According to Inkwood Research, the Global Cannabis Extraction & Analytical Testing Market is forecasted to record a CAGR of 15.77% in terms of revenue over the forecasting period of 2023-2032.
“Browse 51 Market Data Tables and 50 Figures spread over 320 Pages, along with an in-depth TOC on the Global Cannabis Extraction & Analytical Testing Market Forecast 2023-2032.”
Cannabis is well-known for its numerous therapeutic activities, as demonstrated in pre-clinical and clinical studies, primarily due to its bioactive compounds. As the cannabis industry experiences rapid expansion, product development and extraction techniques have emerged as critical components of cannabis research. Over the past few decades, there has been a heightened focus on the medical applications of cannabis.
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Increase in Use of Medical Cannabis Bolsters Global Market Growth
Utilizing prescribed medical cannabis offers several advantages compared to illicit cannabis, including safer modes of administration, enhanced accessibility assurance, and improved doctor-patient communication. Patients can also receive accurate information regarding the THC/CBD composition, a persistent concern with illicit products. Further initiatives should be undertaken to facilitate the transition of patients from illicit sources to regulated, quality-controlled cannabis products.
Cannabis Analytical Testing Equipment: Highest Revenue-Generating Equipment Type
Cannabis labs must have a variety of analytical tools on hand for cannabis testing. These laboratories conduct tests for cannabinoids, potency, heavy metals, pesticides, residual solvents, moisture, terpene profile, microbial and fungal growth, and mycotoxins/aflatoxins.
Europe to Rise with Highest CAGR
European countries now have access to reliable supplies of cannabis-based medicines for patients, thanks to the development of medical and pharmaceutical-grade extraction facilities on the continent. This is a positive development because there have long been shortages in the area.
The competition in the global market is expected to be intense during the forecast years. Also, some of the major enterprises operating in the global cannabis extraction & analytical testing market include Thermo Fisher Scientific Corp, Aurora Cannabis Inc, Craft Cannabis, etc.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, the Middle East, Europe, Asia, and Africa.