The Global Cannabis Testing Market size is projected to reach USD 1,806 million by 2025, at a CAGR of 13.4% during the forecast period. 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 about the latest trends and available technologies in the cannabis testing market. Additionally, emerging markets in LATAM and the MEA region, and increasing merger acquisition among various cannabis testing equipment manufacturers, laboratories and small market players will provide significant growth opportunities for the market players in the near future. On the other hand, 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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Key Players:
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).
Medical Cannabis Testing Industry Dynamics
Market Dynamics
Drivers
- Legalization of medical cannabis coupled with the growing number of cannabis testing laboratories
- Growing adoption of LIMS in cannabis testing laboratories
- Increasing awareness
Restraints
- Lack of uniform rules and regulations
Opportunities
- Emerging markets in LATAM and the MEA
- Mergers acquisitions
Challenges
- Dearth of trained laboratory professionals
- High startup costs for cannabis testing laboratories
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North America accounted for the largest share of the Cannabis Testing Laboratories in 2019.
In 2019, North America accounted for the largest share of the cannabis testing market, followed by Europe. This market is also projected to register the highest CAGR during the forecast period. The large share of the North American regional segment can be attributed to legalization of cannabis (especially in the US) and the growing availability of products, software, and services for the cannabis testing industry, rapid growth in the number of cannabis testing laboratories, growing awareness regarding medical cannabis, rising funding for the cannabis industry, and the presence of prominent players in this region. 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.
Recent Developments:
- In 2020, DigiPath acquired VSSL Enterprises Ltd., a provider of agritech consulting solutions for cannabis genetics, tissue culture, cultivation, analytical testing, and predictive tools. The acquisition will expand Dipaths global ability to provide customers with technical services in germplasm development, tissue culture, and cultivation.
- In 2020, Agilent Technologies Inc., launched Cannabis and Hemp Potency Kit.
Report Objectives
- To define, describe, segment, and forecast the cannabis testing market on the basis of product software, services, end user, and region
- To provide detailed information about the factors influencing market growth, such as drivers, restraints, opportunities, and challenges
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall cannabis testing market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of the market segments concerning five main regions, namely, North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), and the Middle East Africa (MEA)
- To strategically profile the key players in the global cannabis testing market and comprehensively analyze their core competencies2 and market rankings
- To track and analyze competitive developments, such as product launches, acquisitions, collaborations, expansions, and partnerships in the cannabis testing market
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