The overall cannabis testing market expected to reach USD 1,416.3 million by 2021 from USD 822.0 million in 2016, at a CAGR of 11.5% of during the forecast period (2016-2021).
Market Growth Drivers :
1 Legalization of Medical Cannabis Coupled With the Growing Number of Cannabis Testing Laboratories
2 Growing Adoption of LIMS in Cannabis Testing Laboratories
3 Increasing Awareness Through Conferences, Symposia, and Workshops
2 Growing Adoption of LIMS in Cannabis Testing Laboratories
3 Increasing Awareness Through Conferences, Symposia, and Workshops
Major Cannabis Testing Market Developments :
- In November 2016, Waters Corporation introduced two novel chemistries— CORTECS T3 and CORTECS Shield RP18. These new CORTECS column chemistries allow scientists to obtain more information per analysis and reduce the cost of analyzing complex samples such as biomarkers, natural products, counterfeit cosmetics, synthetic cannabinoids, veterinary drugs, drinking water, and vitamins
- In September 2016, AB SCIEX LLC (U.S.) entered into a collaboration agreement with CW Analytical (CWAL) (U.S.), a leading cannabis testing laboratory to develop cannabis quality and potency testing standards. As per this agreement, Sciex will offer CWAL with LC-MS/MS expertise and instrumentation including the SCIEX Triple Quad 3500 System, with MultiQuant Software which will help in the simultaneous processing of multiple analytes.
- In August 2016, Agilent Technologies, Inc. acquired iLab Solution LLC, (U.S.), a prominent player in providing cloud-based laboratory management software. This acquisition helped Agilent to strengthen its software and informatics product portfolio.
Geographic Analysis:
The cannabis testing market in North America is expected to grow at the highest CAGR during the forecast period. Factors such as growing legalization of cannabis for medical use; rapid growth in the number of cannabis testing laboratories; presence of prominent players in this region; growing awareness regarding medical cannabis through various seminars, conferences, and symposia; and rising funding for the cannabis industry are influencing the growth of the cannabis testing market in this region.
Key players operating in products and services market include 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.). 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 services market.
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