Published by Coherent Market Insights
Posted on September 15, 2021
Approval of cannabis for medical and recreational purposes is expected to drive growth of the cannabis testing market. In the recent past, cannabis has been extensively researched for its medicinal applications in the treatment of chronic pain, arthritis, issues related with digestion, epilepsy, and other neurological diseases. This research is resulting in 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 the 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 in requirement of quality testing of cannabis, which is expected to drive growth of the cannabis testing market. Cannabis is often contaminated with heavy metals and pesticide residue due to cultivation at different areas and application of different processing techniques. It is, therefore, necessary to check for amount of this material in a sample of cannabis.
New product launches and collaboration among key players are expected to drive growth of the cannabis testing market. Key players are launching new products for testing cannabis in order to provide efficient and direct solutions which is expected to propel growth of the cannabis testing market. For instance, in 2017, Shimadzu launched a new cannabis analyzer for potency testing. It is an HPLC system for quantitative determination of cannabinoid content. In the same year, Agilent launched 6495B triple quadrupole LC/MS system to test food, pharmaceuticals (including cannabis) and environmental material with high detection accuracy. In 2016, Shimadzu Corporation launched a new inductive coupled plasma mass spectrophotometer, which can be utilized in detecting cannabis active ingredients in a 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 the 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.
Browse 40 Market Data Tables and 45 Figures spread through 180 Pages and in-depth TOC on “Cannabis Testing Market”- by Product Type (Analytical Instruments [Chromatography Instruments {Liquid Chromatography, Gas Chromatography, and Others} Spectroscopy Instruments [Mass Spectroscopy and Atomic Spectroscopy], Consumables and Breathe Analyzer), by Service Type (Potency Testing ,Terpene Testing ,Pesticide Testing, Residual Solvent, Heavy Metal Testing, Mycotoxin and Microbial Testing and Others), by End Users (Testing Laboratories, Drug Manufactures and Research Institutes ), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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 legalization of cannabis for medicinal and recreational purposes in several countries, as well as an increasing number of laboratories for cannabis testing.
Among product type, the analytical instruments segment accounted for significant market share owing to launches of new products and facilities to check for potency. Among 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.
Among 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
Top Key Players Include In Cannabis Testing Market Market: Shimadzu Corporation, Agilent Technologies, Inc., 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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Mr. Shah
Coherent Market Insights
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Seattle, WA 98154
Phone: US +12067016702 / UK +4402081334027
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The post At 13.2% CAGR Cannabis Testing Market is valued at US$ 926.3 million in 2021 appeared first on Gatorledger.
Approval of cannabis for medical and recreational purposes is expected to drive growth of the cannabis testing market. In the recent past, cannabis has been extensively researched for its medicinal applications in the treatment of chronic pain, arthritis, issues related with digestion, epilepsy, and other neurological diseases. This research is resulting in 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 the 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 in requirement of quality testing of cannabis, which is expected to drive growth of the cannabis testing market. Cannabis is often contaminated with heavy metals and pesticide residue due to cultivation at different areas and application of different processing techniques. It is, therefore, necessary to check for amount of this material in a sample of cannabis.
New product launches and collaboration among key players are expected to drive growth of the cannabis testing market. Key players are launching new products for testing cannabis in order to provide efficient and direct solutions which is expected to propel growth of the cannabis testing market. For instance, in 2017, Shimadzu launched a new cannabis analyzer for potency testing. It is an HPLC system for quantitative determination of cannabinoid content. In the same year, Agilent launched 6495B triple quadrupole LC/MS system to test food, pharmaceuticals (including cannabis) and environmental material with high detection accuracy. In 2016, Shimadzu Corporation launched a new inductive coupled plasma mass spectrophotometer, which can be utilized in detecting cannabis active ingredients in a 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 the 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.
Browse 40 Market Data Tables and 45 Figures spread through 180 Pages and in-depth TOC on “Cannabis Testing Market”- by Product Type (Analytical Instruments [Chromatography Instruments {Liquid Chromatography, Gas Chromatography, and Others} Spectroscopy Instruments [Mass Spectroscopy and Atomic Spectroscopy], Consumables and Breathe Analyzer), by Service Type (Potency Testing ,Terpene Testing ,Pesticide Testing, Residual Solvent, Heavy Metal Testing, Mycotoxin and Microbial Testing and Others), by End Users (Testing Laboratories, Drug Manufactures and Research Institutes ), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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 legalization of cannabis for medicinal and recreational purposes in several countries, as well as an increasing number of laboratories for cannabis testing.
Among product type, the analytical instruments segment accounted for significant market share owing to launches of new products and facilities to check for potency. Among 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.
Among 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
Top Key Players Include In Cannabis Testing Market Market: Shimadzu Corporation, Agilent Technologies, Inc., 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.
Get This premium report with Instant US$ 2000 discount @ https://www.coherentmarketinsights.com/promo/buynow/170
Contact Us
Mr. Shah
Coherent Market Insights
1001 4th Ave, #3200
Seattle, WA 98154
Phone: US +12067016702 / UK +4402081334027
Email: sales@coherentmarketinsights.com
The post At 13.2% CAGR Cannabis Testing Market is valued at US$ 926.3 million in 2021 appeared first on Gatorledger.
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