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Cannabis Testing Market: Effect and Growth Factors Research and Projection 2018-2026 With Top Companies Shimadzu Corporation, Agilent Technologies, Inc., Thermo Fisher Scientific, Inc., PerkinElmer, Inc., Millipore Sigma

05-08-2019 02:43 PM CET | Health & Medicine

Press release from: Coherent Market Insights - Clinical Diagnostic

Cannabis Testing

Cannabis Testing

Cannabis testing products and services market is witnessing significant growth with increased government approval and loosening regulatory stringent ness over use of cannabis for commercial and recreational purpose. For instance, in February 2016, the Australian government amended the Narcotics Drugs Act 1967, to allow cultivation of cannabis for medicinal or scientific purposes under a national licensing scheme, which is expected to favor the growth of the commercial manufacturing of cannabis plant in the region, which in turn would also drive growth of the cannabis testing market. Furthermore, the Australian government in January 2018, announced that it would allow medicinal cannabis exports, which is expected to provide growth opportunities for domestic manufacturers. Increasing number of laboratories offering cannabis testing is expected to further drive the market growth. The global cannabis testing market size was valued at US$ 926.3 million in 2017, and is expected to witness a CAGR of 13.2% over the forecast period (2018 – 2026).

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Legalization of cannabis for medicinal and recreational activity to drive growth of the cannabis testing market

Increasing approval of medicinal cannabis products along with extensive research and development activities in the medical cannabis market are expected to support growth of the cannabis testing market.

For instance, in July 2017, 18 states in the U.S. allowed the use of Cannabidiol (CBD) extract, majorly in oil form with minimal tetrahydrocannabinol (THC) for the treatment of epilepsy or seizures in adversely affected children. In March 2017, German parliament signed and enforced law, which allows the healthcare professionals to prescribe the medicinal cannabis products to relieve patients from severe health issues such as chronic pain, vomiting, and nausea.

Cannabis testing market is projected to witness positive growth during the forecast period, owing to the requirement of desired active ingredient detection and undesired trace elements (mycotoxins and trace metals) before utilizing cannabis product for medicinal and recreational purpose. Increased trend of using cannabis for recreational purpose would be another major impetus for simultaneous rise in cannabis testing market.

Key players operating in the cannabis testing market include Shimadzu Corporation, Agilent Technologies, Inc., Thermo Fisher Scientific, Inc., PerkinElmer, Inc., Millipore Sigma, AB SCIEX LLC, Cannabix Technologies, Inc., Waters Corporation, Steep Hill Labs, Inc., CannaSafe Analytics, Accelerated Technology Laboratories, Inc., LabLynx, Inc., SC Laboratories Inc., GenTech Scientific, Pharm Labs, LLC, and Digipath Labs, Inc.

Increased approval for cannabis-based drugs and new product launches for cannabis testing are expected to propel growth of the cannabis testing market

Various cannabis manufacturer across globe are focused on introducing the cannabis products to target various disease, which in turn is expected to promote application of cannabis testing instruments, as this products need to be approved from the health regulatory bodies for their efficacy and purity. For instance, in May 2018, the U.S Food and Drug Administration (FDA) approved the medication, called Epidiolex manufactured by GW Pharmaceuticals to treat two rare forms of epilepsy caused by Lennox-Gastaut and Dravet syndromes in patients two years and older.

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In July 2016, Insys Therapeutics, Inc. received U.S.FDA approval for dronabinol oral solution- Syndros, which is an orally administered liquid formulation of cannabinoid dronabinol. The Syndros is indicated for treatment of anorexia associated with weight loss among patients suffering from AIDS and patients suffering from cancer chemotherapy-induced nausea and vomiting.

Companies are launching innovative, precise, and efficient analytical platform for cannabis testing, which is expected to fuel market growth. For instance, Agilent Technologies Inc. in 2017, introduced a high-resolution, accurate gas chromatography mass system named as Agilent 7250 GC/Q-TOF system, which combines gas chromatography and quadrupole time-of-flight mass spectrometry with a Low Energy Electron Ionization source enabling high exploration of unknown chemical samples.

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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