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Cannabis Testing Market 2025: Smart Technologies Are Changing Industry 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

05-03-2019 10:59 PM CET | Health & Medicine

Press release from: The Insight Partners

Cannabis Testing Market

Cannabis Testing Market

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.

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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.

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.

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.

Type Insights:
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.

Services Insights:
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

By Type

Products
Software


By Services

Potency Testing
Terpene Profiling
Pesticide Screening
Residual Solvent Screening
Heavy Metal Testing
Microbial Analysis

By End User

Testing Laboratories
Drug Manufacturers
Research Institutes

By Geography

North America
U.S.
Canada
Mexico
Europe
France
Germany
UK
Asia Pacific (APAC)
China
India
Japan
Middle East & Africa (MEA)
Saudi Arabia
South Africa
UAE
South America (SAM)
Brazil

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We Are Committed To Providing Highest Quality Research And Consulting Services To Our Customers. We Help Our Clients Understand Key Market Trends, Identify Opportunities, And Make Informed Decisions By Providing Market Research Solutions At An Affordable Cost.

The insight partners,
Call: +1-646-491-9876
email: sales@theinsightpartners.com
Website: http://www.theinsightpartners.com/

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