Cannabis Testing Market in Advance Technology and New Innovations Available In New Report 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

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.

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.

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Company Profiles

Agilent Technologies
PerkinElmer, Inc.
Shimadzu Corporation
SCIEX
Merck KGaA
Restek Corporation
Waters
CannaSafe Analytics
Accelerated Technology Laboratories, Inc.
Digipath Labs.

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.

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.

What the report features:-
• Global analysis of Cannabis Testing market from 2017 – 2025 illustrating the progression of the market.
• Forecast and analysis of Cannabis Testing market by Dosage, Route of Administration and Application from 2017 – 2025
• Forecast and analysis of Cannabis Testing market in five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America

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This market research report administers a broad view of the Cannabis Testing market on a Global basis, presenting a forecast and statistics in terms of revenue during the forecast period. It covers an illustrative study with detailed segmentation, complete research and development history, latest news and press releases. Additionally, it demonstrates the future aspects and portrays a sketch of the key players involved in the Cannabis Testing market’s growth in terms of revenue.

The report contains imperative and pivotal details affecting the developments and growth of the market and also talks about the restricting factors that may restrain the Cannabis Testing market growth during the forecast period. Segmentations of the market are examined specifically to provide knowledge for supplementary market investments. Segmentation of the market on the basis of Dosage, Route of Administration and Application are elucidated in details portraying a descriptive structure of the market trends and restrictions affecting the Cannabis Testing market through the segments and sub-segments.

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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This release was published on openPR.