05-16-2019 05:43 AM CET - Science & Education

Cannabis Testing Market 2025 - Legalization of Medical Cannabis is the Major Driving Force of Market Growth: SCIEX, Merck KGaA, Restek Corporation, Waters, CannaSafe Analytics

Press release from: The Insight Partners
Cannabis Testing Market was valued at US$ 1,028.2 Mn in 2017 and is estimated to reach US$ 2,486.7 Mn by 2025 with a CAGR of 11.9%
Cannabis Testing Market was valued at US$ 1,028.2 Mn in 2017 and is estimated to reach US$ 2,486.7 Mn by 2025 with a CAGR of 11.9%
According to a new market research study titled 'Cannabis Testing Market to 2025 - Global Analysis and Forecasts by Type, Services and End User, the global cannabis testing market was valued at US$ 1,028.2 Mn in 2017 and is estimated to reach US$ 2,486.7 Mn by 2025. The market is estimated to grow with a CAGR of 11.9% from 2017-2025.The report highlights the trends prevalent in the global cannabis testing market and the factors driving the market along with those that act as deterrents to its growth.

Legalization of Medical Cannabis

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.

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.

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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.

Conferences which recently took place regionally are:
World Medical Cannabis Conference and Expo (April 2018), is one of the most popular conference in USA with participants across the world. This is the largest cannabis symposium in the world which brings all business stakeholder together. It involves over 3000 guests and 150 exhibitors.

CannaCon, is first ever symposium that features legal sale of cannabis for business purposes. The expo provide a platform for guest to get access to knowledge from business experts with over 12000 guests.

U.S Cannabis Conference and Expo, this conference involves high profile discussion, presentation and will educate entrepreneur to boost the development and evolution of medical cannabis industry.

Thus, owing to rising number of conferences, expo and other awareness programs, the cannabis testing market is expected to witness rapid growth in the region.

However, no EU country authorizes the smoking or home-growing of cannabis for medical purposes. While the World Health Organization (WHO) has officially recommended that the cannabis compound cannabidiol (CBD) should not be classified as a controlled substance. Although, at the present time, there are no EU-wide rules for either the medical or recreational use of cannabis in the region.

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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.

-2016: Agilent Technologies, Inc. introduced Agilent 5110 ICP-OES that allow scientists to perform faster, more precise ICP-OES analysis.

-2017: SCIEX launched the X-Series Quadrupole Time of Flight (QTOF) mass spectrometry (MS) platform, X500B QTOF System.

2018: Restek and Separation Science entered into a collaboration to develop a multi-speaker eSeminar focused on testing methods and associated topics for medicinal cannabis labs.

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About Us - The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services.

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