Changes in the Cannabis Testing market are driven by a variety of factors, including legislation and regulation, competitor activity and constantly evolving consumer behavior patterns and trends. As a market leader in the field, The Insight Partners regularly participates in international meetings and conferences in the Cannabis Testing industry. The global cannabis testing market accounted to US$ 1,028.2 Mn in 2017 and is expected to grow at a CAGR of 11.9% during the forecast period 2018 – 2025, to account to US$ 2,486.7 Mn by 2025.
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Global Industry Players Including:
- Agilent Technologies
- PerkinElmer, Inc.
- Shimadzu Corporation
- Merck KGaA
- Restek Corporation
- CannaSafe Analytics
- Accelerated Technology Laboratories, Inc.
- Digipath Labs.
The key questions answered in the report:
- What will be the market size and growth rate in the 2019 to 2025 year?
- What are the key aspects driving the global Cannabis Testing market?
- What are the risks and challenges in front of the market?
- Who are the key companies in the global Cannabis Testing market?
- Trending factors influencing the market shares of Market?
Legalization of Medical Cannabis
The market is driven by the legalization of the medical cannabis, for instance, United States is anticipated to be the main driving force of growth of use of medical cannabis. 30 states has legalized cannabis for the medical use. These 30 states comprises of 60% of total population and have approved use of medical marijuana. This has become the driving force for the growth of cannabis testing marked in the entire North America region. Currently more than 8000 active licenses for cannabis businesses in USA. It is the only country with such number of market players. Europe is another region which has shown a decent growth rate for cannabis testing market. There has been an increase in the process of legalization of cannabis in European countries. Thus, considering the facts the market is likely to drive the market.
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Mergers and Acquisitions
The cannabis businesses in the US are small independently-held entities. Various companies, such as food, tobacco and pharmaceutical industries were held back by regulatory concerns, but are now expected to enter the market. Cannabis business are small due to stringent regulations for import and export. Companies that want to expand to other regions must establish cultivation, manufacturing and selling infrastructure in new location, or form a partnership with other company in the other state. For instance, in 2018, some of the multi-state operators acquired additional licensed operators in new locations to enhance its presence.
The global cannabis testing market by type was led by products. In 2017, the products segment held a largest market share of 73.7% of the cannabis testing market, by type. The products segment is expected to dominate the market in 2025 owing to the various product offering such as instruments, consumables, tools and equipment for the cannabis testing. The market is likely to grow due to the increasing cases of the consumption of the cannabis and hence, the products offering are likely to grow the market in the forecast period.
The cannabis testing market on the basis of the services is segmented as potency testing, terpene profiling, pesticide screening, residual solvent screening, heavy metal testing, microbial analysis and genetic testing. The market is majorly contributed by the potency testing which holds the 29.5% of the market share in 2017. The market expected to dominate by the potency testing in the 2025 by 31.9% of the market share.
End User Insights
The cannabis testing market by end user is segmented into sting laboratories, drug manufacturers, and research institutes. The testing laboratories segment is anticipated to grow at a CAGR of 12.4% during the forecast period. The market is likely to drive sue to the increasing volume routine and specialty testing.
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Key Reasons to Purchase this report:
– Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Global Cannabis Testing Market.
– Highlights key business priorities in order to assist companies to realign their business strategies.
– The key findings and recommendations highlight crucial progressive industry trends in the Cannabis Testing, thereby allowing players to develop effective long term strategies.
– Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
– Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
– Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
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