Chicago, Nov. 17, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "Cannabis Testing Market by Products & Software’s (Instruments, Consumables, LIMS), Services (Heavy Metal Testing, Microbial Analysis, Potency, Residual Screening), End-User (Cultivators, Laboratories, Research Institutes) - Global Forecast to 2025" The global cannabis testing market is projected to reach USD 1,806 million by 2025 from USD 962 million in 2020, at a CAGR of 13.4% during the forecast period.
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234 - Tables
32 - Figures
245 - Pages
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Scope of the Report:
| Report Coverage | Details |
| Market Size | USD 1,806 million by 2025 |
| CAGR | 13.4% |
| Historical Data | 2018-2025 |
| Base Year | 2019 |
| Forecast Period | 2020-2025 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product & Software, By Services, By End User |
| Geographies Covered | North America, Europe, APAC, Latin America and Middle East & Africa |
| Key Companies Profiled/Vendors | The major market players include as 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), PharmLabs LLC (US) and (and 17 others) |
| Key Market Opportunities | Emerging markets in LATAM and the MEA |
| Key Market Drivers | Legalization of medical cannabis coupled with the growing number of cannabis testing laboratories |
The growth in this 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.
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In this report, the cannabis testing market is further segmented based on type (product & software and service), end user, and region. Based on type, the cannabis testing market is categorized into products, services, and software. The services segment dominated the market in 2019, owing to the increased legalization of cannabis and the subsequent increase in the demand for cannabis testing.
Based on services, the cannabis testing market is categorized into potency testing, terpene profiling, pesticide screening, residual solvent analysis, heavy metal testing, microbial analysis, and other services. The potency testing segment dominated the market in 2019, owing to the increased use of CBD for disease treatment.
End users for cannabis testing products (analytical instruments and consumables) and software are cannabis testing laboratories and research institutes. The end users for the services market are cannabis drug manufacturers & dispensaries and cannabis cultivators. The increasing use of cannabis in the healthcare industry for disease treatment is expected to propel the demand for the products & software used for cannabis testing in research institutes, subsequently driving the market growth.
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Geographical Growth Scenario:
In 2019, 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.
Key Players:
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).
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