Cannabis Testing Market - Emerging Industry Trends and Global Future Forecast


Posted April 26, 2022 by roberthenric

North America accounted for the largest share of the Cannabis Testing market
 
Growth Factors Driving the Market: The growth in Cannabis Testing Market is mainly driven by factors such as the legalization of medical cannabis and the growing number of cannabis testing laboratories (specifically in the US), the growing adoption of LIMS in cannabis testing laboratories, and increasing awareness. A lack of uniformity in rules and regulations, high costs, and inadequate personnel are major factors expected to hamper the market growth.

MarketsandMarkets™ View on Revenue: The global cannabis testing market is expected to reach USD 1,806 million by 2025 from USD 962 million in 2020, at a CAGR of 13.4% during the forecast period.

Industry Segmentation in Detailed:

Products accounted for the largest share of the cannabis testing market;

The cannabis testing market is segmented into products and software. Based on the product, the cannabis testing market is segmented into analytical instruments & consumables. The product segment is expected to register the highest CAGR of 13.4% during the forecast period. The high growth of this segment can be attributed to the growing requirements for potency labeling and pesticide screening, which drive the demand for analytical instruments, introduce technologically advanced products, and increase the recurring demand for consumables

Potency testing is the fastest-growing end-user segment of the cannabis testing market;

The cannabis testing services market (services offered by cannabis testing laboratories) is segmented into potency testing, terpene profiling, pesticide screening, residual solvent analysis, heavy metal testing, microbial analysis, and other services. The cannabis testing services market is poised to grow at a CAGR of 13.7% during the forecast period. The high growth of this market is owing to the growing legalization of medical marijuana (especially in the US). In addition, funding initiatives for cannabis testing laboratories and the growing number of cannabis testing laboratories are contributing to the growth of the cannabis testing services market. However, variations in cannabis testing methods and the lack of testing regulations are likely to limit the growth of the market to a certain extent.

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Leading Key Players Analysis:

The major market players operating in the cannabis testing market are Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), MERCK KGAA (Germany), Thermo Fisher Scientific (US), DigiPath, Inc. (US), Steep Hill Inc. (US), SC Laboratories, Inc. (US), and PharmLabs LLC (US).

Geographical Trends in Detailed:

North America accounted for the largest share of the cannabis testing market, followed by Europe. The large share of the North American regional segment can be attributed to the established biopharmaceutical industry and the presence of major players operating in the cannabis testing market in North America.The APAC market is expected to register the second-highest CAGR during the forecast period. Factors such as the growing biopharmaceutical industry, increasing life science research, rising investments by pharmaceutical and biotechnology companies, and the growing number of cannabis testing laboratories in the region, coupled with the legalization of cannabis for medical use, are expected to drive market growth in this region.

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Categories Biotech
Tags cannabis testing market
Last Updated April 26, 2022