The cannabis testing market studied was projected to grow with a CAGR of nearly 11.3% over the forecast period. The major factor attributing to the growth of the market is the increasing approval for the use of medical cannabis. Cannabis extracts are used to treat many neurological and mental disorders, so as the incidence of these disorders increase, the use and production of cannabis increases, resulting in the growth of the testing market. According to the World Health Organization, as of the year 2019, approximately 450 million people presently suffer from such conditions, placing mental disorders among the leading causes of ill-health and disability globally. Depression is the most common mental disorder. Globally, more than 264 million people of all ages suffer from depression. More number of women are affected by depression than men.Furthermore, growing awareness and adoption of LIMS in labs testing cannabis is another factor boosting the market. However the high cost involved in the cannabis testing instruments is major drawback of the market growth.
Key Market Trends
Analytical Instruments Segment is Dominating the Cannabis Testing Market.
- The cannabis testing market is growing exponentially, as the use of cannabis for medical purposes is being adopted across the globe. Cannabis is used to treat various diseases like neurological and mental disorders, and used in reducing chronic pain, decreasing nausea during chemotherapy, improving appetite in HIV/AIDS patients. As there is a rise in the patient pool, the use of cannabis also increases, leading to the growth of the testing market.
- The cannabis extracts are tested for potency, heavy metals, pesticides, residual solvents, moisture, terpene profile, microbial and fungal growth, and mycotoxins/aflatoxins making sure products are safe, while concurrently generating revenues and a return on investment. Advances in analytical testing technologies and services are helping to drive the industry growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to factors such as the high prevalence of chronic diseases in the region, established healthcare infrastructure are some of the key factors accountable for its large share in the market. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase market growth. In this region the United States has the maximum share due to supportive healthcare policies, the high number of patients, and a developed healthcare market.
The cannabis testing market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market Agilent Technologies, Inc., Shimadzu Scientific Instruments., Merck KGaA, Restek Corporation, PerkinElmer Inc., Danaher Corporation, Accelerated Technology Laboratories, Inc., Steep Hill Halent Laboratories, Inc., Digipath, Inc., Pharmlabs LLC.
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