“Legalization of medical cannabis is anticipated to drive the market for cannabis testing over the forecast period.”
According to a new market research study titled ‘Cannabis Testing Market to 2025 – Global Analysis and Forecasts by Type, Services and End User, the global cannabis testing market was valued at US$ 1,028.2 Mn in 2017 and is estimated to reach US$ 2,486.7 Mn by 2025. The market is estimated to grow with a CAGR of 11.9% from 2017-2025.The report highlights the trends prevalent in the global cannabis testing market and the factors driving the market along with those that act as deterrents to its growth.
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- Agilent Technologies
- PerkinElmer, Inc.
- Shimadzu Corporation
- Merck KGaA
- Restek Corporation
- CannaSafe Analytics
- Accelerated Technology Laboratories, Inc.
- Digipath Labs.
Global cannabis testing market, based on the type is segmented into product and services. The product segment is further bifurcated into analytical instruments and consumables segments. In 2017, the product segment witnesses the fastest and largest share. Additionally, the software segment is anticipated to grow at a significant rate during the forecast period.
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.
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