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Cannabis Testing Market by Product & Software, Column, Standards, Accessories, LIMS, Service, End User - Global Forecast to 2021

Cannabis Testing Market: Global Forecast until 2021

  • March 2017
  • 172 pages
  • ID: 4799014
In this report:
According to the U.S. Bureau of Labor Statistics, the U.S. is facing a shortage of STEM (science, technology, engineering, and mathematics) professionals and the demand for skilled professionals in the fields of medical research, pharmaceuticals, and science start-ups is expected to increase by ##% by 2018.

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The overall cannabis testing market is forecasted to reach $1416.30M by 2021 from $822.00M in 2016, at a Compound annual growth rate of 11.50 percent during forecast period (2016-2021). The rise in this industry is mainly influenced by Elements such as legalization of medical cannabis, along the increasing number of cannabis testing laboratories ; increasing adoption of LIMS in cannabis testing laboratories; and growing awareness through conferences, symposia, and workshops. On the other hand, the high cost of analytical instruments, presence of alternative technologies, and dearth of skilled professionals are some of the main factors that are anticipated to restrain the increase of this market in the next years.

Growing funding for cannabis testing laboratories is one of the main trend observed in the cannabis testing market. Increasing legalization of cannabis for medicinal purpose has attracted several prominent market actors and investors to invest in cannabis testing laboratories to develop and improve analytical testing to assure consumer safety. For example:

- In February 2017, Cannabi-Tech Ltd..eceived funding of USD 1 Million from Agrinnovation. The company intends to utilize these funds for the North American launch of its testing platform for medical cannabis labs and dispensaries.

- In November 2015, Steep Hill Labs, Incorporated received funding of USD 2 Million from Delft Blue Horizons, Phyto Partners, and Poseidon Asset Management to support the expanded testing services additionally to new research and product improvement.

The cannabis testing market is divided on the basis of product & software, service, end-user, and area. The cannabis testing services market is broken down into potency testing, terpene profiling, pesticide screening, residual solvent screening, heavy metal testing, microbial review, and genetic testing. The potency testing segment recorded for the biggest share in 2016 and also anticipated to grow at the highest CAGR (Compound annual growth rate) during the estimate period as a majority of the end users primarily test their cannabis plants for cannabinoids and look for evaluating the strength of cannabis and the effect it will have on medical marijuana users.

North America continent is projected to register the highest compound annual growth rate (CAGR) during the outlook period. This can be connected to increasing legalization of cannabis for medical use; fast growth in the number of cannabis testing laboratories; the presence of prominent actors in this zone; increasing awareness concerning medical cannabis through different seminars, conferences, and symposia; and increasing funding for the cannabis sector in this area.

Segment Research

This sector is clasified on the basis of product & software, service, final user, and area. Apart from the comprehensive regional study, product review, and sizing of market, the market research also offers a competitive analysis that includes increase strategies approved by sector actors over the last three years. The corporation reviews include basic views on key competitors and their products review, advancements, and strategies approved. The above-mentioned segment research data, current market sizes, and projection of future trends will facilitate top players and new sector entrants make informed decisions regarding product offerings, spatial focus, changes in strategic way, Research and development investments, and levels of output in order to remain profitable.

Why Purchasing This Study Can Help You:

The industry report will increase both established firms as well as new entrants/smaller companies to measure the pulse of the sector, which in turn will facilitate organizations, collect a larger market share. Companies obtaining the study can use any one or an aggregation of the below-mentioned five strategies (sector entry, product improvement/innovative projects, sector development, business diversification, and opposing assessment) for strengthening their market shares.

This study furnishes highlights on the following points:

- Business entry: Exhaustive information on the product portfolios of the top actors in the cannabis testing market. The market research examines the cannabis testing market by product & software, service, end-user, and area.

- Product improvement/Innovative products: In-depth understanding on up-on-coming technologies, Research&development activities, and recent product launches in the overall cannabis testing market.

- Industry development: Highlighted information about the cannabis testing market across territories.

- Industry diversification: Complete information about recent products, untapped areas, recent evolutions, and market investments in the overall cannabis testing market.

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