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