Global Cannabis Testing Market

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Global Cannabis Testing Market
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Summary
The global cannabis testing market is expected to
reach USD 1,416.3 million by 2021 from USD 822.0
million in 2016, at a CAGR of 11.5 during
forecast period (20162021). The growth in this
market is mainly driven by factors such as
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, presence of alternative
technologies, and 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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Rising funding for cannabis testing laboratories
is one of the major trends observed in the
cannabis testing industry. Growing legalization
of cannabis for medicinal purpose has attracted
various prominent market players and investors to
invest in cannabis testing laboratories to
develop and improve analytical testing to ensure
consumer safety. For instance
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• In February 2017, Cannabi-Tech Ltd. (CBT)
  (Israel) received funding of USD 1 Million from
  Agrinnovation. The company intends to utilize
  these funds for the North American launch of its
  testing platform for medical cannabis labs and
  dispensaries.
• In November 2015, Steep Hill Labs, Inc. (U.S.)
  received funding of USD 2 Million from Delft Blue
  Horizons (Netherlands), Phyto Partners (U.S.),
  and Poseidon Asset Management (U.S.) to support
  the expanded testing services in addition to new
  research and product development.

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The cannabis testing market is segmented on the
basis of product software, service, end user,
and region. The cannabis testing services market
(services offered by cannabis testing
laboratories) is segmented into potency testing,
terpene profiling, pesticide screening, residual
solvent screening, heavy metal testing, microbial
analysis, and genetic testing. The potency
testing segment accounted for the largest share
in 2016 and also expected to grow at the highest
CAGR during the forecast period as a majority of
the end users primarily test their cannabis
plants for cannabinoids and look for evaluating
the strength of cannabis and the effect it will
have on medical marijuana users.
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Research Coverage
This market is categorized on the basis of
product software, service, end user, and
region. Apart from the comprehensive regional
analysis, product analysis, and market sizing,
the report also provides a competitive landscape
that covers growth strategies adopted by industry
players over the last three years. The company
profiles comprise basic views on key players and
their product portfolios, developments, and
strategies adopted. The above-mentioned market
research data, current market sizes, and forecast
of future trends will help key players and new
entrants make informed decisions regarding
product offerings, geographical focus, changes in
strategic approach, RD investments, and levels
of output in order to remain successful.
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Reasons to Buy the Report
The report will enrich both established firms as
well as new entrants/smaller firms to gauge the
pulse of the market, which in turn will help
firms, garner a greater market share. Firms
purchasing the report can use any one or a
combination of the below-mentioned five
strategies (market penetration, product
development/innovation, market development,
market diversification, and competitive
assessment) for strengthening their market shares.
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The report provides insights on the following
pointers

• Market Penetration Comprehensive information on
  the product portfolios of the top players in the
  cannabis testing market. The report analyzes the
  cannabis testing market by product software,
  service, end user, and region.
• Product Development/Innovation Detailed insights
  on upcoming technologies, RD activities, and new
  product launches in the global cannabis testing
  market.
• Market Development Comprehensive information
  about the cannabis testing market across
  countries.
• Market Diversification Exhaustive information
  about new products, untapped geographies, recent
  developments, and investments in the global
  cannabis testing market.

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Full Report
Global Cannabis Testing Market
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