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LIS Market: $2+ Billion Laboratory Information System Market to Grow at 10.4% CAGR, Globally, by 2028 – Growing Use of Digital Workstations, Automated Analyzers, Total Laboratory Automation (TLA) | The Insight Partners – GrassNews
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LIS Market: $2+ Billion Laboratory Information System Market to Grow at 10.4% CAGR, Globally, by 2028 – Growing Use of Digital Workstations, Automated Analyzers, Total Laboratory Automation (TLA) | The Insight Partners

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The Insight Partners published latest research study on “Laboratory Information System (LIS) Market Size, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Delivery Mode, Component, End User and Geography,” the global laboratory information system (LIS) market size was valued at $2.17 billion in 2028 from $1.10 billion in 2021 it is estimated to grow at a CAGR of 10.4% from 2022 to 2028.

Download Sample PDF Brochure of Laboratory Information System (LIS) Market Size – COVID-19 Impact and Global Analysis with Strategic Insights at: https://www.theinsightpartners.com/sample/TIPTE100000923/

Global Laboratory Information System (LIS) Market Report Scope, Segmentations, Regional & Country Scope:

Report Coverage

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Details

Market Size Value in

US$ 1.10 Billion in 2021

Market Size Value by

US$ 2.17 Billion by 2028

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Growth rate

CAGR of 10.4% from 2022 to 2028

Forecast Period

2022-2028

Base Year

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2021

No. of Pages

195

No. of Tables

112

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No. of Charts & Figures

77

Historical data available

Yes

Segments covered

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Product, Delivery Mode, Component, and End User

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

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Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Companies Covered

Thermo Fisher Scientific Inc.; Illumina, Inc.; LABWORKS; LabLynx, Inc.; LabVantage Solutions, Inc.; Francisco Partners; CompuGroup Medical; Hex Labs; AAC Infotray AG; McKesson Corporation

Key Research Capabilities

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Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development

Global Laboratory Information System (LIS) Market Forecast to 2028 – Latest COVID-19 Analysis

https://www.theinsightpartners.com/covid-analysis-sample/TIPTE100000923/

Browse key market insights spread across 195 pages with 112 list of tables & 77 list of figures from the report, “Laboratory Information System (LIS) Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Product (Standalone LIS and Integrated LIS), Delivery Mode (Cloud-Based Delivery Mode, Web-Based Delivery Mode, and On-Premises Delivery Mode), Component (Software and Services), and End User (Hospital Labs, Independent Labs, and Physicians’ Office Labs)” in detail along with the table of contents: https://www.theinsightpartners.com/reports/laboratory-information-system-lis-market

Global Laboratory information system (LIS) Market: Competition Landscape and Key Developments

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Thermo Fisher Scientific Inc.; Illumina, Inc.; LABWORKS; LabLynx, Inc.; LabVantage Solutions, Inc.; Francisco Partners; CompuGroup Medical; Hex Labs; AAC Infotray AG; and McKesson Corporation are among the key companies operating in the global laboratory information system (LIS) market. TheSE companies adopt product innovation strategies to meet the evolving customer demands globally, allowing them to maintain their brand name in the global laboratory information system (LIS) market. A few of the recent developments in the global laboratory information system (LIS) market are mentioned below:

In April 2022, LabVantage Solutions, Inc. announced the introduction of LabVantage Forensic Navigator, an industry expert-built informatics platform designed to seamlessly manage the vast amounts of forensic evidence and data used throughout the entire criminal justice life cycle.

In February 2022McKesson Medical-Surgical partnered with Orchard Software as an authorized distributor offering technology solutions that support workflow and efficiency of laboratories.

Inquiry Before Purchase: https://www.theinsightpartners.com/inquiry/TIPTE100000923/

In May 2022, LabLynx launched its newest LIS solution—CannaQA Standard Edition—made for startup and growing cannabis testing labs. This latest solution by LabLynx offers a streamlined version of the company’s enterprise CannaQA solution with many of the product’s great features but with a more affordable price and faster implementation timeline.

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In April 2022, LabLynx, Inc.—a long-time leader in enterprise-level cloud-hosted LIMS/LIS—announced that it had developed the world’s first LIS dedicated specifically to COVID-19 diagnostic testing.

