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GLOBAL CANNABIS TESTING MARKET FORECAST 2017-2025

GLOBAL CANNABIS TESTING MARKET FORECAST 2017-2025

  • December 2017
  • 125 pages
  • ID: 5094286

Summary

Table of Contents

KEY FINDINGS
Cannabis is a psychoactive drug which is mainly used for medicinal and recreational purposes. The global cannabis testing market is expected to rise at a CAGR of 11.40% over the forecast period of 2017-2025. The market is mainly being driven by an increase in the number of testing facilities acquired as a strategic initiative by other cannabis oriented industries. The other drivers include the fact that marijuana is increasingly being recognized as beneficial by the medical fraternity for medical and therapeutic uses. Also, factors like increasing legalization on the usage of cannabis for medicine and research and a growing awareness about the benefits of cannabis aided by a strong community support are propelling the market growth.

MARKET INSIGHTS
The global cannabis testing market is segmented into four parts. Firstly, by testing type, which includes heavy metal cannabis testing, terpene profiling cannabis testing, microbial analysis cannabis testing, residual solvent screening cannabis testing, genetic cannabis testing, potency cannabis testing and pesticide screening cannabis testing. The second segment includes product and software. The third segment is based on cannabis type such as inhaling cannabis, solid edible, liquid edible and topical. The fourth segment is based on the end-users and includes research institutes and laboratories.

REGIONAL INSIGHTS
The global cannabis testing market has been geographically divided into North America, Europe, Asia-Pacific and the rest of the world. Of these, the highest market share was held by the North American market in the year 2016. Around 25 states in the US have approved the use of cannabis for medical treatment. Also, the presence of major market players in the US and Canada is likely to help progress the market further.

COMPETITIVE INSIGHTS
Product launch is the key strategy applied by the companies within the cannabis testing market in order to expand their market share. The other strategy includes mergers and acquisitions that help in expanding their product portfolio, acquire patents from target companies and encompass newer markets. The major players in the global market include Accelerated Technology Laboratories Inc, Agilent Technologies Inc, Eli Lilly, Perkinelmer Inc, Digipath Inc, Cmt Laboratories Inc, Steep Hill Halent Laboratories Inc, Pharma labs Llc, Restek Corporation, Sc Laboratories Inc, Thermo Fisher Scientific Inc, Sigma-Aldrich (Acquired By Merck Group), Shimadzu Corporation, Waters Corporation, Millipore Sigma, Ab Sciex Llc, Cannasafe Analytics, Lablynx, Inc and Gentech Scientific

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