Press release
Asia Pacific Cannabis Testing Market to Witness Growth Acceleration During 2018-2025 | Top Leading Players Agilent Technologies, PerkinElmer, Merck KGaA, Waters, CannaSafe Analytics, Digipath Labs, Restek
Asia Pacific Cannabis Testing Market
Asia Pacific cannabis testing market accounted to US$ 132.38 Mn in 2017 and is expected to grow at a CAGR of 15.8% during the forecast period 2018 - 2025, to account to US$ 422.74 Mn by 2025.
In 2017, the product segment held a largest market share of 73.7% of the cannabis testing market, by type. This segment is also expected to dominate the market in 2025 owing diverse portfolio of cannabis testing products to the healthcare industry for innovations in the technologies. Moreover, the same segment is also expected to witness the highest CAGR in the market accounting to 16.1% in 2018 to 2015 owing to increasing analytical services and medicinal cannabis services in testing cannabis.
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The List of Companies
1. Agilent Technologies
2. PerkinElmer, Inc.
3. Shimadzu Corporation
4. SCIEX
5. Merck KGaA
6. Restek Corporation
7. Waters
8. CannaSafe Analytics
9. Accelerated Technology Laboratories, Inc.
10. Digipath Labs
The growing advanced technology provide the best solutions to meet the current requirements and enables the system to be readily adapted based on the needs. The modern LIMS (Laboratory Information Management Systems) system are used to automatically registers and archives the results of laboratory work, to support people management & equipment and materials administration. Advancements including, macro level challenges to increase innovation, manage risk, improve governance, comply with regulatory requirements, and deliver quantifiable operational results, help pathology laboratories to meet the evolving demands of the modern pathology services in the region. The increasing adoption of LIMS technique helps to improve the transparency to lab work status, reducing the costs & improved efficiency, providing flexibility to accommodate new requirements and also help to improve quality & compliance. Penetration of information technology and increasing demand for data management and standardization is helping in growing the number of LIMS vendors in the market. The increasing demand for the LIMS in Asian market and R&D spends in the counties like China and India is growing that proportionally upsurge the market growth in the region.
The Asia Pacific region projects a great demand for cannabis testing market. This is because the medical use of cannabis to heal patients of various disease for example chronic neuropathic pain, and any spinal injury. It also helps to deal with anorexia in HIV AIDS which is a major challenge in this region. In December 2018, Thailand was the first country in Southeast Asia to legalize cannabis. There has been significant rise in investments in cannabis testing labs and recent law changes which have led to acceptance of marijuana and cannabis.
The Asia Pacific cannabis testing market on the basis of service is segmented into potency testing, microbial analysis, residual solvent screening, heavy metal testing, pesticide screening, terpene profiling, and genetic testing. The potency testing segment is anticipated to grow at a CAGR of 16.9% during the forecast period. Depending on the state in which testing occurs, a sample's THC and CBD levels, along with its tetrahydrocannabinolic and cannabidolic acids are required. Other labs may opt to test samples for their CBC and CBG as well. Testing for potency involves gas or liquid chromatography for a range of matrices.
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