The global In-Vitro Toxicology Assays Market size for cannabis and nicotine testing is expected to reach USD 2.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.2% from 2021 to 2028. Growing adoption of high throughput techniques in cannabis testing, legalization of medical cannabis, and growing awareness regarding the potential hazards of nicotine consumption have majorly driven the market throughout the forecast period.
The legalization of medical cannabis is underway
globally, including in countries such as Germany, Australia, and Israel. The
market is gaining momentum in the Asia Pacific region, with Thailand having
fully legalized medicinal cannabis. Thus, increasing legalization of medical
cannabis is expected to drive the market growth to a major extend. In addition,
technological advancements in cellular assays have boosted the market growth.
COVID-19 has become a catalyst for changing the
traditional use of cannabis. Owing to the pandemic, the leading scientific
community and market competitors are now focusing on deciphering the potential
of cannabis to prevent SARS-CoV-2 infection. Companies have reported the
increase in the sale of cannabis as some states/countries have declared
cannabis as an essential medicine during the pandemic.
Related Press Release@ In-vitro Toxicology Assays Market For Cannabis And Nicotine Testing
Report
In-vitro Toxicology Assays Market
For Cannabis And Nicotine Testing Report Highlights
- Nicotine testing accounted for the largest revenue in 2020 and is
expected to continue the trend in the forecast period owing to increasing
safety concerns associated with nicotine products
- Cannabis testing is expected to witness gradual growth through
2021-2028 owing to the rising acceptance of cannabis for medical use
- 3D cell culture technology is expected to grow at substantial CAGR
owing to the increasing popularity of drug development and toxicity
testing
- Cytotoxicity testing designing accounted for the highest market
revenue in 2020 owing to advancements in different tools for evaluating
the cytotoxic effects of nicotine-containing products
- North America has emerged as the highest revenue-generating region
in 2020, owing to the prevalence of cancer, presence of key players, and
developed healthcare infrastructure
- Asia Pacific is anticipated to witness the fastest CAGR throughout
the forecast period. It is anticipated that China and India are
contributing majorly to the regional market’s growth
- Key players are undertaking various strategic initiatives such as
mergers and acquisitions to maintain their presence in the market
- In August 2020, Eurofins Scientific purchased approximately 136
smaller labs within 3 years from 2014 to 2019, accounting for a total
expenditure of USD 3.4 billion in these acquisitions
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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