Increasing awareness through conferences, symposia, and workshops is anticipated to accelerate the growth of the cannabis testing market from 2017 to 2025.
The global cannabis testing market is expected to reach US$ 2,486.7 Mn in 2025 from US$ 1,028.2 in 2017. The growth of the cannabis testing market is primarily attributed to the increasing awareness through conferences, symposia, & workshops, legalization of medical cannabis and growing adoption of LIMS in cannabis testing laboratories in the forecast period. However, the risks related to stringent regulatory framework for cannabis and dearth of trained laboratory professionals is expected to act as major challenges hindering the cannabis testing market growth at certain extent.
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. 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. In addition, CannaCon, is first ever symposium that features legal sale of cannabis for business purposes. The expo provide a platform for guest to get access to knowledge from business experts with over 12000 guests. Thus, owing to rising number of conferences, expo and other awareness programs, the cannabis testing market is expected to witness rapid growth.
A number of developments have taken place within recent years in the cannabis testing market. These developments comprise of both the organic and inorganic developments contributed by the company to increase the business and revenue generation in the market. For instance, in May 2018, Agilent Technologies, Inc. acquired Ultra Scientific for the expansion of Agilent’s certified reference materials and chemical standards business. Additionally, in January 2018, SCIEX Diagnostics, a division of SCIEX launched Citrine Triple Quad MS/MS and Citrine QTRAP MS/MS Systems for clinical diagnostics. Approval of new products by the manufacturers of cannabis testing are also expected to accelerate the growth of the market. For instance, in September 2018, Restek and Separation Science entered into a collaboration to develop a multi-speaker eSeminar focused on testing methods and associated topics for medicinal cannabis labs. On the other hand, growing advanced techniques in the emerging economies and increasing demand for cannabis testing products is expected to provide novel growth opportunities for the cannabis testing market players in the coming years.
Some of the key players operating the global cannabis testing market include, Agilent Technologies, PerkinElmer, Inc., Shimadzu Corporation, SCIEX, Merck KGaA, Restek Corporation, Waters, CannaSafe Analytics, Accelerated Technology Laboratories, Inc., and Digipath Labs. and among others.