According to a new market research study titled ‘Cannabis Testing Market to 2025 – Global Analysis and Forecasts by Type, Services and End User, the global cannabis testing market was valued at US$ 1,028.2 Mn in 2017 and is estimated to reach US$ 2,486.7 Mn by 2025. The market is estimated to grow with a CAGR of 11.9% from 2017-2025.The report highlights the trends prevalent in the global cannabis testing market and the factors driving the market along with those that act as deterrents to its growth.
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.
Global cannabis testing market is expected to grow in the coming years, owing to the factors such as, legalization of medical cannabis, increasing awareness through conferences, symposia, and workshops and growing adoption of LIMS in cannabis testing laboratories. However, the stringent regulatory framework for cannabis and dearth of trained laboratory professionals act as a restraint for this market. On the other hand, advances in cannabis testing equipments likely to add novel opportunities for cannabis testing market, in the coming years.
Global cannabis testing market, based on the type is segmented into product and services. The product segment is further bifurcated into analytical instruments and consumables segments. In 2017, the product segment witnesses the fastest and largest share. Additionally, the software segment is anticipated to grow at a significant rate during the forecast period.
List of Companies:-
- Agilent Technologies, Inc.
- PerkinElmer, Inc.
- Shimadzu Corporation
- Sciex (Danaher)
- Merck KGaA
- Restek Corporation
- CannaSafe Analytics
- Accelerated Technology Laboratories, Inc.
- Digipath Inc.
The market players are focused towards bringing new and innovative product launches to sustain their position in the market. For instance, in January 2018, SCIEX Diagnostics, a division of SCIEX launched Citrine Triple Quad MS/MS and Citrine QTRAP MS/MS Systems for clinical diagnostics.
Legalization of Medical Cannabis:-
The market is driven by the legalization of the medical cannabis, for instance, United States is anticipated to be the main driving force of growth of use of medical cannabis. 30 states has legalized cannabis for the medical use. These 30 states comprises of 60% of total population and have approved use of medical marijuana. This has become the driving force for the growth of cannabis testing marked in the entire North America region. Currently more than 8000 active licenses for cannabis businesses in USA. It is the only country with such number of market players. Europe is another region which has shown a decent growth rate for cannabis testing market. There has been an increase in the process of legalization of cannabis in European countries. Thus, considering the facts the market is likely to drive the market.
Mergers and Acquisitions:-
The cannabis businesses in the US are small independently-held entities. Various companies, such as food, tobacco and pharmaceutical industries were held back by regulatory concerns, but are now expected to enter the market. Cannabis business are small due to stringent regulations for import and export. Companies that want to expand to other regions must establish cultivation, manufacturing and selling infrastructure in new location, or form a partnership with other company in the other state. For instance, in 2018, some of the multi-state operators acquired additional licensed operators in new locations to enhance its presence.
The global cannabis testing market by type was led by products. In 2017, the products segment held a largest market share of 73.7% of the cannabis testing market, by type. The products segment is expected to dominate the market in 2025 owing to the various product offering such as instruments, consumables, tools and equipment for the cannabis testing. The market is likely to grow due to the increasing cases of the consumption of the cannabis and hence, the products offering are likely to grow the market in the forecast period.
The cannabis testing market on the basis of the services is segmented as potency testing, terpene profiling, pesticide screening, residual solvent screening, heavy metal testing, microbial analysis and genetic testing. The market is majorly contributed by the potency testing which holds the 29.5% of the market share in 2017. The market expected to dominate by the potency testing in the 2025 by 31.9% of the market share.
End User Insights:-
The cannabis testing market by end user is segmented into sting laboratories, drug manufacturers, and research institutes. The testing laboratories segment is anticipated to grow at a CAGR of 12.4% during the forecast period. The market is likely to drive sue to the increasing volume routine and specialty testing.
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CANNABIS TESTING – MARKET SEGMENTATION
- Potency Testing
- Terpene Profiling
- Pesticide Screening
- Residual Solvent Screening
- Heavy Metal Testing
- Microbial Analysis
By End User
- Testing Laboratories
- Drug Manufacturers
- Research Institutes
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- South America (SAM)
Approvals and agreements were observed as the most adopted strategy in global cannabis testing industry. Few of the organic developments, inorganic developments and others are listed below:
2018: In January, 2018, SCIEX Diagnostics, a division of SCIEX launched Citrine Triple Quad MS/MS and Citrine QTRAP MS/MS Systems for clinical diagnostics.
2017: In June, 2017, Waters Corporation received approval for Waters ACQUITY UPLC, ACQUITY UPLC I-Class System by Brazil’sNational Health Surveillance Agency (ANVISA).
2016: In September 2016, SCIEX entered into a collaboration with CW Analytical (CWAL) to develop fully validated standardized methods to measure pesticides and cannabinoids in Cannabis and Cannabis related products.
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