Cannabis Testing Market - Industry-Specific Opportunities and Trends Affecting the Growth
2022-06-06 12:23:07 UTC | Healthcare & Pharmaceuticals
MarketsandMarkets™ Research Report's View on Revenue Impact?
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.
Factors Responsible for Growth and In-Depth Analysis?
Legalization of medical cannabis coupled with the growing number of cannabis testing laboratories;
Medical cannabis has proven effective in various medical applications, such as reducing nausea caused due to chemotherapy, stimulating appetite in AIDS patients, controlling muscular spasms in multiple sclerosis patients, and reducing intraocular pressure in patients with glaucoma. Owing to their health benefits, governments in various countries are legalizing the use of medical cannabis—Australia (2016), Canada (2015), North Korea, Spain, Portugal (2001), the UK (2006), Germany (2017), Italy, the Netherlands, Israel, and Brazil have all legalized the use of medical cannabis in recent years. Moreover, in the US, 25 states have legalized medical cannabis, while four—Colorado, Washington, Oregon, and Alaska—have legalized cannabis for medical and recreational use. As medical cannabis is being legalized in several countries/states globally, the demand for the analytical testing of cannabis for ensuring its safety before human consumption has increased in recent years. According to industry experts, the number of cannabis testing labs is expected to grow at a significant CAGR in the coming years, primarily due to the growing legalization and increased adoption of cannabis testing. Such trends indicate the expected growth in demand for analytical instrumentation, software, and services for cannabis testing in the coming years.
Leading Key Players and 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 Analysis 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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Industry Segmentation:
By type, the services segment accounted for the largest share of the Cannabis Testing market in 2019.
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.
By services, the potency testing segment accounted for the largest share of the Cannabis Testing market in 2019.
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
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