Cannabis Testing Market size to grow by USD 1.50 billion from 2022-2027, AB SCIEX LLC, Agilent Technologies Inc., Cannalysis and more among the key companies, Technavio
NEW YORK, Feb. 29, 2024 /PRNewswire/ -- The cannabis testing market size is expected to grow by USD 1.50 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 13.06% during the forecast period, according to Technavio's Research. The market has been segmented by Product (instruments, consumables, and software), end user (cannabis cultivators/growers, cannabis drug manufacturers, and others), and Geography (North America, Europe, APAC, and ROW). AB SCIEX LLC, Agilent Technologies Inc., Cannalysis, CannaSafe Analytics, Digipath Inc., Merck KGaA, PerkinElmer Inc., Shimadzu Corp., Thermo Fisher Scientific Inc., Waters Corp. AB SCIEX LLC - The company provides LC-MS instrumentation for cannabis testing. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read Free PDF Sample Report.
By Segment - The instruments segment will be significant during the forecast period. Factors like advances in instruments in recent years have increased their adoption in the global cannabis testing market. Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View Free PDF Sample Report
50% of the global market's growth will originate from North America during the forecast period. The US and Canada are the key markets for the cannabis testing market in North America. Furthermore, the market growth in this region will be faster than the growth of the market in other regions. Factors such as the growing adoption of information management solutions will facilitate the cannabis testing market growth in North America. Hence, such factors drive the growth of the cannabis testing market during the forecast period.
Increasing global awareness about the benefits of cannabis
There is a worldwide increasing awareness about the benefits of cannabis due to the launch of multiple awareness initiatives. Furthermore, countries such as the US, the UK, and New Zealand are hotspots where cannabis awareness initiatives are carried out to reach a large audience. Similarly, in New Zealand, Medical Cannabis Awareness NZ is a national charitable organization. This promotes cannabis education to the public and the medical fraternity. Hence, such factors drive the growth of the cannabis testing market during the forecast period. Strategic alliances among market vendors are a key trend in the cannabis testing market. Identify key trends, drivers, and challenges in the market. Download to gain access to this information.
Analyst Review
The Cannabis Testing Market is witnessing substantial growth due to the increasing legalization of cannabis for medical and recreational purposes. Analytical instruments play a pivotal role in ensuring the safety and quality of cannabis products, with chromatography and spectroscopy being among the key techniques utilized for accurate analysis. PCR systems are also instrumental, particularly in detecting specific genetic markers and pathogens.
In small and medium-sized laboratories, managing maintenance costs while maintaining accuracy is crucial. A well-trained workforce is indispensable for conducting precise testing procedures across the services segment, products segment, and software segment of the cannabis testing market.
Potency testing, terpene profiling, pesticide screening, residual solvent analysis, heavy metal testing, and microbial analysis are all essential aspects of ensuring compliance with regulatory standards and consumer safety. These tests are conducted to ascertain the concentration of cannabinoids, identify aromatic compounds, detect harmful chemicals, and assess overall product quality.
In this burgeoning industry, the demand for reliable cannabis testing services continues to rise. Laboratories offering comprehensive testing solutions are poised to capitalize on this trend, providing vital support to cannabis producers and manufacturers. As the market evolves, advancements in analytical technology and software solutions will further streamline testing processes, improving efficiency and accuracy. With the right infrastructure and expertise, cannabis testing laboratories can address the diverse needs of this rapidly expanding market while ensuring consumer confidence and regulatory compliance.
The Cannabis Testing Market thrives on cutting-edge analytical instruments, including chromatography and spectroscopy. PCR systems play a pivotal role in genetic analysis. This sector caters to small and medium-sized laboratories, offering precise solutions for quality assurance and regulatory compliance. View Free PDF Sample Report
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ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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