The size of the cannabis testing market in the Asia Pacific is predicted to value USD 253.33 Million in 2022 and USD 438.54 million by 2027, growing at a CAGR of 11.6% from 2022 to 2027.
The legalization of medicinal cannabis and the expanding number of cannabis testing laboratories, the growing adoption of LIMS (Laboratory Information Management Systems) in cannabis testing laboratories, and more awareness are key factors promoting the cannabis testing market growth in the APAC region. In general, as a result of the COVID-19 pandemic, there has been a rise in demand for analytical instruments and a significant increase in equipment production. Furthermore, because cannabis extracts are employed in medical research, demand for this equipment has remained steady even during the pandemic.
Several research on the overall composition of cannabis has revealed that it has various medical characteristics and can be used to treat chronic and fatal diseases such as cancer. Growing investment in cannabis research and development has opened up a slew of new possibilities for cannabis use. As a result, the market for cannabis testing equipment has grown. Many regulatory authorities have begun establishing maximum concentration limits on residual solvents, insecticides, pesticides, heavy metals, microorganisms, and mycotoxins for analyzing plant samples. It also resulted in opening a slew of new labs, particularly in areas where cultivation is increasing. For the growing patient population, Asia is poised to legalize medical cannabis.
Over the forecast period, the number is expected to grow at an exponential rate. As a result of this growth in numbers, establishing reliable testing services to ensure the quality of produced cannabis has become a need. Pharmaceutical businesses must follow the government's strict quality testing standards before cannabis may be used in pharmaceuticals and increase cannabis awareness through advertising, conferences, and seminars. Increased demand from domestic manufacturing, on the other hand, is expected to boost the growth of the Asia Pacific cannabis testing market in the coming years.
The expansion of the cannabis testing market in the APAC region is likely to be hampered by a lack of standardization in-laws and regulations, high costs, and insufficient employees. One of the most significant issues in this market is the high expense of starting a cannabis testing laboratory. These laboratories must make considerable investments in high-priced, modern analytical equipment to purchase and maintain it.
This research report on the APAC cannabis testing market has been segmented and sub-segmented into the following categories:
By Testing Procedures:
By Product & Software:
Geographically, the APAC cannabis testing market is forecasted to account for a promising share in the global market during the forecast period. The growing biopharmaceutical industry, increased life science research, increased investments by pharmaceutical and biotechnology companies, and the growing number of cannabis testing laboratories in the region, combined with the legalization of cannabis for medical use, are expected to drive market growth in this region. Increased research and development of a new medicinal treatment for chronic disease by major pharmaceutical companies and an increase in the recreational and personal use of cannabis are all contributing to the Asia cannabis testing market's growth. In addition, the increasing demand for data management and standardization and the penetration of information technology is assisting in developing LIMS (Laboratory Information Management Systems) vendors in the market. The growing demand for LIMS in the Asian market and R&D expenditures in countries such as China and India are propelling the region's market expansion.
KEY MARKET PLAYERS:
A few of the notable companies dominating the APAC Cannabis Testing Market profiled in the report are Agilent Technologies, Inc., Shimadzu Corporation, Waters Corporation, PerkinElmer, Inc., AB SCIEX LLC, Millipore Sigma, Restek Corporation, LabLynx, Inc. (U.S.), Steep Hill Labs, Inc., PharmLabs, LLC, SC Laboratories, Inc., Digipath Labs, Inc., CannaSafe Analytics, and Accelerated Technology Laboratories, Inc.
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