Market Research Report
Global Cannabis Testing Market Forecast 2019-2027
|Published by||Inkwood Research||Product code||553383|
|Published||Content info||223 Pages
Delivery time: 2-3 business days
|Global Cannabis Testing Market Forecast 2019-2027|
|Published: May 13, 2019||Content info: 223 Pages||
Cannabis is a psychoactive drug which is mainly used for medicinal and recreational purposes. The global cannabis testing market is expected to rise at a CAGR of 11.63% over the forecast period of 2019-2027. The market is mainly being driven by an increase in the number of testing facilities acquired as a strategic initiative by other cannabis oriented industries.
The other drivers include the fact that marijuana is increasingly being recognized as beneficial by the medical fraternity for medical and therapeutic uses. Also, factors like increasing legalization on the usage of cannabis for medicine and research and growing awareness about the benefits of cannabis aided by strong community support are propelling the market growth.
The lack of skilled professionals in the field of testing of cannabis is one of the key challenges faced by the cannabis testing market. As the medical cannabis market continues to rise, the need for lab tested cannabis will also increase. Also, the initial investment to set up laboratories for cannabis testing is very high. In order to set up a testing laboratory, the basic requirement that must be fulfilled includes testing instrument, inventory control, quality control, qualified staff, data management and administrative functions.
The global cannabis testing market has been geographically divided into North America, Europe, Asia-Pacific and the Rest of World. North America held the largest revenue share of around 47.54% in the global cannabis market in 2018. The growth in the North America region is mainly driven by the rising demand for cannabis use in medical drugs and treatment. In the U.S. the growing legalization of cannabis use in the medical segment is boosting the demand for cannabis testing in medical.
Product launch is the key strategy applied by the companies within the cannabis testing market in order to expand their market share. The other strategy includes mergers and acquisitions that help in expanding their product portfolio, acquire patents from target companies and encompass newer markets. The major players in the global market include GenTech Scientific, CannaSafe Analytics, Waters Corporation, Anresco Laboratories, Digipath, Inc., Thermo Fisher Scientific, Inc., Shimadzu Corporation, LabLynx, Inc., Pharmalab, Accelerated Technology Laboratories, Inc., Steep Hill Halent Laboratories, Inc., Sigma-Aldrich (Acquired By Merck Group), SC Laboratories, Inc., Cannabilab, AB Sciex LLC, Urofins Proxy Laboratories, Agilent Technologies, Inc., Restek Corporation, PerkinElmer, Inc., Eli Lilly, Test Lab Amsterdam, and SDpharma Labs LLC (PharmLabs™ LLC).