The growth in this cannabis testing market market is mainly driven by factors such as legalization of medical cannabis, coupled with the growing number of cannabis testing laboratories (specifically in the U.S.); growing adoption of LIMS in cannabis testing laboratories; and increasing awareness through conferences, symposia, and workshops. On the other hand, the high cost of analytical instruments, presence of alternative technologies, and dearth of skilled professionals are some of the major factors that are expected to restrain the growth of this market in the coming years.
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The global cannabis testing market is expected to reach USD 1,416.3 Million by 2021 from USD 822.0 Million in 2016, at a CAGR of 11.5% during the forecast period (2016–2021).
On the basis of products, the market is broadly categorized into two segments, namely, analytical instruments and consumables. The consumables segment is expected to grow at the highest CAGR during the forecast period owing to their recurring requirement and repetitive usage.
The market (services offered by cannabis testing laboratories) is segmented into potency testing, terpene profiling, pesticide screening, residual solvent screening, heavy metal testing, microbial analysis, and genetic testing. The potency testing segment accounted for the largest share in 2016 and also expected to grow at the highest CAGR during the forecast period as a majority of the end users primarily test their cannabis plants for cannabinoids and look for evaluating the strength of cannabis and the effect it will have on medical marijuana users.
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On the basis of end user, the cannabis testing market is further segmented into cannabis testing drug manufacturers & dispensaries and cannabis cultivators. In 2016, cannabis drug manufacturers & dispensaries accounted for the largest share of the market. The growth of this market segment is mainly driven by regulatory guidelines mandating cannabis testing.
The market is dominated by North America, followed by Europe, LATAM & MEA, and Asia-Pacific. North America dominated the market in 2016 and is also poised to grow at the highest CAGR during the forecast period. Factors such as the growing legalization of cannabis for medical use, rapid growth in the number of cannabis testing laboratories, the presence of prominent players in this region, growing awareness regarding medical cannabis, and rising funding for the cannabis industry are some key factors driving market growth in this region.
Cannabis testing is a highly competitive and evolving industry with the presence of various well-established as well as emerging players in the market. Shimadzu Corporation (Japan), Agilent Technologies (U.S.), PerkinElmer, Inc. (U.S.), Millipore Sigma (U.S.), AB Sciex LLC (a Danaher Company) (U.S.), Restek Corporation (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Waters Corporation (U.S.), Fritsch Milling (U.S.), Accelerated Technology Laboratories (U.S.), CannaSys, Inc. (U.S.), PharmLabs, LLC (U.S.), Guardian Data Systems, Inc. (U.S.), and Lab Lynx, Inc. (U.S.) are some of the prominent players operating in the cannabis products & software market. On the other hand, Steep Hill Halent Laboratories, (U.S.), DigiPath, Inc. (U.S.), SC Laboratories (U.S.), CannaSafe Analytics (U.S.), and CW Analytical Laboratories (U.S.) are some of leading players operating in the cannabis testing market.
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