Cannabis Testing Market Analysis 2018-2025: Digipath Labs, Agilent Technologies, PerkinElmer, Shimadzu Corporation, SCIEX, Merck, Restek Corporation, Waters, and CannaSafe Analytics

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.

The global cannabis testing market accounted to US$ 1,028.2 Mn in 2017 and is expected to grow at a CAGR of 11.9% during the forecast period 2018 - 2025, to account to US$ 2,486.7 Mn by 2025.

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The major players operating in the cannabis testing market include, Agilent Technologies, PerkinElmer, Inc., Shimadzu Corporation, SCIEX, Merck KGaA, Restek Corporation, Waters, CannaSafe Analytics, Accelerated Technology Laboratories, Inc., Digipath Labs and among others. 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 is anticipated to drive the market for cannabis testing over the forecast period.

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.

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Strategic Insights

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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