Cannabis Testing Market size to Exceed $2,306 million by 2027
The global Cannabis Testing market gathered revenue around USD 970 million in 2020 and market is set to grow USD 2,306 million by the end of 2027 and is estimated to expand at a modest CAGR of 15.4% during the prediction period 2021 to 2027. 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.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Cannabis Testing market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Cannabis Testing market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
Emerging economies across LATAM (Latin America) and the MEA (the Middle East and Africa) are expected to witness high growth in the cannabis testing market. This can primarily be attributed to the strong government support for the legalization of medical marijuana in these countries compared to other regions. This is attracting various investors, prominent players, and government bodies to invest in developing standards for cannabis testing laboratories or enhance their operations and activity. For instance, MediPharm Labs Corp (Canada, US) entered into a supply agreement to supply premium, GMP-certified formulated cannabis oil to XLR8 BRAZIL, a Rio de Janeiro-based value-added distributor serving Brazil, Latin America’s largest medical cannabis market.
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Cannabis Testing market report empower readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
North America accounted for the largest share of the Cannabis Testing market in 2020.
North America accounted for the largest share of the cannabis testing market, followed by Europe. The large share of the North American regional segment can be attributed to the established biopharmaceutical industry and the presence of major players operating in the cannabis testing market in North America.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.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Significant Market Participants Operational in the Cannabis Testing Market are: Agilent Technologies Inc., Danaher Corporation, Merck KGAA, PerkinElmer, Restek Corporation, SC Laboratories, Shimadzu Corporation, Steep Hill, Thermo Fisher Scientific, and Waters Corporation.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Market Segments
By Product
By Test Type
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
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Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers