Cannabis Testing Market to Reach $2.44 Bn, Globally, by 2027 at 11.9% CAGR: Allied Market Research
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Drivers, restraints, and opportunities-
Surge in demand for cannabis legalization in several countries for medical purposes, increase in adoption of LIMS in cannabis testing laboratories, and collaborations between major companies fuel the growth of the global cannabis testing market. On the other hand, high start-up costs for cannabis testing laboratories impede the growth to some extent. However, untapped potential in emerging economies is expected to pave the way for lucrative opportunities in the industry.
COVID-19 scenario-
The consumables segment to dominate by 2027-
By product, the consumables segment contributed to nearly three-fifths of the global cannabis testing market share in 2019, and is anticipated to rule the roost by 2027, due to frequent use of consumables for cannabis testing. The instruments segment, on the other hand, is projected to portray the fastest CAGR of 13.2% from 2020 to 2027. This is attributed to increasing investments by the major players in the development of technologically advanced instruments.
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The cannabis drug manufacturers segment to maintain the dominant share-
By end user, the cannabis drug manufacturers segment accounted for nearly half of the global cannabis testing market revenue in 2019, and is projected to retain its dominance throughout the forecast period. The segment is also anticipated to cite the fastest CAGR of 12.4% from 2020 to 2027. This is due to growing acceptance of marijuana as a medicine and rise in the number of cannabis-based clinical trials by the big pharmaceuticals across the world.
North America garnered the major share in 2019-
By region, North America held the highest share in 2019, generating more than half of the global cannabis testing market. Legalization of cannabis (especially in the U.S.) and the ease of availability of instruments, software, and services for cannabis testing fuels the market growth across North America. However, LAMEA is expected to showcase the fastest CAGR of 14.1% during the forecast period, due to legalization of cannabis for medical use and growing number of cannabis cultivators and testing laboratories in the region.
Frontrunners in the industry-
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