The North America cannabis testing market is expected to reach US$ 1,120.51 Mn in 2025 from US$ 470.85 Mn in 2017
NEW YORK, Jan. 28, 2020 /PRNewswire/ --
The North America cannabis testing market is expected to reach US$ 1,120.51 Mn in 2025 from US$ 470.85 Mn in 2017. The market is estimated to grow with a CAGR of 11.6% from 2018-2025.
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The growth of the cannabis testing market is primarily attributed to the legalization of medical cannabis, and increasing awareness through conferences, symposia, and workshops.However, stringent regulatory framework, and dearth of trained laboratory professionals are likely to pose a negative impact on the market growth.
On the other hand, mergers & acquisitions is likely to have a positive impact on the growth of the North America cannabis testing market in the coming years.The medical use of cannabis has witnessed a significant changes in this decade as many government have legalized use of cannabis.
The governments of various states have attempted to spread the use of cannabis in medical industry.Due to this, various government institution have initiated the process of legalizing the use of medical cannabis and have started to place a legal framework to practice.
These rapid changes in the industry have enabled medical experts and professionals to organize events and spread the use of medical cannabis. Currently, medical cannabis conferences have been taking places in various parts of the world. In US, conferences symposium and seminars take place at various states to acquaint its citizens and authorities with the use of medical marijuana and legal framework related to it. For instance, World Medical Cannabis Conference and Expo (April 2018), is one of the most popular conference in USA with participants across the world. This is the largest cannabis symposium in the world which brings all business stakeholder together. It involves over 3000 guests and 150 exhibitors. Thus, owing to rising number of conferences, expo and other awareness programs, the cannabis testing market is expected to witness rapid growth in the region.
In 2017, the product segment held a largest market share of 73.7% of the cannabis testing market, by type. This segment is also expected to dominate the market in 2025 owing to increasing use of the consumables as well as capital equipment for cannabis tests. Moreover, the software segment is anticipated to witness the significant growth rate of 10.7% during the forecast period, 2018 to 2025 owing to several advantages offered by automated workflow solutions to ease the cannabis testing procedures and maintain the results.
North America cannabis testing market, based on services was segmented into potency testing, microbial analysis, residual solvent screening, heavy metal testing, pesticide screening, terpene profiling, and genetic testing. The potency testing segment is anticipated to grow at a CAGR of 12.7% during the forecast period. Depending on the state in which testing occurs, a sample's THC and CBD levels, along with its tetrahydrocannabinolic and cannabidolic acids are required. Other labs may opt to test samples for their CBC and CBG as well. Testing for potency involves gas or liquid chromatography for a range of matrices.
The testing laboratory segment held a largest market share of 49.2% of the cannabis testing market, by end user. This segment is also expected to dominate the market in 2025 owing to rise in product testing for the bulk of the increase.
Some of the major primary and secondary sources for cannabis testing included in the report are Federal Commission for the Protection against Sanitary Risk (COFEPRIS), Defense Advanced Research Projects Agency (DARPA), German Research Foundation (DFG), European Research Area (ERA), Food & Drug Administration (FDA), Indian Institutes of Technology (IITs), Japan Society for the Promotion of Science (JSPS), Laboratory Information Management System (LIMS), Medical Marijuana Regulation and Safety Act (MMRSA), Non-Governmental Organization (NGO), National Science Foundation (NSF) and others.
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