New York, NY, March 27, 2019 (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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Cannabis is a type of psychoactive drug that has recreational and medicinal uses. Cannabis mainly consists of THC (tetrahydrocannabinol) that causes changes in perception, increases appetite and sensation of euphoria. There are different types of cannabis, such as topical cannabis, inhaling cannabis, solid edible cannabis, and liquid edible cannabis, which are tested during the cannabis testing procedure.
The increase in the use of medical cannabis for various applications, such as reduction of nausea caused after chemotherapy, stimulation of appetite in patients suffering from AIDS, and controlling of muscle spasms, is fueling the demand for cannabis globally. This increase in demand has led to the legalization of cannabis by governments in various countries. For instance, Australia legalized medical cannabis in 2016, which is fuelling the growth of the global cannabis testing market. The rise in adoption of the cannabis software namely LIMS in the cannabis testing labs and the rise in the number of awareness programs such as workshops and conferences in various countries is also driving the global market for cannabis testing. However, the high cost of instruments and the lack of skilled professionals are hampering the development of the global cannabis testing market.
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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, this 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 largest market share. On the basis of the method of testing, this 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. 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.
North America is projected to lead the cannabis testing market in the upcoming years, due to the legalization of cannabis by major states in the U.S. and Canada and the presence of major market players. Asia Pacific region is anticipated to show the highest growth rate for cannabis testing market. The rise in the use of cannabis to treat diseases, growing awareness about cannabis among the population in developing countries, and an increase in the number of cannabis testing labs are driving the growth of the cannabis testing market in the Asia Pacific region.
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
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 the introduction of new technologies that can be used for cannabis testing. For instance, in November 2016, Waters Corporation introduced CORTECS Shield RP18 and CORTECS T3, which are used to analyze complex samples at low costs.
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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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