The global cannabis testing market accounted to US$ 1,028.2 Mn in 2017 and is expected to grow at a CAGR of 11.9% during the forecast period 2018 - 2025, to account to US$ 2,486.7 Mn by 2025.
Global cannabis testing market is expected to grow in the coming years, owing to the factors such as, legalization of medical cannabis, increasing awareness through conferences, symposia, and workshops and growing adoption of LIMS in cannabis testing laboratories. However, the stringent regulatory framework for cannabis and dearth of trained laboratory professionals act as a restraint for this market. On the other hand, advances in cannabis testing equipments likely to add novel opportunities for cannabis testing market, in the coming years.
The cannabis testing market as per the type segment is segmented as product and software. The market of product segment has the highest market share in 2017, contributing to cannabis testing market is of 73.7% and is expected to retain its dominance during the forecast period from 2017 to 2025. The product segment is further bifurcated into analytical instruments and consumables. Among the product segment, the analytical instruments segment is likely to hold the major market in the forecast period.
The services segment of the cannabis testing market includes potency testing, terpene profiling testing, pesticide screening, residual solvent testing, heavy metal testing, microbial analysis and genetic testing. The potency testing segment for the cannabis testing market was valued at US$ 303.39 Mn in 2017 and is estimated to reach US$ 792.26 Mn by 2025. The potency testing segment and is expected to be the largest and fastest growing segment in the forecast period.
Some of the major primary and secondary sources included in the report cannabis testing market are Cancer Association of South Africa, Central for Drug Evaluation, Defense Advanced Research Projects Agency, German Research Foundation, European Research Area, Indian Institutes of Technology, Japan Society for the Promotion of Science, National Center for Biotechnology Information, National Centre for Biological Sciences, National Institutes of Health, National Science Foundation and among others.
The report segments the global cannabis testing market as follows:Global Cannabis Testing Market - By Type
- Potency Testing
- Terpene Profiling
- Pesticide Screening
- Residual Solvent Screening
- Heavy Metal Testing
- Microbial Analysis
- Testing Laboratories
- Drug Manufacturers
- Research Institutes
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