The 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. 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.
Browse 234 market data Tables and 32 Figures spread through 245 Pages and in-depth TOC on "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"
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Products accounted for the largest share of the cannabis testing market in 2020
The cannabis testing market is segmented into products and software. The product segment accounted for the largest share of the market and is expected to register the highest growth 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. Cannabis testing products are further segmented into analytical instruments & consumables. Cannabis analytical instruments accounted for the largest share of the cannabis testing market in 2019. However, the market for consumables is expected to grow at the highest growth rate during the forecast period owing to recurring requirements and repetitive usage.
Potency testing is the fastest-growing segment of the cannabis testing services 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 potency testing services segment accounted for the largest share of the market and this segment is expected to grow at a highest CAGR 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 market in 2019. North America is expected to command the largest market share of the market in 2020. This market is also projected to register the highest CAGR 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, 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 market in this region.
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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