Cannabis Testing Market to Expand at a Healthy Growth Rate in the Coming Years

Medical cannabis is proven to be effective in various medical applications, such as reducing nausea caused due to chemotherapy, stimulating appetite in AIDS patients, controlling muscular spasms in multiple sclerosis patients, and reducing intraocular pressure in patients with glaucoma. Owing to these potential health benefits, governments in various countries are legalizing the use of medical cannabis

What the Market Looks Like?

Predicted to grow at a CAGR of 11.5% during the forecast period, the Cannabis Testing Market is estimated to reach USD 1,416.3 million by the end of 2021. Growing approval for the use of medical cannabis will create a demand for analytical testing for safety for human consumption. The base year considered for the study is 2015, and the forecast has been provided for the period between 2016 and 2021.

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In this report, the global cannabis testing market is segmented on the basis of product & software, service, end user and region.

On the basis of end user, the cannabis testing products & software market is further segmented into laboratories and research institutes. Laboratories are expected to register the highest CAGR during the forecast period. The high share of this segment is attributed to the increasing demand for cannabis testing products and software among labs. This is particularly evident in the U.S., where the number of cannabis testing laboratories has grown due to the legalization of the use of cannabis in medicine, increasing expansion of leading cannabis testing laboratories, and growing availability of technologically advanced analytical instruments and software (LIMS) for the cannabis industry.

On the basis of end user, the cannabis testing services market is further segmented into cannabis testing drug manufacturers & dispensaries and cannabis cultivators. In 2016, cannabis drug manufacturers & dispensaries accounted for the largest share of the cannabis testing services market. The growth of this market segment is mainly driven by regulatory guidelines mandating cannabis testing.

On the basis of region, the cannabis testing market is segmented into North America, Europe, LATAM & MEA, and Asia-Pacific. In 2016, North America accounted for the largest share of the market. Factors such as the growing legalization of cannabis for medical use, rapid growth in the number of cannabis testing laboratories, the presence of prominent players in this region, growing awareness regarding medical cannabis, and rising funding for the cannabis industry are some key factors driving market growth in this region.

What Drives the Market?

Legalization of Medical Cannabis Coupled With the Growing Number of Cannabis Testing Laboratories
Growing Adoption of LIMS in Cannabis Testing Laboratories
Increasing Awareness Through Conferences, Symposia, and Workshops

Growth in the cannabis testing market is primarily driven by factors such as legalization of medical cannabis; growing number of cannabis testing laboratories; growing adoption of LIMS in cannabis testing labs; rising awareness of the medical use of cannabis through conferences, symposia, and workshops; and increasing availability of analytical testing instruments and software.

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Geographical growth scenario of Cannabis Testing Market

Geographically, The cannabis testing market in North America is expected to grow at the highest CAGR during the forecast period. Factors such as growing legalization of cannabis for medical use; rapid growth in the number of cannabis testing laboratories; presence of prominent players in this region; growing awareness regarding medical cannabis through various seminars, conferences, and symposia; and rising funding for the cannabis industry are influencing the growth of the cannabis testing market in this region.

Leading market players and strategies adopted

Key players operating in products and services market include Shimadzu Corporation (Japan), Agilent Technologies (U.S.), PerkinElmer, Inc. (U.S.), Millipore Sigma (U.S.), AB Sciex LLC (a Danaher Company) (U.S.), Restek Corporation (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Waters Corporation (U.S.), Fritsch Milling (U.S.), Accelerated Technology Laboratories (U.S.), CannaSys, Inc. (U.S.), PharmLabs, LLC (U.S.), Guardian Data Systems, Inc. (U.S.), and Lab Lynx, Inc. (U.S.). On the other hand, Steep Hill Halent Laboratories, (U.S.), DigiPath, Inc. (U.S.), SC Laboratories (U.S.), CannaSafe Analytics (U.S.), and CW Analytical Laboratories (U.S.) are some of leading players operating in the cannabis testing services market.

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