Report Ocean recently published an extensive intelligence report titled “Cannabis Testing Market Report: Size, Share, Competitive Landscape, Technology, Latest Updates, and Forecasts to 2031.” This report provides a comprehensive analysis of the market at a micro-level, focusing on insurers, major market sectors, products, and distribution methods within the industry.
The competitive segment of the report offers a summary of key competitors, their financial conditions, recent developments, competitive analysis, and market advancements. This analysis enables market participants to effectively identify relevant opportunities by assessing the strengths and weaknesses of major competitors.
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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.
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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
PerkinElmer
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
Instruments
Consumables
Software
By Test Type Outlook
Heavy metal testing
Microbial analysis
Potency testing
Residual screening
Others
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By End-Users Outlook
Cannabis Cultivators/Growers
Cannabis Drug Manufacturers
Others
By Region
? 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 ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America
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Furthermore, years considered for the study are as follows:
Historical year 2017, 2020
Base year 2021
Forecast period 2022 to 2030.
Target Audience of the Market in This Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Key Reasons to Purchase this Report:
Strategic Direction: This research report provides insightful analysis and strategic advice for senior executives, decision-makers, professionals, sales managers, and other market stakeholders working in this space. It aids in decision-making and offers strategic recommendations for product advancements.
Comprehensive Analysis: Both economic and non-economic aspects are taken into account in the report’s thorough qualitative and quantitative analysis of the market. For a complete knowledge of market dynamics, it contains a segment breakdown with market evaluations expressed in terms of value (USD Billion) for each segment.
Growth Opportunities: The research highlights the geographies and market categories predicted to expand at the highest rates, potentially positioning them to dominate their respective markets. It offers a thorough examination of consumption trends in various geographic areas and highlights the variables affecting regional market trends.
Competitive Landscape: The competitive landscape section lists the top market rivals and discusses current business expansions, collaborations, product launches, and acquisitions. This data makes it easier to evaluate significant players’ market positions.
Detailed Company Profiles: These include their company description, insights, product benchmarking, and SWOT analysis, providing a thorough picture of the major market participants. Stakeholders are able to assess the advantages and disadvantages of the leading market players due to these profiles.
Future Market Outlook: The study presents recent trends, growth prospects, drivers, challenges, and restraints in both emerging and developed regions. It also includes current and future market outlooks. It gives stakeholders knowledge of potential industry trends and aids in their prediction of upcoming market dynamics.
Industry Analysis: Using Porter’s Five Forces Analysis, the research provides a comprehensive analysis of the industry, looking at factors such as the bargaining power of customers and suppliers, rivalry among businesses, the threat of alternative products, and the threat of new entrants. This research helps to comprehend how fiercely the market is competitive.
Value Chain Insights: Through a thorough examination of the value chain, the research offers insightful information about the market. This aids stakeholders in comprehending the main processes and actors involved in the creation and supply of the good or service.
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