Laboratory Information System (LIS) Market: Key Insights
Rise in the adoption of automation in laboratories and technological advancements in LIS are propelling the market growth. However, limited expertise in the healthcare IT domain and high costs of implementation of LIS are likely to restrain the growth of the global laboratory information system (LIS) market during the forecast period. The Standalone LIS segment held the largest share of the market in 2021. Also, the same segment is estimated to register a CAGR of 10.1% % in the market from 2022-2028. The Asia Pacific is expected to be the fastest-growing region in the laboratory information system market over the forecast period due to increasing clinical trials, various biological studies, and genomic studies. In addition, the growing biopharmaceutical industry, and increasing adoption of healthcare IT is further likely to contribute to the growth of the region.

Speak to Research Experthttps://www.theinsightpartners.com/speak-to-analyst/TIPTE100000923

Laboratory information systems (LIS) are used to manage various tasks in the laboratory, including workflow management, instruments integration, records management, logistics management, decision making, enterprise resource planning, privacy, and security controls. Laboratories generate an ample amount of data that can be managed through LIS. LIS eliminates the chances of patient data getting misplaced or lost. It helps in storing, managing, and processing patient data. This reduces clerical work, improves communication, and improves the quality of information offered to the clinician.

Emergence of Cloud-Based LIS Services:
The demand for cloud-based LIS services is growing as the approach requires lower capital and operational expenditures than on-premises LIS. Cloud-based solutions allow healthcare organizations and clinical laboratories to share and integrate data from several locations, making the data collection process more efficient. The emergence of Internet-enabled cloud-based services has resulted in major advancements in the global laboratory information system (LIS) market. Advancements in virtualization and increased access to high-speed internet allow for faster innovation at lower costs. Companies that employ cloud-based solutions just have to pay for the software subscription instead of the complete licenses. Moreover, cloud-based LIS does not require any upfront capital expenditure for hardware, which reduces the burden on healthcare and clinical settings with a minimum requirement of IT personnel.

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Pharmaceutical and medical device manufacturers are increasingly employing centralized corporate-based facilities to develop a virtual network of contract research, development, and manufacturing organizations (CRDMOs) and academic institutions. The adoption of cloud-based LIS solutions would enable them to manage large volumes of data gathered from their operations. Cloud-based delivery mode models would emerge as an effective LIS solution due to benefits such as increased data accessibility, cost-effectiveness, and real-time analysis, providing substantial growth prospects to the global laboratory information system (LIS) market players.

Quickly Purchase Premium Copy of Laboratory Information System (LIS) Market Growth Report (2022-2028) at: https://www.theinsightpartners.com/buy/TIPTE100000923/

Go through further research published by The Insight Partners:
Laboratory Information Management System (LIMS) Market – The global laboratory information management system (LIMS) market size was valued at US$ 1,122.36 million in 2021 and is projected to reach US$ 2,402.48 million by 2028; it is expected to grow at a CAGR of 11.5% from 2021 to 2028.

Nasal Irrigation Devices Market – The global nasal irrigation devices market size was valued US$ 289.30 million in 2021, it is estimated to grow at a CAGR of 18.1% from 2022 to 2028.

Laboratory Information System (LIS) Market – The global laboratory information system (LIS) market size was valued US$ 1,104.27 million in 2021, it is estimated to grow at a CAGR of 10.4% from 2022 to 2028.

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Arbitrary Waveform Generator Market – The global arbitrary waveform generator market size is expected to grow from US$ 355.3 million in 2021 to US$ 624.4 million by 2028; it is estimated to grow at a CAGR of 8.4% from 2022 to 2028.

Virtual Pipeline Systems Market – The global virtual pipeline systems market size is projected to reach US$ 1,886.83 million by 2028 from US$ 1,191.59 million in 2022; the virtual pipeline systems market is estimated to grow at a CAGR of 9.2% from 2022 to 2028.

Lithium Compounds Market -The global lithium compounds market size is expected to grow from US$ 6.3 billion in 2021 to US$ 25.1 billion by 2028; it is estimated to grow at a CAGR of 22.0% between 2022 and 2028.

