Portland, OR, May 25, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Cannabis Testing Market generated $1.02 billion in 2019, and is estimated to generate $2.44 billion by 2027, witnessing a CAGR of 11.9% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, top segments, value chain, key investment pockets, competitive scenario, and regional landscape.
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Rise in demand for cannabis legalization in several countries for medical purposes, surge in adoption of LIMS in cannabis testing laboratories, and collaborations between major companies drive the growth of the global cannabis testing market. However, high start-up costs for cannabis testing laboratories hinder the market growth. On the other hand, untapped potential in emerging economies creates new opportunities in the coming years.
Covid-19 Scenario:
- During the lockdown imposed by governments during the Covid-19 pandemic, many cannabis testing labs were partially or completely closed. Moreover, there have been disruptions in the supply chain and restricted movement of people.
- Many market players that offer products and software to the cannabis testing market witnessed decline in the sales of instruments and consumables due to numerous factors such as shutdown of labs, reduced number of cannabis tests, and restrictions on import and export.
The report offers a detailed segmentation of the global cannabis testing market based on product, test type, end user, and region.
Based on product, the consumables segment accounted for the highest market share in 2019, holding nearly three-fifths of the total share in 2019, and is expected to continue its leadership status by 2027. However, the instruments segment is estimated to witness the largest CAGR of 13.2% from 2020 to 2027.
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Based on end user, the cannabis drug manufacturers segment held the highest market share, accounting for nearly half of the global cannabis testing market in 2019, and is expected to continue its lead position during the forecast period. Moreover, this segment is projected to portray the highest CAGR of 12.4% from 2020 to 2027.
Based on region, North America held the highest market share in 2019, accounting for more than half of the total market, and is expected to continue its dominant share in terms of revenue throughout the forecast period. However, LAMEA is expected to manifest the fastest CAGR of 14.1% during the forecast period.
Leading players of the global cannabis testing market analyzed in the research include Danaher Corporation, Agilent Technologies Inc., PerkinElmer, Merck KGAA, SC Laboratories, Restek Corporation, Steep Hill, Shimadzu Corporation, Thermo Fisher Scientific, and Waters Corporation.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.