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Cannabis Testing Market to 2025: Product Development and Future opportunities with Top Key Companies Agilent Technologies, Waters, CannaSafe Analytics, Digipath Labs, Restek Corporation
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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.
Major Driving Factors:
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 report segments the cannabis testing market as follows:
Global Cannabis Testing Market - By Type
- Products
- Software
Global Cannabis Testing Market - By Services
- Potency Testing
- Terpene Profiling
- Pesticide Screening
- Residual Solvent Screening
- Heavy Metal Testing
- Microbial Analysis
Global Cannabis Testing Market - By End User
- Testing Laboratories
- Drug Manufacturers
- Research Institutes
Regional Outlook:
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.
Industry Insights:
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.
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.
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