Commercial Greenhouse Market – The global commercial greenhouse market size is expected to grow from US$ 38 billion in 2022 to US$ 62 billion by 2028; it is anticipated to grow at a CAGR of 8.4% from 2022 to 2028.

Smart Coatings Market – The global smart coatings market size is expected to grow from US$ 5.5 billion in 2021 to US$ 23.1 billion by 2028 at a CAGR of 24.2% between 2022 and 2028.

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Self-healing Materials Market – The global self-healing materials market size is expected to grow from US$ 435 million in 2021 to US$ 2,100 million by 2028 at a CAGR of 27% between 2022 and 2028.

Microencapsulation Market – The global microencapsulation market size accounted for ~US$ 7.5 billion in 2021 and is projected to reach US$ 17.5 billion by 2028; it is estimated to grow at a CAGR of 11.2% between 2022 and 2028.

Coconut Derivatives Market – The global coconut derivatives market size accounted for approximately US$ 14 billion in 2022 and is projected to exceed US$ 23 billion by 2028; it is anticipated to grow at a CAGR of 9.2% between 2022 and 2028.

Biopesticides Market – The global biopesticides market size is expected to grow from US$ 4,600 million in 2022 to US$ 14,000 million by 2028; it is estimated to grow at a CAGR of 11.5% from 2022 to 2028.

Bioethanol Market – The global bioethanol market size is expected to grow from US$ 110 billion in 2022 to more than US$ 190 billion by 2028 at a CAGR of 9.5% between 2022 and 2028.

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Bioadhesives Market – The global bioadhesives market size is expected to grow from US$ 700 million in 2022 to US$ 1080 million by 2028; it is estimated to grow at a CAGR of 7.5% between 2022 and 2028.

Bioactive Materials Market -The global bioactive materials market size is expected to grow from US$ 2,000 Million in 2022 to US$ 5,500 Million by 2028, with an estimated CAGR of 13.0% from 2022 to 2028.

Advanced Composites Market – The global advanced composites market size is expected to grow from US$ 36.1 billion in 2021 to US$ 68.9 billion by 2028; it is expected to grow at a CAGR of 9.1% from 2022 to 2028.

Cannabis

IM Cannabis Shares Commence Trading on 6:1 Consolidated Basis

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TORONTO and GLIL YAM, Israel, July 12, 2024 /PRNewswire/ — IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the “Company” or “IM Cannabis“), a leading medical cannabis company with operations in Israel and Germany, is pleased to announce that, further to its press release dated July 5, 2024, effective today the Company’s common shares (“Common Shares“) are trading on the Canadian Securities Exchange (the “CSE“) and Nasdaq Stock Market LLC (“NASDAQ“) on a 6:1 post-consolidated basis (the “Consolidation“).

The Company’s trading symbol remains “IMCC” on both the CSE and NASDAQ. The Company’s new CUSIP and ISIN numbers are 44969Q406 and CA44969Q4060, respectively.

After giving effect to the Consolidation, the Common Shares were reduced from 13,394,136 to 2,232,357 Common Shares. No fractional Common Shares were issued in connection with the Consolidation. Instead, all fractional Common Shares equal to or greater than one-half resulting from the Consolidation were rounded to the next whole number, otherwise, the fractional Common Share were cancelled. The exercise price and/or conversion price and number of Common Shares issuable under any of the Company’s outstanding convertible securities were proportionately adjusted in connection with the Consolidation.

Computershare Investor Services Inc., the Company’s registrar and transfer agent for the Common Shares, has mailed letters of transmittal to registered shareholders of record as of July 12, 2024 providing instructions for the exchange of their Common Shares as soon as practicable following the effective date. Registered shareholders may also obtain a copy of the letter of transmittal by accessing the Company’s SEDAR+ profile at www.sedarplus.ca. Until surrendered, each Common Share certificate or direct registration system statement representing pre-consolidated Common Shares will represent the number of whole post-consolidated Common Shares to which the holder is entitled as a result of the Consolidation. No action is required by beneficial holders to receive post-consolidation Common Shares in connection with the Consolidation. Beneficial holders who hold their Common Shares through intermediaries (e.g., a broker, bank, trust company investment dealer or other financial institution) and who have questions regarding how the Consolidation will be processed should contact their intermediaries with respect to the Consolidation.

