The size of the Latin America cannabis testing market is projected to be worth USD 140.23 Million in 2022 and USD 238.44 Million by 2027, growing at a CAGR of 11.2% from 2022 to 2027.
A key contributor to market growth is the increasing approval of medical cannabis use. Cannabis extracts are used to treat many neurological and psychiatric disorders. As the incidence of these diseases increases, so does the use and production of cannabis, leading to a growth in the Latin American Cannabis Testing Market. According to the World Health Organization, about 450 million people are affected by the disease as of 2019, making mental disorders a leading cause of health and disability worldwide. Globally, more than 264 million people of all ages suffer from depression, the most common mental disorder. Women are more affected by depression. Also, increasing awareness of LIMS and adopting LIMS in laboratory-tested cannabis is another factor driving the market growth. Moreover, favorable government initiatives and the growing number of research partners are the drivers that are presumed to drive the Latin America Cannabis Testing market growth.
The Latin America Cannabis Testing Market to witness continued growth with the rising demand for consumables testing technology and the introduction of technologically advanced equipment. Legalizing cannabis in various regions is driving growth, as research and enterprise investment in laboratory development is overgrowing. Multiple studies on the overall composition of cannabis show that they have a vital role in treating a few chronic diseases. It also has numerous medicinal properties that can be used to treat deadly diseases, such as cancer.
The cannabis testing market in the Latin American region witnessed an increased investment in cannabis research and development, which has opened up some prospects for cannabis use. This, in turn, is intended to drive the LATAM market for cannabis testing in the future.
However, the high cost of cannabis testing equipment is a significant drawback to market growth. In addition, some countries still ban the commercialization of cannabis, limiting the growth of the cannabis testing business in the area.
This research report on the Latin American cannabis testing market has been segmented and sub-segmented into the following categories:
By Testing Procedures:
By Product & Software:
Brazil, followed by Mexico, is expected to account for the majority of the Latin American share during the forecast period. Factors such as the increasing number of accidents under cannabis intoxication and the legalization of cannabis in some regions for medical purposes are expected to propel the regional market growth.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the Latin America 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.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Product & Software
5.1.1 Analytical Instruments
220.127.116.11 Chromatography Instruments
18.104.22.168.1 Liquid Chromatography
22.214.171.124.2 Gas Chromatography
126.96.36.199.3 Other Chromatography Instruments
188.8.131.52 Spectroscopy Instruments
184.108.40.206.1 Atomic Spectrometry Instruments
220.127.116.11.2 Mass Spectroscopy Instruments
18.104.22.168 Other Analytical Instruments
22.214.171.124 Sample Preparation Products
126.96.36.199 Standards and CRMS
188.8.131.52 Chromatography Columns
184.108.40.206 Supplies and Accessories
5.1.5 Y-o-Y Growth Analysis, By Product & Software
5.1.6 Market Attractiveness Analysis, By Product & Software
5.1.7 Market Share Analysis, By Product & Software
5.2 Testing Procedures
5.2.1 Terpene Profiling
5.2.2 Potency Testing
5.2.3 Residual Solvent Screening
5.2.4 Pesticide Screening
5.2.5 Genetic Testing
5.2.6 Heavy Metal Testing
5.2.7 Microbial Analysis
5.2.8 Y-o-Y Growth Analysis, By Testing Procedures
5.2.9 Market Attractiveness Analysis, By Testing Procedures
5.2.10 Market Share Analysis, By Testing Procedures
5.3 End Users
5.3.1 Cannabis Cultivators
220.127.116.11 Small-Scale Laboratories
18.104.22.168 Medium-Scale Laboratories
22.214.171.124 Large-Scale Laboratories
5.3.3 Drug Manufacturers & Dispensaries
5.3.4 Research Institutes
5.3.5 Y-o-Y Growth Analysis, By End Users
5.3.6 Market Attractiveness Analysis, By End Users
5.3.7 Market Share Analysis, By End Users
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
126.96.36.199 By Product & Software
188.8.131.52 By Testing Procedures
184.108.40.206 By End Users
6.1.4 Market Attractiveness Analysis
220.127.116.11 By Product & Software
18.104.22.168 By Testing Procedures
22.214.171.124 By End Users
6.1.5 Market Share Analysis
126.96.36.199 By Product & Software
188.8.131.52 By Testing Procedures
184.108.40.206 By End Users
6.6 Rest of Latin America
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Agilent Technologies Inc.
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Shimadzu Corporation
8.3 Waters Corporation
8.4 PerkinElmer Inc.
8.5 AB SCIEX LLC
8.6 Millipore Sigma
8.7 Restek Corporation
8.8 LabLynx Inc. (U.S.)
8.9 Steep Hill Labs Inc.
8.10 PharmLabs LLC
8.11 SC Laboratories Inc.
8.12 Digipath Labs Inc.
8.13 CannaSafe Analytics
8.14 Accelerated Technology Laboratories Inc.
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures
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