Originally published on Technavio: Global Cannabis Testing Market Forecast and Analysis 2023-2027

Introduction:
This report, published in 2023, projects a substantial growth in the Global Cannabis Testing Market, estimating an increase of USD 1.50 billion between 2022 and 2027, with a CAGR of 13.06%. The comprehensive analysis categorizes the market based on Products (Consumables, Instruments, and Software), End-users (Cannabis cultivators/growers, Cannabis drug manufacturers, and Others), and geographical segmentation covering North America, Europe, APAC, and Rest of World (ROW).

Market Size and Historical Data:
The report provides historical data from 2017 to 2021 and future projections in terms of value (USD billion) for all segments mentioned, offering a detailed overview of the market's size and growth trends.

Market Growth Analysis:
The global awareness about the benefits of cannabis is identified as a key driver, with various countries, such as the US, UK, and New Zealand, actively engaging in initiatives to educate the public. The report anticipates this surge in awareness to attract new market entrants from related industries, fostering a demand for cannabis testing products and solutions.

Trends and Segment Analysis:
The Consumables segment holds the largest market share, valued at USD 661.99 million in 2017. Sigma-Aldrich, a subsidiary of Merck, is a major supplier, offering consumables compatible with high-performance liquid chromatography (HPLC) and liquid chromatography-mass spectrometry (LC-MS) instruments. The report indicates that the innovation in consumables allowing for higher detection resolution is a key factor driving market growth.

Regional Analysis:
North America is projected to contribute 50% to global market growth, driven by increasing use of cannabis-based products and favorable laws and regulations in medical applications. The US and Canada, being the largest contributors, have seen significant sales increases in states where cannabis is legal for medical or recreational use. The availability of licensed retailers and state-regulated safety testing contributes to market growth in the region.

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The report highlights a fragmented market with significant players such as Agilent Technologies Inc., Analytical Center Biopharm GmbH, Bio Rad Laboratories Inc., Danaher Corp., and others. The competitive landscape analysis includes detailed information about 15 market companies, offering insights into the market dynamics and key players' roles in shaping the industry.

The market report provides forecasts for revenue growth globally, regionally, and at the country level. It analyzes the latest trends and growth opportunities from 2017 to 2027, offering a comprehensive understanding of the Cannabis Testing Market.

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