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Increasing Awareness Through Conferences, Symposia, and Workshops to Drive Growth of Cannabis testing Market During 2021–2028

NEW YORK, UNITED STATES, March 10, 2022 /EINPresswire.com/ -- According to The Insight Parters new research study on “Cannabis Testing Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Type and End User,” the market is expected to reach US$ 2,960.20 million by 2028 from US$ 1,290.08 million in 2021. The market is estimated to grow at a CAGR of 10.1% from 2021 to 2028. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth.

Legalization of medical cannabis, increasing awareness through conferences, symposia, and workshops and growing adoption of LIMS in cannabis testing laboratories are driving the growth of the cannabis testing market. However, the stringent regulatory framework for cannabis, and dearth of trained laboratory professionals hinder the market growth.

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Purpl Scientific; Orange Photonics, Inc; Agilent Technologies, Inc.; SHIMADZU CORPORATION; Merck KGaA; Restek Corporation; WATERS; CannaSafe Analytics; Accelerated Technology Laboratories, Inc.; and Digipath Inc are among the leading companies operating in the cannabis testing market. The companies are adopting inorganic and organic growth strategies to expand their global footprints and product portfolio to meet the rising demands for the cannabis testing. For instance, in January 2021, Agilent Technologies, Inc. announced that it has released MassHunter Workstation Plus 11.0, MassHunter BioConfirm, and MassHunter Networked Workstation 11.0 to comply with regulatory requirements from the EU EMEA and US FDA.

The cannabis testing market is segmented based on product, type, end user, portability, and region. The market, based on region, is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America. The report offers insights and in-depth analysis of the cannabis testing market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the world. It also includes the impact of the COVID–19 pandemic on the market across all the regions. The impact of the pandemic and decreasing global research activities have also harmed the operations and financial execution of several companies in the market. The number of cannabis tests conducted in the laboratories decreased due to the shutting down of academic & research institutes and testing laboratories. For instance, according to a report issued by MJBizDaily in March 2020, most federally managed cannabis labs in Canada help COVID-19 testing, consequently impacting the number of cannabis tests performed in the labs. In addition, the cannabis market lost some revenue due to shop closures, testing laboratories closings, interrupted supply chains, global economic slowdown, and limited movement.

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In 2021, the analytical instruments segment held the largest share of the market by 50.96%, by product. Moreover, the consumables segment is estimated to grow at a CAGR of 8.0% from 2021 to 2028. The segment is expected to witness rapid growth owing to increasing use of the consumables as well as capital equipment for cannabis tests because of increasing use of cannabis for medical and recreational use. Also, rapid legalization of the medical cannabis in various parts of the world is likely to favor the growth of the market.

The medical use of cannabis has witnessed a significant change in this decade as many governments have legalized use of cannabis. The governments of various states have attempted to spread the use of cannabis in medical industry. Due to this, various government institutions have initiated the process of legalizing the use of medical cannabis and have started to place a legal framework to practice. These rapid changes in the industry have enabled medical experts and professionals to organize events and spread the use of medical cannabis.

Currently, medical cannabis conferences have been taking places in various parts of the world. In the US, conferences symposium and seminars take place at various states to acquaint its citizens and authorities with the use of medical marijuana and legal framework related to it.

Conferences which recently took place globally are:

World Medical Cannabis Conference and Expo (April 2018) is one of the most popular conference in the US with participants across the world. This is the largest cannabis symposium in the world, which brings all business stakeholder together. It involves over 3000 guests and 150 exhibitors.
CannaCon is first ever symposium that features legal sale of cannabis for business purposes. The expo provides a platform for guest to get access to knowledge from business experts with over 12000 guests. U.S Cannabis Conference and Expo conference involves high profile discussion, presentation and will educate entrepreneur to boost the development and evolution of medical cannabis industry.

Additionally, CannMed 2021 is going to be held in Pasadena, California in September 2021. CannMed showcases latest findings and breakthrough technologies in the cannabis science, medicines, cultivation, and safety. Thus, owing to rising number of conferences, expo and other awareness programs, the cannabis testing market is expected to witness rapid growth.

The report segments Global Cannabis Testing market as follows:

Cannabis Testing market By Product
• Analytical Instruments
o Chromatography Instruments
o Spectroscopy
o Other Analytical Instruments
• Consumables
• Software

Cannabis Testing market By Type
• Potency Testing
• Microbial Analysis
• Residual Solvent Screening

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Market Trends: Cannabis Testing Market Forecast to 2028