Market Research Report
Global Cannabis Testing Market Insights, Opportunity, Analysis, Market Shares And Forecast 2017 - 2023
|Published by||Occams Business Research & Consulting Pvt. Ltd.||Product code||502714|
|Published||Content info||140 Pages
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|Global Cannabis Testing Market Insights, Opportunity, Analysis, Market Shares And Forecast 2017 - 2023|
|Published: May 8, 2017||Content info: 140 Pages||
The global cannabis testing market is expected to grow with the CAGR of approximately 11.7% during the forecast period 2016-2023. Increasing demand for LIMS systems in cannabis testing is one of the major driving factors for the market.
LIMS is an effective platform for marijuana testing services in order to track internal processes, instrument integration, data collection and reporting capabilities. Lack of qualified technicians has forced governments to set up laboratory automation systems to do laboratory testing with the timely and cost-effective manner. It not only enhances the productivity and accuracy but it is also required to manage information effectively. A cloud LIMS system is extremely useful for medical marijuana testing labs. LIMS system is easy to use for the person who is handling cannabis testing. Expansion of cannabis testing laboratories, legalization on the utilization of cannabis in medicine and increasing drug driven accidents are also driving the market growth. Lack of industry standards are acting as a major restraining factor for the market. On the other hand, rising funding for cannabis industry and increasing demand in developing countries are creating good opportunity for the market. However, lack of skilled professionals and high initial investment are the crucial challenges for the market. Geographically, North America held major share for cannabis testing market, in terms of revenue in 2016 due to increasing demand for cannabis testing laboratories in California and the presence of major players such as Thermo Fisher Scientific (U.S.), Sigma-Aldrich (U.S.) in the region. The major players included in the report Are Thermo Fisher Scientific, Sigma-Aldrich, Agilent Technologies Inc., Perkinelemer Inc., Steep Hill Halent Laboratories Inc. and Eli Lilly etc. Product launches, mergers & acquisitions etc. are some crucial strategies adopted by the major players to gain competitive advantage.
The global cannabis testing market is segmented into type, products & software and end-user. The type segment is further classified into terpene profiling, heavy metal testing, microbial analysis, genetic testing, residual solvent screening, potency testing and pesticide screening. According to products & software segment, the product segment comprises analytical instruments and consumables. The end-user is further classified into laboratories and research institutions. Laboratories held major share in the end-user segment in 2015 due to increasing demand for cannabis testing software and products in laboratories. Particularly in the U.S., there has been significant rise witnessed in cannabis testing laboratories due to legalization on the utilization of cannabis in medicine, expansion of cannabis testing laboratories, and increasing availability of technologically developed analytical instruments and software i.e. LIMS for the cannabis industry.