(PharmaNewsWire.Com, September 18, 2021 ) According to the new market research report, published by MarketsandMarkets™, 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.
The Factors such as the legalization of cannabis for medical use, 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 are driving the growth of the Cannabis testing product & software.
Products accounted for the largest share of the cannabis testing market
The market is segmented into products and software. Based on the product, the 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.
North America accounted for the largest share of the cannabis testing market
The global cannabis testing market is segmented into five regions, namely, North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). North America dominated the market followed by Europe in global cannabis testing services market market in 2019. North America is expected to command the largest market share of 71.2% in 2020. This market is also projected to register the highest CAGR of 13.8% during the forecast period. Factors such as the legalization of cannabis (especially in the US) and the growing availability of products, software, and services for the cannabis testing industry are driving the growth of the North American cannabis testing market.
The major market players operating in the cannabis testing services market 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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