The Global Cannabis Testing Market size was valued at USD 1.2 billion in 2019 and is anticipated to grow at a CAGR of 14.1% during the forecast period. Cannabis is a drug that is psychoactive and is primarily for medicinal and recreational use.
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Global Cannabis Testing Market: Overview
Tetrahydrocannabinol (THC) is an element in cannabis which causes the feeling of euphoria, perception change, and appetite increase. Increasing the use of cannabis for medical purposes has led to the legalization of cannabis in numerous countries across the world. Moreover, increasing focus to fulfill the growing needs of hemp and cannabis cultivators can further lead to an increase in a number of cannabis testing laboratory setup, so resulting in cannabis testing business growth in the future.
The cannabis testing market has been segmented on the basis of type, product & software, cannabis type and end user. On the basis of type, the market has been further segregated into terpene profiling, heavy metal, microbial analysis, genetic, residual solvent screening, potency and pesticide screening. The growing demand for the potency of the cannabis by the end user to evaluate its strength is boosting the growth in the potency segment. The end users mainly test the cannabis plants specifically for cannabinoids which helps them to evaluate the strength of cannabis and also the effect of cannabis on medical users.
Increasing use of cannabis for medical purposes have led to legalization of cannabis in various countries across the globe. For instance, currently, more than 30 countries across the globe have legalized the use of cannabis for medical treatment. Legalization of cannabis for medical purposes will provide new growth avenues for testing laboratories, thus leading to huge development of cannabis testing industry across the forecast timeframe. Moreover, increasing focus to meet the growing needs of hemp and cannabis cultivators will further lead to increase in number of cannabis testing laboratory setup, thus leading to cannabis testing business growth in the future.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
Key Factors Impacting the Growth of Cannabis testing Market:
• Recognition of cannabis for medical and therapeutic use by the medical fraternity.
• The rise in the number of testing facilities.
• The increasing legalization of the use of cannabis for medicine and research.
• Rising awareness about cannabis benefits aided by strong community support.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT Analysis:
Agilent Technologies, Inc., Waters Corporation, Shimadzu Corporation, PerkinElmer, Inc., Millipore Sigma, AB SCIEX LLC, Restek Corporation, Steep Hill Labs, Inc.,SC Laboratories, Inc., PharmLabs, Digipath Labs, Inc., and CannaSafe Analytics.
Key Developments in Cannabis Testing Market:
• In November 2016, Waters Corporation introduced two novel chemistries— CORTECS T3 and CORTECS Shield RP18. These new CORTECS column chemistries allow scientists to obtain more information per analysis and reduce the cost of analyzing complex samples such as biomarkers, natural products, counterfeit cosmetics, synthetic cannabinoids, veterinary drugs, drinking water, and vitamins.
• In August 2016, Agilent Technologies, Inc. acquired iLab Solution LLC, (U.S.), a prominent player in providing cloud-based laboratory management software. This acquisition helped Agilent to strengthen its software and informatics product portfolio.
Global Cannabis Testing Market: Regional Outlook
Asia Pacific was the fastest growing geographic market and it is expected to be the fastest revenue generator during the forecast period. Asia Pacific market was driven by the factors such as large population countries such as China and India, increasing number of accidents with cannabis intoxication, adoption of trends from western regions in terms of legalization of medical and recreational use of cannabis.
• Analytical Instruments
By Mode of Services
• Potency Testing
• Terpene Profiling
• Pesticide Screening
By End User
• Research Institute
• Drug Manufacturer
Rest of the World
Reasons to Buy This Report:
• Market size estimation of the cannabis testing market on a regional and global basis
• Unique research Usage for market size estimation and forecast
• Profiling of major companies operating in the market with key developments
• Broad scope to cover all the possible segments helping every stakeholder in the market
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