The Cannabis Testing Market is set to be worth 1,416.3 million USD by 2021 from $822.0 Million USD in the year 2016, according to recent estimates. Markets & Markets, a global research firm based in India, published the report on the basis of a Global Forecast made by Product & Software (GC, LG, Column, Accessories, Standards, Spectroscopy (Atomic, MS)), Service (Heavy Metal, Potency, Genetic Testing, Pesticides) and End User (Research, Pharmaceutical, Lab) Companies. Additionally, this market will grow to a CAGR of 11.5% during the forecast period of 2016-2021. Moreover, early buyers can expect to earn a 10 percent customization based on the report.
Understanding The Cannabis Testing Market:
This market is primarily categorized based on region, product & software, end user and service. On the basis of product & software, this market is divided into consumables, software and analytical instruments. The segment of consumables will grow with a maximum compound annual growth rate (CAGR) at the time of the forecast period because of repetitive usage and recurring requirements.
In 2016, North America accounted for the biggest share in the global cannabis testing market. Europe had the second biggest share. These same regions will ensure the highest CAGR’s at the time of the forecast period. North America is the main region for the growth of this market because of the growing number of laboratories for testing cannabis, the increasing awareness in relation to medical cannabis, the presence of outstanding players in North America, as well as the rise in funding for the cannabis industry.
Prominent players for testing cannabis software ad products include Shimadzu Corporation of Japan, Agilent Technologies, Inc. of the US, PerkinElmer, Inc. of the US, AB SCIEX LLC of the US, Millipore Sigma of the US, Restek Corporation of the US, Waters Corporation of the US, LabLynx, Inc. of the US, and Accelerated Technology Laboratories, Inc. of the US. The outstanding players for service of cannabis testing include CannaSafe Analytics of the US, Steep Hill Labs, Inc. of the US, SC Laboratories of the US, Digipath Labs, Inc. of the US, and PharmaLabs, LLC of the US.
Target Audiences Include:
Laboratories for cannabis testing
Cannabis LIMS/software vendors
Manufacturers of analytical instruments
Academic universities and institutes
Consulting and research firm
Estimation for Expansion:
This estimate is inclusive of the computer software and equipment cost that will be used for testing cannabis – highly priced gas and liquid chromatography machines – along with the expense for hiring trained and skilled workers who will administer the investigations and interpret the results. This could be one area where the growth might be inhibited as research analysts believe that there aren’t many skilled professionals to perform lab testing of cannabis.
While this report happens to be one among the 60,000 market reports that Markets & Markets publishes every year, it will surely create havoc in the cannabis testing market. It can also be safely assumed that sooner and not later, there will be an increase in the demand for reliable and accurate cannabis testing to get access to clean cannabis, which will be likely be followed by revelations of several contamination scandals.