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Jun 10, 2020 (Market Insight Reports) — Global Cannabis Testing Market valued USD 1.2 billion in 2019, expanding at a CAGR of 14.1% over the forecast period. Increasing the use of cannabis for medical purposes has led to the legalization of cannabis in numerous countries across the world. Moreover, increasing focus to fulfill the growing needs of hemp and cannabis cultivators can further lead to an increase in a number of cannabis testing laboratory setup, so resulting in cannabis testing business growth in the future.
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The increasing legalization of the use of cannabis for medicine and research, recognition of cannabis for medical and therapeutic use by the medical fraternity, The rise in the number of testing facilities are some important factors likely to influence the growth of the market.
The report provides information on the current scenario, detailed outlook on the global Cannabis Testing market with thorough analysis of different segments which comprises of By Product (Analytical Instruments, Consumables, Software), Mode of Services (Potency Testing, Terpene Profiling, Pesticide Screening), End User (Laboratories, Research Institute, Drug Manufacturer, Cultivators).
Major Companies profiled in the report which are key players in the global Cannabis Testing market are Agilent Technologies, Inc., Waters Corporation, Shimadzu Corporation, PerkinElmer, Inc., Millipore Sigma, AB SCIEX LLC, Steep Hill Labs, Inc., PharmLabs, SC Laboratories, Inc., Digipath Labs, Inc., Restek Corporation, and CannaSafe Analytics.
Recent trends of collaborations of local and global companies and the growing support of government and healthcare agencies are expected to have a synergistic effect on market growth. Such collaboration and exchange of technologies help in speeding up the development and boost the market competition.
- In August 2016, Agilent Technologies, Inc. acquired iLab Solution LLC, (U.S.), a prominent player in providing cloud-based laboratory management software. This acquisition helped Agilent to strengthen its software and informatics product portfolio.
- In November 2016, Waters Corporation introduced two novel chemistries– CORTECS T3 and CORTECS Shield RP18. These newly launched products, CORTECS column chemistries, enable scientists to gain more information per analysis and reduce the cost of analyzing complex samples such as vitamins, natural products, biomarkers, counterfeit cosmetics, veterinary drugs, synthetic cannabinoids, and drinking water.
Regional Analysis
The global cannabis testing market has been segmented by North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, & Rest of the World. In terms of revenue, North America holds a dominant position in the global population market. The region’s dominance is attributable to the growing legalization of cannabis in several countries of the region for medical purposes. In addition, the market in Europe is expected to register significant revenue share over the forecast period, owing to increasing investment activities for cannabis testing, rising awareness regarding cannabis across various countries in the region. The market in the Asia Pacific is predicted to register moderate growth in the global market over the forecast period, owing to the rising adoption of cannabis in order to treat diseases and rising health care infrastructure across developing countries in the region.
Other regions including Middle East, Eastern Europe, and Rest of the World (South America and Africa) are estimated to be emerging markets for Cannabis Testing during the forecast period.
An Overview of the report
- The report offers insights on the global revenue of the Cannabis Testing market
- The recent market developments are scrutinized to project latest trends along with growth rate projections
- Deeper understanding of the competitive landscape of the major companies operating in the market
- New Opportunities and challenges for the global Cannabis Testing market
- Study of innovation and technological advancements in the industry
Analysts have undertaken research based on in-depth understanding of the market with qualitative and quantitative data. The market has been segmented into various segments such as product and room type along with regional analysis. The segments and sub-segments offer insights on current and potential growth trajectories.
Market Segmentation:
By Product
- Analytical Instruments
- Consumables
- Software
By Mode of Services
- Potency Testing
- Terpene Profiling
- Pesticide Screening
By End User
- Laboratories
- Research Institute
- Drug Manufacturer
- Cultivators
By Region:
- North America
- By Country (US, Canada, Mexico)
- By Product
- By Mode of Services
- By End User
- Western Europe
- By Country (Germany, UK, France, Italy, Spain, The Netherlands, Rest of Western Europe)
- By Product
- By Mode of Services
- By End User
- Eastern Europe
- By Country (Russia, Turkey, Rest of Eastern Europe)
- By Product
- By Mode of Services
- By End User
- Asia Pacific
- By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
- By Product
- By Mode of Services
- By End User
- Middle East
- By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
- By Product
- By Mode of Services
- By End User
- Rest of the World
- By Region (South America, Africa)
- By Product
- By Mode of Services
- By End User
Customization:
We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country
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