About IM Cannabis Corp. 

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IM Cannabis (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has focused its resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quality cannabis player.

The IMC ecosystem operates in Israel through its commercial relationship with Focus Medical Herbs Ltd., which imports and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies, online platforms, distribution centers, and logistical hubs in Israel that enable the safe delivery and quality control of IM Cannabis’ products throughout the entire value chain. In Germany, the IM Cannabis ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients.

Disclaimer for Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements under applicable Canadian and U.S. securities laws (collectively, “forward-looking statements“). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements relating to the Company amplifying its commercial and brand power to become a global high-quality cannabis player.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to: the Company’s ability to maintain the listing requirements of the CSE and NASDAQ; the Company’s ability to focus on Israel, Germany and Europe; the Company’s ability to realize upon the stated benefits of the partial legalization of cannabis in Germany; and the Company amplifying its commercial and brand power to become a global high-quality cannabis player. The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the Company’s ability to continue to meet the listing requirements of the CSE and NASDAQ; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and Focus Medical Herbs Ltd. (collectively, the “Group“) to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group’s obligations; the Group’s possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group’s cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt and war, conflict and civil unrest in Eastern Europe and the Middle East; the risk of the Company’s inability to capitalize upon the partial legalization of cannabis in Germany; and risks the Company will be unable to amplify its commercial and brand power and/or be unable to become a global high-quality cannabis player.

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Please see the other risks, uncertainties and factors set out under the heading “Risk Factors” in the Company’s annual report dated March 28, 2024, which is available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar. Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations, and opinions of management on the date such forward-looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Company Contact:
Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
a.taranko@imcannabis.de

Oren Shuster, Chief Executive Officer
IM Cannabis Corp.
+972-77-3603504
info@imcannabis.com

Logo – https://mma.prnewswire.com/media/1742228/IM_Cannabis_Logo.jpg

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Cannabis

Legal Cannabis Market Share Value Projected to Reach USD 194.5 Billion, at 16.9% CAGR by 2034: Prophecy Market Insights

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Covina, July 11, 2024 (GLOBE NEWSWIRE) — The study concludes that the global legal cannabis market size and share is expected to grow at a CAGR of 16.9% between 2024 and 2034. The market revenue of USD 47 Billion in 2024 is expected to grow up to USD 194.5 Billion by 2034.

Cannabis was an illicit drug before, but its legalization process is on fast track today in many nations around the globe, opening a multibillion-dollar market with huge growth potential. The said market is bifurcated into two categories: medical cannabis, used for the treatment of various diseases, and recreational cannabis, for fun and other purposes. Most marijuana consumers are young, especially millennials. Males use it more than females, while the level of consumption is also predicated by class and thereby affects the rate of consumption. Psychographics show that marijuana consumers are social, open to experiences, and concerned about health; the last two probably represent a broader moving trend to natural products and alternate medicine.

The legal cannabis market offers a huge amount of variety, starting from flowers to extracts and consumables like cookies and chocolate that can be applied topically on the skin. Concentrations are gaining their following and popularity because of their potency. Also very popular are the edibles—baked goods, particularly cookies, and sweets—that appeal to those who crave discreetness and effectiveness all at once in consumption.

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Our Free Sample Report includes:

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  • Overview & introduction of market study
  • Revenue and CAGR of the market 
  • Drivers & Restrains factors of the market 
  • Major key players in the market 
  • Regional analysis of the market with a detailed graph
  • Detailed segmentation in tabular form of market 
  • Recent developments/news of the market 
  • Opportunities & Challenges of the Market

Some of the Key Market Players:

  • Aurora Cannabis
  • Cresco Labs
  • Jazz Pharmaceuticals
  • Verano Holdings
  • Canopy Growth Corporation
  • Green Thumb Industries
  • Trulieve Cannabis
  • MedMen
  • Aphria
  • Cronos Group
  • Curaleaf
  • GW Pharmaceuticals, plc.
  • The Green Organic Dutchman

To Know More on Market Players, Download a Free Sample Report Here: https://www.prophecymarketinsights.com/market_insight/Insight/request-pdf/5434    

Analyst View:

Global cannabis regulations differ, but most countries are legalizing it fast, thereby creating a multibillion-dollar market with huge growth potential. The market segments include cannabis for recreation and cannabis for medical use. Young people form a huge part of the cannabis users, particularly the millennial group who exhibit a social class influence. Due to early legalization and permissive rules, North America is the leader of the legal cannabis business concerning product variety. The constantly changing process of the market keeps including new and different consumers and substances like CBD or substances for euphoric-balming effects.

