Global Cannabis Testing Market to surpass US$ 1.5 Billion by 2026 – Coherent Market Insights
SEATTLE, July 09, 2018 (GLOBE NEWSWIRE) -- The global cannabis testing market is estimated to be valued at US$ 926.3 million in 2017, and is projected to exhibit a CAGR of 13.2% over the forecast period (2018 – 2026).
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Key Trends and Analysis of the cannabis testing market:
Legalization of the cannabis across the world for medicinal application with some allowing even recreational is propelling demand for checking quality parameters of cannabis to be used in this application. For instance, in 2017, Germany allowed medicinal use of cannabis. Moreover, 18 states of the U.S. allowed the use of Cannabidiol (CBD) extract in oil form for the treatment of epilepsy or seizures adversely affected children in 2017. Australia allowed cultivation of cannabis plant for medicinal and scientific purpose under national licensing scheme in 2016, and more recently in January 2018, Australia allowed commercial export of cannabis.
Legalization is expected to increase commercial production of cannabis and cannabis-based pharmaceutical products in market. This in turn is expected to propel demand for large number of labs to test cannabis for its potency and concentration of unwanted trace materials. Product manufacturers such as Shimadzu are introducing dedicated cannabis potency analyzer based on HPLC system (2016) which would expand user base. Furthermore, increased efforts to standardize the quality parameters for cannabis testing (cannabinoid, Terpene) is expected to drive growth of the cannabis testing market
Key Market Takeaways:
- The cannabis testing market is expected to exhibit a CAGR of 13.2% during the forecast period (2017– 2025), attributed to legalization of cannabis for medicinal application and subsequent rise in its commercial production for supply to companies.
- Market growth is attributed to increasing number of dedicated products for cannabis testing and growth in number of labs offering cannabis testing facility to check its potency.
- Some of the major players operating in the global cannabis testing market include Shimadzu Corporation, Perkin Elmer Inc., Agilent Technologies, Inc., AB SCIEX LLC, Millipore Sigma, Waters Corporation, Steep Hill Labs, Inc., and CannaSafe Analytics
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