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).
Owing to various social and political factors, cannabis has been banned in most countries since the early 1900s. At present, many countries are increasingly recognizing the benefits of cannabis for medicinal purposes and are hence approving its use. As of January 2015, 23 states in the U.S. along with the District of Columbia as well as Canada and various European countries have legalized the use of cannabis for medical applications. Thus, growing approval for the use of medical cannabis will create a demand for analytical testing for safety for human consumption. The base year considered for the study is 2015, and the forecast has been provided for the period between 2016 and 2021.
Drivers
- Legalization of medical cannabis coupled with growing number of cannabis testing laboratories
- Growing adoption of LIMS in cannabis testing laboratories
- Increasing awareness through conferences, symposia, and workshops
Restraints
- High cost of analytical instruments
- Dearth of trained laboratory professionals
Prominent players in the cannabis testing products and software market include Agilent Technologies, Inc. (U.S.), Shimadzu Corporation (Japan), PerkinElmer, Inc. (U.S.), Millipore Sigma (U.S.), AB SCIEX LLC (U.S.), Waters Corporation (U.S.), Restek Corporation (U.S.), Accelerated Technology Laboratories, Inc.(U.S.), and LabLynx, Inc.(U.S.). While, Steep Hill Labs, Inc. (U.S.), SC Laboratories Inc. (U.S.), CannaSafe Analytics (U.S.), PharmLabs, LLC (U.S.), and Digipath Labs, Inc. (U.S.) are some of the prominent players in the cannabis testing services market.
Comments
Post a Comment