Global Cannabis testing Market is valued USD 822.00 million in 2016 is anticipated to grow USD 2372.7 million with the compounded annual growth of 12.5% over the forecast period 2017-2025.
New York 29 June 2018, As per the new research study conducted by Bizwit Research & Consulting, Global Cannabis testing industry is poised to raise USD 2372.7 billion by 2025. Some key components for the market development will be; 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, the presence of alternative technologies, and the 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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Global Cannabis testing Market Size study, by Product & Software (LC, GC, Spectroscopy (MS, Atomic), Column, Standards, Accessories, LIMS), Service (Potency, Pesticides, Heavy Metal, Genetic Testing), End User (Lab, Pharmaceutical, Research) and by Regional Forecasts 2017-2025
The industry seems to be fairly competitive. Some of the leading market players include Agilent Technologies Inc., Shimadzu Corporation, Millipore sigma, Restek Corporation, PerkinElmerr Inc., AB sciex LLC., and so on. Other market players discussed in the report include waters corporation, accelerated technologies laboratories Inc., digipath Inc., SC laboratories Inc. New product launches, acquisitions, and mergers are some of the strategies adopted by the key manufacturers. Additionally, the fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
Key findings of the study:
- Growing legalization of cannabis for medical use, rapid growth in the number of cannabis testing laboratories, the presence of prominent players in this region are driving the market growth.
- 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 raising funding for the cannabis industry are also driving the market growth.
Bizwit Research & Consulting LLP has considered following segments for the study:
By Product & software:
- Heavy metals
- Genetic testing
- North America
- Asia Pacific
- Latin America
- Rest of the World