Cannabis Analyzer Market Size, Share, Growth, and Industry Analysis, By Type (ICP-MS, HPLC, and Others), By Application (Potency, Terpens, Heavy Metal, Pesticides, and Others), and Regional Forecast to 2028

Updated On: 08 April 2024

Report Overview

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The global cannabis analyzer market size is expanded rapidly in 2022. As per our research, the market is expected to generate substantial revenue by 2028, exhibiting a high CAGR during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the cannabis analyzer market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.                                                 

A cannabis analyzer is a device or tool that is used to analyze and test cannabis products for various characteristics and properties, such as potency, cannabinoid profile, terpene content, moisture content, and contaminants. These analyzers use various technologies such as gas chromatography, mass spectrometry, and high-performance liquid chromatography to provide accurate and reliable results. Besides, cannabis analyzers are commonly used by cannabis testing laboratories, growers, and manufacturers to ensure compliance with regulatory standards and to produce high-quality and safe cannabis products.

The market is likely to grow at a significant CAGR during the forecast period driven by the common use of the essence of marijuana for several purposes across the drug industry, laboratories, testing, and growing demand for marijuana among consumers. In addition, the market is fragmented by type, by application, and expansion of market geographically. Based on the type of product, ICP-MS and HPLC are available in the market. Along with this, potency, tarpenes, pesticides, and other application segments augment the demand for cannabis which is anticipated to increase the growth of the cannabis analyzer market.

COVID-19 Impact: Pandemic Increases the Demand for Cannabis Analyzers

The COVID-19 pandemic has positive impact on the cannabis analyzer market. As per stats for the year 2020-2021, the market has witnessed an increase in the demand for cannabis analyzers. It has also led to an increased demand for cannabis products, including medical cannabis, as people look for ways to manage stress and anxiety during these challenging times. Consequently, this augmented demand has led to a corresponding rise in the need for accurate and reliable cannabis testing and analysis. Resulted, the health emergency has boosted the demand for cannabis analyzers and is estimated to increase in the coming years.

Latest Trends

"Growing Popularity of Cannabinoids and their Therapeutic Benefits Broad Market Size"

The market for cannabis analyzer is evolving rapidly over the years. According to research, THC and CBD are the most well-known cannabinoids in cannabis, there are over 100 other cannabinoids that have potential therapeutic benefits. These minor cannabinoids, such as CBG, CBN, and THCV, are becoming increasingly popular among consumers and are being studied for their potential medical uses. Therefore, the demand for testing tools that can measure terpenes, the aromatic compounds that give cannabis its unique flavor and scent, is growing quickly. Along with this, the demand for cannabis analyzers is also rising as they can accurately measure and quantify these minor cannabinoids. This requires more advanced analytical techniques, such as high-performance liquid chromatography (HPLC) and gas chromatography-mass spectrometry (GC-MS), which can accurately separate and identify individual cannabinoids in complex cannabis samples are fuelling the cannabis analyzer market growth over the forecast.

Segmentation

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• By Type Analysis

According to type, the market can be bifurcated into ICP-MS, HPLC, and Others.

• By Application Analysis

Based on application, the market can be divided into Potency, Terpens, Heavy Metal, Pesticides, and Others.

Driving Factors

"Legalization of Cannabis and Stringent Regulatory Requirements to Drive Market Growth"

The cannabis analyzer market is experiencing rapid growth with certain driving factors. One of the major driving factors is the legalization of cannabis for medical and recreational use in many countries. As a result, it has increased the demand for cannabis analyzers.  Since regulatory agencies require testing and analysis of cannabis products to ensure they meet safety and quality standards before they can be sold. Similarly, regulatory agencies have set stringent requirements for the testing and analysis of cannabis products, particularly in terms of safety and potency. This has led to an increase in the demand for cannabis analyzers that can provide accurate and reliable results, as well as compliance with regulatory standards which is attributed to the cannabis analyzer market growth.

"Technological Advancements Enhance the Demand for the Product"

The market is also driven by the technological advancements in the cannabis analyzer market, which have made it easier and more affordable to perform accurate and reliable testing and analysis. For example, the development of portable and handheld analyzers has made it possible to perform on-site testing, which can save time and money, contributing to the demand for these analyzers in the market.

Restraining Factor

"Lack of Standardization in Testing Methods & Regulations Impede Market Expansion"

The cannabis analyzer market is restrained mostly due to the lack of standardization in testing methods and regulations across different countries and regions. There is currently no global standard for cannabis testing, and different countries and regions have their own regulations and testing requirements. This can create confusion and uncertainty for cannabis testing labs and manufacturers, as they may need to navigate different testing protocols and comply with different standards in different markets which can confine the expansion of the market.

Regional Insights

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"North America Dominates the Market with Permissible Use of Cannabis for Medical"

According to the market review, North America is the leading region in the market due to the legalization of the use of cannabis in the region. Mainly, the U.S. is currently the leading country in the cannabis analyzer market. This is due in part to the fact that cannabis is legal for medical or recreational use in many states, which has led to the growth of the cannabis industry and an increase in demand for cannabis testing and analysis. Furthermore, in May 2021, a new grower of research marijuana was approved by the US government for the first time in more than 50 years, increasing the possibility of studying the drug's health benefits.

Key Industry Players

"Key Players Invest Heavily in R&D to Meet the Evolving Industry Needs "

The notable key players are leading the cannabis analyzer market with their strong brand reputation and are well-known for producing high-quality, reliable, and accurate cannabis testing equipment. This reputation has helped to establish these companies as leaders in the industry and has aided in building customer loyalty. In addition, their heavy investment in research and development to create innovative products that meet the evolving needs of the industry. Apart from this, significantly, these top leading key players hold the cannabis analyzer market share. The top key companies; Shimadzu, Agilent, Orange Photonics, GemmaCert, and Icon Scientific Inc. are leading the market with their highest profit revenue in the market during the forecast period. In June 2021, Among the world's largest cannabis companies, Canopy Growth announced it had acquired 100% of Supreme Cannabis Company's issued and outstanding common shares.

List of Market Players Profiled

• Shimadzu
• Agilent
• Orange Photonics
• GemmaCert
• Icon Scientific Inc.

Report Coverage

This report defines the cannabis analyzer market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.