The global cannabis testing services market is driven by increasing legalization of cannabis for medical and recreational purposes, growing awareness about the benefits of cannabis testing, and the need for quality control and standardization of cannabis products. Additionally, the rise in demand for analytical testing services, the development of advanced testing technologies, and the increasing number of accredited testing laboratories are also contributing to market growth. However, the high cost of cannabis testing services, the lack of uniform testing standards, and the shortage of skilled professionals in the industry may hinder market growth. Nonetheless, the market is expected to witness significant growth in the coming years due to the growing acceptance of cannabis for medical purposes and the increasing legalization of cannabis across the world.
Cannabis Testing Services Market
The global is estimated to be valued at US$ 1,658.9 million in 2022 and is expected to exhibit a CAGR of 13.4% during the forecast period (2022-2030).
Key Competitors in the Cannabis Testing Services Industry:
Thermo Fisher Scientific Inc.
Thermo Fisher Scientific Inc. was founded in 2006 and is headquartered in Waltham, Massachusetts, United States. The company operates in over 50 countries around the world, including the Americas, Europe, Middle East and Africa, and Asia Pacific. Thermo Fisher Scientific is a leading provider of scientific research equipment, reagents, software, services, and laboratory consumables. In March, 2023 Thermo Fisher Scientific, the world leader in serving science, and Arsenal Biosciences, Inc. (ArsenalBio), a clinical-stage cell therapy company engineering advanced chimeric antigen receptor (CAR)-T cell therapies for solid tumors, today announced an update to our strategic collaboration to further the development of manufacturing processes for new cancer treatments.
Merck KGaA
Merck KGaA, also known as EMD Group, was founded in 1668 and is headquartered in Darmstadt, Germany. The company operates in over 60 countries worldwide, including Europe, the Americas, Asia Pacific, and Africa. Merck KGaA is a science and technology company that operates in three main business segments: Healthcare, Life Science, and Performance Materials. In March, 2023 Merck, has entered an expanded partnership with global green chemistry education nonprofit Beyond Benign. With plans for a multi-year contribution to the organization, Merck is helping transform chemistry education to better prepare next generation scientists with skills to address sustainability through chemistry.
Shimadzu Corporation
Shimadzu Corporation was founded in 1875 and is headquartered in Kyoto, Japan. The company operates in over 80 countries worldwide, including Asia Pacific, Europe, the Americas, and Africa. Shimadzu Corporation is a leading provider of analytical and measuring instruments, medical systems, aircraft equipment, and industrial machinery.
PerkinElmer, Inc.
PerkinElmer, Inc. was founded in 1937 and is headquartered in Waltham, Massachusetts, United States. The company operates in over 190 countries around the world, including Europe, the Americas, Asia Pacific, and Africa. PerkinElmer, Inc. is a leading provider of life science research solutions, diagnostics, and analytical laboratory instruments. In February, 2023 PerkinElmer, has launched the EnVision Nexus system, its fastest and most sensitive multimode plate reader to date, designed for demanding high-throughput screening (HTS) applications and to accelerate drug discovery efforts.