New York, NY, Oct. 30, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Cannabis Testing Market by Product and Software (Products and Software (Cannabis LIMS)), by Method of Testing (Potency, Heavy Metal, Terpene Profiling, Microbial Analysis, Pesticide Screening, Residual Solvent Screening, and Genetic), and by End-User (Cannabis Testing Laboratories, Research Institutions, Cultivators, and Drug Manufacturers and Dispensaries): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global cannabis testing market was valued at approximately USD 910 million in 2017 and is expected to generate revenue of around USD 2,012 million by the end of 2024, growing at a CAGR of around 12.0% between 2018 and 2024.
Cannabis testing detects active ingredients like terpene and cannabinoids by using chromatographic or analytical testing. The increase in the legalization of cannabis in various countries, growing awareness through various conferences and seminars and an increase in the technological advancements related to cannabis testing are fueling the expansion of the global cannabis testing market.
Browse through 105 Tables & 31 Figures spread over 110 Pages and in-depth TOC on “Global Cannabis Testing Market Size & Share 2017: By Industry Type, Growth, Trends Analysis and Forecast to 2024”.
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The global cannabis testing market can be divided based on product and software, a method of testing, and end-users. Based on product and software, the cannabis testing market can be classified into products and software. The product segment is further divided into analytical instruments, which includes spectroscopy instruments, chromatography instruments, and others, and consumable includes standards and CRMS, chromatography columns, sample preparation products, and supplies and accessories. In 2017, the product segment acquired the highest market share. The rise in the demand for testing methods, such as pesticides screen and potency testing, which mainly requires the use of analytical instruments, is fueling the demand for this product segment. Additionally, the recurring need for consumables to conduct testing techniques and the introduction of technologically advanced devices are also driving the growth of this segment.
On the basis of the method of testing, the cannabis testing market can be categorized into potency, pesticide screening, microbial analysis, genetic, heavy metal, residual solvent screening, and terpene profiling. The potency segment is anticipated to dominate the market in the forecast timeframe.
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Based on end-users, the cannabis testing market can be fragmented into research institutions, cannabis testing laboratories, drug manufacturers and dispensaries, and cultivators. The cannabis testing laboratories segment is projected to lead the end-user segment of the cannabis testing market in the forecast timeframe. The rise in the number of cannabis testing labs due to the legalization of cannabis in various regions, availability of technologically advanced products in laboratories, and increasing investments made by the companies in developing their laboratories are fueling the growth of this segment globally.
North America is anticipated to lead the cannabis testing market in the forecast period. Approximately 30 states in the U.S., where approximately 60% of the total population of U.S. resides, have approved the medical use of cannabis. This rapid increase in the legalization and acceptance of cannabis in major states in the region has fueled the growth of cannabis testing market in the North American region. According to a data presented in Cannabiz Media (a company that tracks the licenses of cannabis in this region), there are about 9,000 active licenses for cannabis businesses in the U.S. The presence of the maximum market players in this region is also fueling the growth of the cannabis testing market.
Browse the full "Cannabis Testing Market by Product and Software (Products and Software (Cannabis LIMS)), by Method of Testing (Potency, Heavy Metal, Terpene Profiling, Microbial Analysis, Pesticide Screening, Residual Solvent Screening, and Genetic), and by End-User (Cannabis Testing Laboratories, Research Institutions, Cultivators, and Drug Manufacturers and Dispensaries): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/cannabis-testing-market
Europe is anticipated to show a steady growth rate in the demand for cannabis testing market. The increase in legalization of cannabis in various countries of the region and the growth in the opportunities for the use of pesticide screening are the main factors fueling the growth of cannabis testing market in the European region. Furthermore, the growing awareness about cannabis and the increase in the investments for cannabis testing are other factors stimulating the demand for the European cannabis testing market.
In the forecast period, the Asia Pacific region is anticipated to show rapid growth in the cannabis testing market. The rising use of cannabis to treat various diseases, such as chronic neuropathic pain, spasticity in spinal cord injury, cachexia, and anorexia in HIV/AIDS, among other diseases, recent changes in the law for acceptance of cannabis and marijuana for medicinal purposes, rising investments made for cannabis testing in the region, and increasing in number of cannabis testing labs are anticipated to fuel the expansion of the market for cannabis testing in the Asia Pacific region. Additionally, the rising awareness about cannabis among the population in the developing countries, such as China and India, is also contributing to the growth of this market in the region.
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The Middle East and Africa and Latin America are also anticipated to show rapid growth in the demand for cannabis testing market. Growing usage of cannabis LIMS, increasing awareness about cannabis through seminars and conferences, acceptance of cannabis by the government, and rising investments made by companies in these regions are projected to fuel the growth of the cannabis testing market in these regions.
The main players in the global cannabis testing market are AB SCIEX LLC, Agilent Technologies, Inc., Waters Corporation, CannaSys, Inc., Shimadzu Corporation, GenTech Scientific, Millipore Sigma, PerkinElmer, Inc., PharmLabs, LLC, and Cannabix Technologies, Inc. These companies focus on mergers and acquisitions to strengthen their product portfolio. For instance, in September 2016, AB SCIEX LLC (U.S.) collaborated with CW Analytical, a cannabis testing laboratory, which develops cannabis testing standards.
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This report segments the global cannabis testing market as follows:
Global Cannabis Testing Market: Products & Software Segment Analysis
- Products
- Analytical Instruments
- Chromatography Instruments
- Liquid Chromatography
- Gas Chromatography
- Others
- Spectroscopy Instruments
- Mass Spectrometry
- Atomic Spectroscopy
- Other Analytical Instruments
- Chromatography Instruments
- Consumables
- Chromatography Columns
- Standards & CRMS
- Sample Preparation Products
- Supplies & Accessories
- Analytical Instruments
- Software (Cannabis LIMS)
Global Cannabis Testing Market: Method of Testing Segment Analysis
- Potency
- Heavy Metal
- Terpene Profiling
- Microbial Analysis
- Pesticide Screening
- Residual Solvent Screening
- Genetic
Global Cannabis Testing Market: End-User Segment Analysis
- Cannabis Testing Laboratories
- Research Institutions
- Cultivators
- Drug Manufacturers and Dispensaries
Global Cannabis Testing Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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