Cannabis Testing Market Growing Geriatric Population to Boost Growth 2030

Posted on 2022-11-07 by Jatin Dahiya in Advertising // 0 Comments

Oklahoma, Perkins, 2022-Nov-07 — /EPR Network/ —According to the Market Statsville Group (MSG), the global cannabis testing market was valued at USD 1,224.4 million in 2021 and is projected to reach USD 3,009.9 million by 2030, registering a CAGR of 11.9% from 2022 to 2030. Growing demand for the cannabis legalization in several countries for medical purposes and increasing adoption of LIMS in cannabis testing laboratories are the major factors driving the growth of the cannabis testing market. Furthermore, many leading pharmaceutical companies looking for new technologies to collaborate with testing laboratories to market and distribute medical cannabis products are also expected to boost the market growth. However, the high start-up cost for cannabis testing laboratories is expected to restrain the market’s growth. These laboratories must make significant investments in high-priced, advanced analytical equipment in order to purchase and maintain it. Emerging economies in developing regions such as LATAM and Asia-Pacific, on the other hand, are expected to provide new opportunities for market participants.

The outbreak of the COVID-19 pandemic had a positive and a negative impact on the pharmaceutical and life sciences industry. Certain market segments have been more affected due to the low demand for consumables, instruments, and reagents as well as due to the supply chain disruptions and trade restrictions. Overall, labs worldwide were shut down or running at a reduced capacity. Instead of carrying out routine operations, the labs that were open were primarily focused on COVID-19 testing.

Global Cannabis Testing Market Definition

Cannabis testing refers to the analysis that an individual sample of cannabis may be examined to determine THC, CBD, and terpene levels as well as for contaminants and impurities such as residual solvents, mold, disease, pests or pesticide residue.

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Global Cannabis Testing Market Dynamics

Drivers: Rapid urbanization and industrialization

The global cannabis testing is in its mature stage. The top companies in the market have adopted product approval, collaboration, and agreement as their developmental strategies in the competitive market. The information provided in this report is obtained through press releases by the top companies and is limited to the publicly available information.

LIMS can increase the efficiency of the cannabis testing laboratories and reduce procedural errors by enforcing SOPs, automating workflows, and strong process controls. LIMS ensures seamless data exchange with analytical instruments through instrument integration, preventing manual errors, and maintaining data integrity. Thus, LIMS software plays a crucial role in cannabis testing laboratories by managing, streamlining, and automating QA/QC processes.

Restraints: High start-up costs for cannabis testing laboratories

Laboratories have to make significant investments in obtaining and maintaining high-priced, advanced analytical equipment. Equipment standardization and upgrades, software requirements, certifications (such as ISO certification protocols), accreditations, and the requirement of skilled specialists further add to the cost of operations. The impact of these factors is strengthened as many banks deny funding or any other form of assistance to these laboratories due to the ambiguity in the cannabis testing industry and lines of credit are not available for laboratory owners/operators.

Scope of the Global Cannabis Testing Market

The study categorizes the cannabis testing market based on product, test type, and end-users at the regional and global levels.

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By Product Outlook (Sales/Revenue, USD Million, 2017–2030)

Instruments
Consumables
Software

By Test Type Outlook (Sales/Revenue, USD Million, 2017–2030)

Heavy metal testing
Microbial analysis
Potency testing
Residual screening
Others

By End-Users Outlook (Sales/Revenue, USD Million, 2017–2030)

Cannabis Cultivators/Growers
Cannabis Drug Manufacturers
Others

By Region Outlook (Sales/Revenue, USD Million, 2017–2030)

North America
- US
- Canada
- Mexico
Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- The Netherlands
- Norway
- Czech Republic
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
South America
- Brazil
- Argentina
- Colombia
- Rest of South America
The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA

The consumables segment accounts for the largest market share, by product

On the basis of product, the cannabis testing market is classified into instruments, consumables, and software. The consumables segment was the highest contributor to the market, with a market share of 58.5% in 2021. Consumable is the largest contributing segment in the global market, owing to the frequent use of consumables for cannabis testing.

Cannabis testing involves using several medical devices to detect quality of cannabis. This helps to identify applications of cannabis for several medical purposes. Many companies are offering columns, supplies, & accessories, and sample handling products for cannabis testing. Repetitive use of these consumables is one of the major factors that drive the growth of this segment. Furthermore, high demand for the following instruments, such as chromatography and spectroscopy, across the globe contributes to the rise in demand for cannabis testing consumables, which boosts the growth of the market.

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Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global cannabis testing market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 12.8% in the global cannabis testing market during the forecast period. Asia-Pacific includes countries such as China, Japan, and Australia. Asia-Pacific is a densely populated region, with India and China being the most populated countries. The recent legalization of cannabis for medical and therapeutic use in many Asian countries combined with the high venture funding for cannabis testing is mainly responsible for driving the Asia-Pacific cannabis testing market.

Asia-Pacific is the lucrative region for cannabis testing after LAMEA, owing to increased adoption of LIMS & cannabis legalization for medical & recreational purposes and increased demand through domestic manufacturing, which further boosts the market growth. For instance, increasing LIMS technique adoption helps improve the transparency of lab work status, reduce the costs & improved efficiency, provide flexibility to accommodate new requirements, and help improve quality & compliance. Penetration of information technology and increasing demand for data management & standardization are growing the number of LIMS vendors in the market.

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Key Market Players in the Global Cannabis Testing Market

Global cannabis testing is in its mature stage. The top companies in the market have adopted product approval, collaboration, and agreement as their developmental strategies in the competitive market. The information provided in this report is obtained through press releases by the top companies and is limited to the publicly available information.