Cannabidiol Testing (cbd) Market Value And Growth Analysis-2023

By Author: bhargav
Total Articles: 47
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Market overview:
The Cannabidiol Testing (CBD) Market was valued at $45.97 million in 2022 and is estimated to reach $61.35 million by 2028, with a CAGR of 4.8% from 2023 to 2028.
CBD, a substance present in Cannabis sativa (cannabis/hemp), is recognized as a seizure medication in the United States. CBD, a cannabis component, is obtained from hemp with low THC levels, in contrast to THC. It has a different impact on brain chemistry than THC. Although CBD is used to treat a variety of illnesses, most claims lack supporting scientific data. The sale of hemp goods in the US became allowed in 2018 thanks to legislation, however not all hemp-derived CBD products are legal. Since CBD is a recognized medication, it cannot be included in foods or dietary supplements, but it can be used topically. There are certain CBD products marketed as nutritional supplements, but the levels of CBD vary from what is stated on the label. Testing for cannabidiol, which includes cannabinoids like THC, can identify cannabis users. Cannabidiol tests, which are typically performed on urine samples but can also be performed on blood, saliva, ...
... or hair samples, may be used for medical screening or employment purposes. The global market for cannabidiol testing (CBD) is predicted to expand significantly over the forecast period as public awareness of cannabis' health advantages rises and CBD's use for medical purposes spreads.
Market Drivers and Restraints:
It is clear that cannabidiol's widespread medicinal use is due to its non-psychoactive properties, which include its ability to cure anxiety and depression as well as relieve pain, cancer symptoms, stress, and inflammation. The global market for cannabidiol testing (CBD) is anticipated to increase as a result of the growing use of CBD-based products for treating health problems. For instance, the World Health Organization claims that CBD does not have misuse or dependence potential in people and that there is no proof that using pure CBD causes public health issues. The effectiveness of CBD in lowering adult PTSD-related symptoms, such as nightmares, was further supported by a 2019 study.Additionally, rising investment in CBD research by pharmaceutical and biotechnology businesses is a major factor in the market's expansion.
The need for CBD testing services in laboratories has increased as a result of the need to test CBD products to assure their safety. For instance, the government focuses a lot of attention on CBD manufacturers that make untrue promises, despite the fact that credible research suggests CBD as a non-toxic alternative for treating chronic pain, insomnia, and anxiety. The assertion that it is a universal treatment for COVID-19 or cancer is unfounded. To fully investigate its possibilities, more study is required. It follows that the global cannabidiol testing (CBD) market will continue to grow and dominate the industry for the foreseeable future.
To know more, read:
https://www.marketdataforecast.com/market-reports/cannabidiol-testing-(cbd)-market
The report is segmented as follows:
The Cannabidiol Testing (CBD) Market is segmented by Product; the Market is segmented by Testing Procedures; the market is segmented by End-users
By Product (Analytical Instruments, Consumables, Software)
By Testing Procedures (Residual Solvent Screening, Terpene Profiling, Potency Testing, Genetic Testing, Pesticide Screening, Heavy Metal Testing, Microbial Analysis)
By End-users (Laboratories, Cannabis Cultivators, Research Institutes, Drug Manufacturers, and Dispensaries)
Regional Segmentation:
The global market share for cannabidiol testing (CBD) is dominated by North America. The growing legalization of marijuana and the increased use of CBD are the main drivers of the region's growth. Additionally, the market is being improved by a growing number of cannabis growers. Furthermore, a big population of health-conscious people, a growing acceptance of CBD products, and the presence of significant manufacturers all contribute to the region's rise in the worldwide market. This is in addition to the expanding public knowledge of the advantages of cannabis. For instance, the legalization of hemp under the 2018 Farm Bill has led to almost universal acceptance of CBD, much like the legalization of oranges but the prohibition of orange juice. North America is regarded as the most advanced region in cannabis and CBD-related products due to the huge number of CBD companies and lax legislation regarding the use of CBD products.
Additionally holding a sizeable portion of the market, Europe is anticipated to experience rapid growth in the years to come. High rates of people receiving treatment for opioid use disorders are found in Central Asia, Eastern and South-Eastern Europe, and the Middle East. The general populace in the region is becoming more aware of these neuro diseases, and healthcare spending is rising as well, both of which will help the market develop.
The number of patients with opioid dependency will increase in the rest of the world, including Latin America, the Middle East, and Africa. This region is also anticipated to develop significantly with a notable CAGR during the forecasted period.
Impact of the COVID-19 pandemic on the market:
During the global COVID-19 pandemic, businesses across many industries experienced substantial interruptions as lockdown procedures were put in place by governments to stop the disease's spread. Production halted as a result of the temporary closure of manufacturing facilities. Cannabidiol and cannabis availability on a worldwide scale was also affected by raw material shortages and supply chain hiccups brought on by import and export restrictions enforced by various nations.The COVID-19 pandemic's effects are anticipated to have a negative impact on the growth of the global cannabidiol testing (CBD) market. The global cannabidiol testing (CBD) market is predicted to expand due to the pandemic's impact on bones and joints, which results in pain, seizures, psychotic issues, and mental health. The coronavirus can harm bones and joints, according to the Journal of Clinical Orthopedics and Trauma, which has raised efforts in treatment development and research.
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Market Data Forecast is a firm working in market research, business intelligence, and consulting. We have rich research and consulting experience for various business domains to cater to individual and corporate clients’ needs.