Cannabis Testing Market Size, Share & Trends Analysis - Global Opportunity Analysis And Industry Forecast 2030

  • Publish Date: Jun,2022
  • Report ID: QI038
  • Page : 200
  • Report Type : PDF (Email)
The global cannabis testing market was US$ 1,221.4 million in 2021. The global cannabis testing market is forecast to grow to US$ 3,001.9 million by 2030 by growing at a compound annual growth rate (CAGR) of 10.9% during the forecast period from 2022 to 2030.
Cannabis testing is the process of analysing the samples through cannabis. These samples are used to detect the THC, CBD, terpene levels, and other contaminants in solvents, mold, etc.

Factors Influencing the Market
The rising demand for cannabis legalization is the primary factor driving the growth of the cannabis testing market during the forecast period. Furthermore, the rising pharmaceutical segment and increasing adoption of cannabis for making novel drugs will also drive the cannabis testing market forward.
Growing investments in the pharmaceuticals segment are expected to benefit the cannabis testing market. On the contrary, high start-up costs may limit the industry growth during the forecast period.
The growing range of technological advancements is expected to escalate the market growth during the study period. For instance, Perkin Elmer unveiled its ONE Pesticide420 CRM reagent and Consumable Kit specifically designed for cannabis & hemp testing.

COVID-19 Impact Analysis
The COVID-19 pandemic increased investments in the pharmaceutical segment. As a result, it emerged as an opportunity for the cannabis testing market. However, the fact that the overall focus of the healthcare and pharmaceuticals segment shifted towards COVID-19 testing hampered the growth of the global cannabis testing market. Moreover, industry players also experienced a significant decline in sales, which in turn hampered the growth of the global cannabis testing market.

Regional Analysis
Globally, the Asia-Pacific cannabis testing market is forecast to emerge as the largest market. It is owing to the recent legalization of cannabis for medical and therapeutic use, which will surge the use of cannabis testing in the coming years. Furthermore, the region is home to one of the prominent medical sectors, which will be opportunistic for the cannabis testing market during the forecast period. In addition to that, the growing adoption of the LIMS technique to improve the transparency of lab work status will contribute to the growth of the cannabis testing market. The high population of the region and rising prevalence of diseases will escalate the cannabis testing market growth in the coming years. In addition, the LIMS technique declines costs and enhances efficiency by offering flexibility to accommodate new requirements. Thus, all of these aforementioned factors will drive the Asia-Pacific cannabis testing market forward.

Competitors in the Market
Restek Corporation
SC Laboratories
Shimadzu Corporation
Steep Hill
Agilent Technologies Inc.
Danaher Corporation
Merck KGAA
Thermo Fisher Scientific
Other Prominent Players

Market Segmentation
The global cannabis testing market segmentation focuses on Product, Test Type, End-Users, and Region.
By Product Outlook
By Test Type Outlook
Heavy metal testing
Microbial analysis
Potency testing
Residual screening
By End-Users Outlook
Cannabis Cultivators/Growers
Cannabis Drug Manufacturers
By Regional Outlook
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America