Legal Cannabis Market: Report Scope
Report Attributes Details
Market value in 2024 USD 47 Billion 
Market value in 2034 USD 194.5 Billion
CAGR 16.9% from 2024 – 2034
Base year 2023
Historical data 2019-2022
Forecast period 2024-2034

Market Dynamics:

Drivers:

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Growing Recognition and Legalization

  • Together, the increasing number of countries legalizing cannabis and the health benefits derived from medical marijuana easily make the global legal cannabis market ripe for significant growth. North America dominates the market due to major contributors such as the US, Canada, the UK, Germany, and Australia. The medicinal properties of cannabis will most probably drive massive growth in the medical cannabis market. Recreational use of marijuana is projected to have the fastest growth rate, and, as such, create jobs and boost the economy. The growth of the market results from geographical expansion, regulatory frameworks, and technological enhancements.

Increasing Customer Requirements

  • It’s the change in consumer expectations that’s driving big shifts in the legal cannabis sector. Companies are rolling out new product lines to cater to health-conscious consumers who demand a wider variety of cannabis-infused products. Where consumers want organically grown and pesticide-free cannabis, quality, and safety also rank very high. Consumers demand personalized experiences, where buyers and dispensaries are very important in guiding clientele to the right products. Moreover, there is an increase in sustainability and social responsibility due to customers valuing companies advocating for them. Technological integration is also being utilized to enhance convenience and engagement measures.

Request for a Discounted Price on this Report @ https://www.prophecymarketinsights.com/market_insight/Insight/request-discount/5434       

Market Trends:

Benefits of Medicine and Research

  • Growth opportunities in legal cannabis mainly come from the legalization of their consumption, primarily for medical use. There are several medical diseases where the benefits of the use of cannabis have been proved, and the FDA has approved quite a few drugs derived from this plant. Improved cultivation, extraction, and testing technologies are also able to raise the quality and safety of products. The medicinal properties of cannabis are also opening up new options in treatment today, especially with those disorders resistant to traditional medications. Growing awareness of the potential economic opportunities that cannabis avails itself to could further drive the development of new innovative products and treatments, thereby accelerating market growth.

Segmentation:

Legal Cannabis Market is segmented based on Source, Compound, Products, and Region.

Source Insights

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  • From the flowers, which have classically been the traditional form of cannabis for as long as anyone can remember, to a large collection of strains with different cannabinoid levels, the flower truly captures the capabilities of the plant. Seed oil is another source that is not psychoactive in nature but is popular mainly due to its abundance of vital fatty acids and possible health benefits. Other sources are concentrated and super-potent cannabis products like trichomes, kief, and live resin. The infused product market is bound to grow with rising demand for seed oil. All in all, cannabis continues changing to best accommodate these different types of customers.

Compound Insights

  • Tetrahydrocannabinol is the widest cannabinoid used and has euphoric-balming effects. With increasing education among consumers, it can maintain its market share. One of the non-psychotic components is CBD, which helps in pain management and sleep quality, amongst others. Balanced THC & CBD: This segment caters to customers looking for a balanced experience by balancing the analgesic, relaxing properties of THC with the anxiety-reducing, focused properties of CBD.

Product Insights

  • Cannabis oil is quite often a concentrate, one can administer it topically for pain, consume it right out of the container, or use it in edibles. Cannabis drinks, like coffee, bubbling water, and spiked drinks, offer a more discreet and convenient way of consumption. Cannabis candies and chocolates are also other discreet and controlled ways. The legal cannabis sector is always experimenting with new products, vaporizers, topicals, edibles, baked foods, and sprays. Cannabis is also used for pet treats quite frequently. It is believed to expand the market for edibles as much as consumer acceptability and legalization expand.

