DUBLIN–(BUSINESS WIRE)–Feb 3, 2021–
The "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" report has been added to ResearchAndMarkets.com’s offering.
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.
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. A lack of uniformity in rules and regulations, high costs, and inadequate personnel are major factors expected to hamper the market growth.
Potency testing services is likely to dominate the services segment during the forecast period.’
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.
By product & software, the product segment accounted for the largest share of the cannabis testing market
The cannabis testing market is segmented into products and software. 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.
North America: The fastest-growing region in the cannabis testing market.
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.
- Legalization of Medical Cannabis Coupled with the Growing Number of Cannabis Testing Laboratories
- Growing Adoption of Lims in Cannabis Testing Laboratories
- Increasing Awareness
- Lack of Uniform Rules and Regulations
- Emerging Markets in Latam and the Mea
- Mergers & Acquisitions
- Dearth of Trained Laboratory Professionals
- High Startup Costs for Cannabis Testing Laboratories
- Accelerated Technology Laboratories
- Agilent Technologies
- Agricor Laboratories
- Autoscribe Informatics
- California Cannabis Testing Labs
- Danaher Corporation
- Green Leaf Lab
- Hamilton Company
- Kaycha Holdings LLC D/B/A Kaycha Labs
- Lablynx Lims
- Merck Kgaa
- Pharmlabs LLC
- Proverde Laboratories
- Restek Corporation
- SC (Science of Cannabis) Laboratories
- SGS Sa
- Shimadzu Corporation
- Steep Hill
- Thermo Fisher Scientific
- Waters Corporation
For more information about this report visit https://www.researchandmarkets.com/r/d4izpd
View source version on businesswire.com:https://www.businesswire.com/news/home/20210203005559/en/
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INDUSTRY KEYWORD: ALTERNATIVE MEDICINE HEALTH
SOURCE: Research and Markets
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PUB: 02/03/2021 08:39 AM/DISC: 02/03/2021 08:38 AM