing volume of research supporting the use of marijuana for medical purposes, while some studies demonstrated it to be a potential means of fighting the opioid epidemic. Government bodies of several countries across North America, Europe, and South America have legalized the use of medicinal marijuana completely or for limited usage in certain forms on a strict basis. Globally, there are about 40 countries that allow the legal use of…
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Source : Global Cannabis Testing Market Insights and Projections, 2022-2027 – Agilent Technologies, Shimadzu Scientific Instruments, Merck (Sigma Aldrich), Restek, and PerkinElmer are Dominating the Industry – ResearchAndMarkets.com
reposted by Cannabis News World
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