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Recent Development:

  • In July 2024, Hundreds of pro-cannabis advocates took to Bangkok’s streets to protest a possible ban on general use. The Thai government floated plans to relist the plant as a narcotic, two years after it was decriminalized, earlier this year. A health ministry drug control committee approved the proposal, which would see cannabis only allowed for medical and research purposes.
  • In July 2024, NIST’s New Hemp Reference Material Will Help Ensure Accurate Cannabis Measurements. NIST’s Hemp Plant Reference Material will aid labs in accurately measuring THC, CBD, and other compounds in cannabis products, aiding forensic labs in distinguishing between legal hemp and federally controlled marijuana. It will also assist producers and state regulators in ensuring the safe use and accurate labeling of cannabis products.

Regional Insights

  • North America: The charge is currently being led from North America, due to early legalization and relatively permissive laws in countries like Canada and a number of US states. With so many goods on offer against the backdrop of a clientele base very loyal to their products, almost everything is put in place to create an almost perfect environment. The growth of the North American legal cannabis business is aided by many things, especially the medicinal and recreational markets, consumer demand, and lastly, medicinal research. The largest players are represented by Canopy Growth and Aurora Cannabis. The country with the most rapid growth relocated to Canada.
  • Asia Pacific: Asia is increasingly tolerating the use of medical marijuana, mainly in South Korea and Thailand, the growing disposable money of relatively less developed countries at large will set the stage for marijuana legalization for recreational use when regulations change.

Browse Detail Report on “Legal Cannabis Market Size, Share, By Source (Flowers, Seed oil, others), By Compound (Tetrahydrocannabinol, Cannabidiol, Balanced THC & CBD), By Product (Cannabis Oil, Cannabis Beverages, Cannabis Chocolates & Gummies, Others) By Application (Medical, Scientific, Industrial, and Horticultural purposes) and Region – Trends, Analysis and Forecast till 2034” with complete TOC @ https://www.prophecymarketinsights.com/market_insight/legal-cannabis-market-5434

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About Us:

Prophecy Market Insights is a specialized market research, analytics, marketing, and business strategy, and solutions company that offers strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high-value opportunities in the target business area. Also, we help our client to address business challenges and provide the best possible solutions to overcome them and transform their business.

Prophecy’s expertise area covers products, services, latest trends, developments, market growth factors, and challenges along with market forecasts in various business areas such as Healthcare, Pharmaceutical, Biotechnology, Information Technology (IT), Automotive, Industrial, Chemical, Agriculture, Food and Beverage, Energy, and Oil and Gas. We also offer various other services such as data mining, information management, and revenue enhancement suggestions.

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Cannabis

Global CBD Oil Market Size To Exceed USD 26.72 Billion By 2033 | CAGR of 18.36%

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New York, United States , July 09, 2024 (GLOBE NEWSWIRE) — The Global CBD Oil   Market Size Expected to Grow from USD 4.95 Billion in 2023 to USD 26.72 Billion by 2033, at a CAGR of 18.36% during the forecast period 2023-2033.

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Cannabidiol oil is another name for CBD oil. (CBD), which originates from cannabis plants, such as hemp and marijuana, can possess anxiolytic, anti-inflammatory, and analgesic properties. These characteristics have led to research on CBD oil as a possible treatment for a number of diseases, including anxiety disorders, chronic pain, and epilepsy. The demand for CBD-infused beauty and skincare products has surged, indicating consumers’ growing inclination towards natural and comprehensive skincare treatments. Growing amounts of CBD, which is well-known for its potential anti-inflammatory and antioxidant properties, are being added to skincare formulae to address issues including acne, inflammation, and aging. Governments from a number of states and countries are supporting its use in drugs and other medical treatments, which is expected to expand and increase these products’ sales and distribution throughout the course of the projected period. However, manufacturers continue to work to increase awareness among customers and provide informative packaging to make it clear what the consumer wants to get out of the items. Consequently, the attempts to support the marketing operations may present opportunities for the global cannabidiol oil market.  

