Cannabis Testing Market to Reach Highest Growth Line
Cannabis Testing Market to Reach Highest Growth Line at 13.2% CAGR till 2026 – by CannaSafe Analytics, Accelerated Technology Laboratories, Inc., LabLynx, Inc., SC Laboratories Inc. etc. via Pharmiweb.com.
The Global Cannabis Testing Market was valued at US$ 926.3 million in 2017 and is projected to exhibit a CAGR of 13.2 % over the forecast period (2018 – 2026).
Approval of cannabis for medical and recreational purpose to drive growth of the cannabis testing market:
Since recent past, cannabis has been extensively researched for its medicinal applications in treatment of chronic pain, arthritis, digestion problem, epilepsy, and other neurological disease. This research is resulting into legalization of cannabis in many parts of the world and introduction of cannabis-based pharmaceutical products. For instance, in July 2017, 18 states in the U.S. allowed the use of Cannabidiol (CBD) extract, majorly in oil form with minimal tetrahydrocannabinol (THC) content to be used for the treatment of epilepsy or seizures in adversely affected children. States in U.S. such as California, Nevada, Maine, and Massachusetts voted positive to legalize the recreational use of cannabis in November 2016. Therefore, legalization would result into requirement of quality testing of cannabis, which is expected to drive growth for cannabis testing market. Cannabis are often contaminated with heavy metals and pesticide residue due to cultivation at different area and applying different processing techniques therefore it is necessary to check for amount of this material in the given sample of cannabis.
New product launches and collaboration by key players are expected to drive growth of the cannabis testing market:
Key players are launching new products for testing the cannabis using various tests, which would provide efficient and direst solutions to cannabis testing in turn fueling growth of the cannabis testing market. For instance, in 2017, Shimadzu launched new cannabis analyzer for potency testing. It is new HPLC systems for quantitative determination of cannabinoid content. In the same year, Agilent launched 6495B triple quadrupole LC/MS system to test food, pharmaceutical (includes cannabis) and environmental material with high detection accuracy. In 2016, Shimadzu Corporation launched new inductive coupled plasma mass spectrophotometer, which can be utilized in detecting cannabis active ingredient in given sample. In the same year, Perkin Elmer launched Q sight Triple Quadrupole LC/MS/MS system for analysis of complex material such as cannabis. Companies are also collaborating with different stakeholders in cannabis testing industry. For instance, in 2016, AB SCIEX Inc. and CW Analytical collaborated to develop first cannabis quality and potency testing standards. This would help overall industry as currently there are no universal standards for cannabis profiling. In 2017, Shimadzu Corporation, Cure Pharma and CK Science entered into agreement to research and develop safe cannabis-based pharmaceutical product.
As a part of the agreement, Shimadzu would help set standards and provide analytical instruments for developing safer products. Furthermore, increasing number of the labs getting accreditation that provide cannabis testing facilities for different parameters is expected to drive the market growth. For instance, in April 2018, Association of Commercial Cannabis Laboratory accredited two new laboratory in Alaska for testing cannabis, Alaska has permitted medicinal as well as recreational use of cannabis.
Key Takeaways of the Cannabis Testing Market:
- The global cannabis testing market is expected to exhibit a CAGR of 13.2% over the forecast period, owing to increasing number of economies legalizing cannabis for medicinal and recreational purpose along with increasing number of labs facilitating cannabis testing.
- Among products, analytical instruments segment dominated the market, owing to the new product launches with dedicated cannabis analyzing facility to check for its potency. Among the analytical instruments, liquid chromatography with mass spectrometry segment is projected to dominate the market due to affordability and dedicated products it offers for cannabis testing.
- Amongst service type, potency testing segment is expected to dominate the market over forecast period due to high demand for cannabis, as medicinal ingredient and regulatory requirement that demands quality testing of cannabis before using in medicinal and recreational purpose.
- Amongst end users, testing laboratories segment is projected to dominate the market with highest contribution to collective revenue due to specialized services offered by labs.
- North America is expected to be the dominant region in the cannabis testing market, owing to increasing number of states in the U.S. that are legalizing cannabis for medical and recreational purpose. Furthermore, extensive research and development at academic and commercial places to introduce cannabis-based pharmaceutical products is fueling market growth.
- Europe is expected to be the second dominant market with increasing approval for medicinal cannabis as observed in the case of Germany that recently legalized medicinal cannabis.
- Key players operating in the cannabis testing market include Agilent Technologies, Inc., Shimadzu Corporation, Thermo Fisher Scientific, Inc., PerkinElmer, Inc., Millipore Sigma, AB SCIEX LLC, Cannabix Technologies, Inc., Waters Corporation, Steep Hill Labs, Inc., CannaSafe Analytics, Accelerated Technology Laboratories, Inc., LabLynx, Inc., SC Laboratories Inc., GenTech Scientific, Pharm Labs, LLC, and Digipath Labs, Inc.
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