Browse key industry insights spread across 232 pages with 110 Market data tables and figures & charts from the report on the “Global CBD Oil Market Size, Share, and COVID-19 Impact Analysis, By Source (Marijuana, Hemp), By Product (Full-Spectrum CBD Oil, Broad-Spectrum CBD Oil, CBD Isolate), By Application (Food & Beverages, Pharmaceuticals, Pet Care, Cosmetics, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033″

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The hemp segment is expected to hold the largest share of the CBD oil market during the anticipation timeframe.   

Based on the source, the CBD oil market is categorized into marijuana, and hemp. Among these, the hemp segment is expected to hold the largest share of the CBD oil market during the anticipation timeframe. Increased demand for pharmaceuticals and increased public awareness of health issues are likely to drive significant growth in the market for hemp-derived cannabidiol. The pharmaceutical industry predicts that when consumer disposable income increases and cannabis becomes legal, demand for the substance will rise.

The full-spectrum CBD oil segment is expected to grow at the fastest CAGR during the anticipation timeframe.    

Based on the product, the CBD oil market is categorized into full-spectrum CBD oil, broad-spectrum CBD oil, and CBD isolate. Among these, the full-spectrum CBD oil segment is expected to grow at the fastest CAGR during the anticipation timeframe. It indicates the combined benefits of many drugs may be more beneficial than CBD individually. With regard to the entourage effect, full-spectrum CBD oil is expected to have more medicinal benefits than CBD isolation. People may get improved relief from symptoms like pain, inflammation, anxiety, and more.

The pharmaceuticals segment is expected to hold a significant share of the CBD oil market   during the anticipation timeframe.

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Based on the application, the CBD oil market is categorized into food & beverages, pharmaceuticals, pet care, cosmetics, and others. Among these, the pharmaceuticals segment is expected to hold a significant share of the CBD oil market during the anticipation timeframe. the growing number of research investigations evaluating CBD’s physical effects on particular medical conditions. These products are used as an alternative by a substantial, knowledgeable, and conscientious consumer base to lessen mental stress and nervousness.

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North America is projected to hold the largest share of the CBD oil market over the anticipation timeframe.

North America is projected to hold the largest share of the CBD oil market over the anticipation timeframe. Interest from consumers in and tolerance to CBD have significantly increased in the US, which has significantly affected the market share and position of the area. North America is currently the largest market region because to ongoing development, pre-existing infrastructure, and growing public awareness of the potential benefits of CBD.

Europe is expected to grow at the fastest CAGR growth of the CBD oil market during the anticipation timeframe. The legalization of cannabis in a number of European countries has created new markets for CBD products, which will attract investment and encourage the creation of new goods. Moreover, the rise of CBD-infused goods in industries like wellness, food and drink, healthcare, and cosmetics encourages market progress in Europe and positions the region as a significant CBD oil market over the projection period.

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Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the CBD oil market are Aurora Cannabis Inc., BIOTA Biosciences LLC, CannazALL, Cannoid LLC, Canopy Growth Corp., CBD American Shaman LLC, CV Sciences Inc., Elixinol, Avicanna, Endoca BV, Folium Biosciences, Gaia Botanics, Green Roads Inc., Happie Hemp Pvt. Ltd., Kazmira LLC, Medical Marijuana Inc., and others.

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Recent Developments

  • On January 2023, the acquisition of Goodbody Botanicals Ltd. by British Cannabis, a pioneer in the CBD market, represents a major advancement in our leadership in the wellness industry. This acquisition represents a significant expansion of our manufacturing capacity and an improvement in our ranking on the UK Food Standards Agency’s (FSA) list of authorized products, signifying more than just the joining of two firms.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the CBD oil market based on the below-mentioned segments: 

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Global CBD Oil Market, By Source

  • Marijuana
  • Hemp

Global CBD Oil Market, By Product

  • Full-Spectrum CBD Oil
  • Broad-Spectrum CBD Oil
  • CBD Isolate

Global CBD Oil Market, By Application

  • Food & Beverages
  • Pharmaceuticals
  • Pet Care
  • Cosmetics
  • Others

Global CBD Oil Market, By Regional

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of the Middle East & Africa

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