North America Cannabis Testing Market to Reach US$ 1,120.51 Mn at CAGR of 11.6% by 2025

North America Cannabis Testing Market to 2025 - Regional Analysis and Forecasts by Type (Products and Software); Services (Potency Testing, Terpene Profiling, Pesticide Screening, Residual Solvent Screening, Heavy Metal Testing, Microbial Analysis, and Genetic Testing); End User (Testing Laboratories, Drug Manufacturers, and Research Institutes) and Country

Publication Month : Mar 2019

  • Report Code : TIPRE00003506
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 152
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The North America cannabis testing market accounted to US$ 470.85 Mn in 2017 and is expected to grow at a CAGR of 11.6% during the forecast period 2018 – 2025, to account to US$ 1,120.51 Mn by 2025.

The Asia Pacific cannabis testing market is expected to grow at highest rate during the forecast period owing large population countries such as China and India, increasing number of accidents with cannabis intoxication, adoption of trends from western regions in terms of legalization of medical and recreational use of cannabis are expected to fuel the market growth in Asia Pacific region.       

 Lucrative Regional Markets

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Market Insights

Legalization of medical cannabis is expected to boost the market growth over the years

The United States is anticipated to be the main driving force of growth of use of medical cannabis. 30 states of the United States of America have legalized the use of cannabis. These 30 states comprise of 60% of total population and have approved the use of medical marijuana. This has become the driving force for the growth of cannabis testing marked in the entire North America region. Currently more than 8000 active licenses for cannabis businesses in USA. It is the only country with such numbers of market players.

Several countries across the region are strongly considering to end regulation and prohibition for using marijuana for adults. The steady growth of public support around the region will likely convert into major state-level success for marijuana policy reform. Many campaigns are organizing to support the legalizing marijuana by the government in Illinois, Minnesota, New Hampshire New Jersey, New York and many other states of the United States. In addition, according to the NORML and the NORML Foundation, in the 2018 midterm election, the Proposal 1 to legalize marijuana in Michigan was approved by the voters and Michigan became the first Midwestern state to legalized recreational marijuana. Moreover, Michigan became the 10th state that allows possessing the drug in small amounts for recreational use for adults. Moreover, in 2001, Canada legalized medical cannabis use and cultivation and in July 2018, legalized marijuana for adult-use in the country.

Thus, due to the growing legalization of cannabis, the cannabis testing market is expected to grow at a rapid pace during the forecast period.

Increasing Awareness through Conferences, Symposia, and Workshops

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.

  • Conferences which recently took place regionally are:

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.

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.

U.S Cannabis Conference and Expo, this conference involves high profile discussion, presentation and will educate entrepreneur to boost the development and evolution of medical cannabis industry.

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.

Type Insights

The cannabis testing market by type is segmented into products and software. In 2017, the products 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 10.9% 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.

Service Insights

The North America cannabis testing market on the basis of service is 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.

End User Insights

The North America cannabis testing market on the basis of end user is segmented into potency testing, microbial analysis, residual solvent screening, heavy metal testing, pesticide screening, terpene profiling, and genetic testing. In 2017, testing laboratories segment held the largest share of the market, by end user, and is expected to grow at the fastest rate during the coming years owing to the increasing number of diagnostic testing performed in the reference labs for the numerous diseases.

Cannabis Testing Market, by Type

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North America Cannabis Testing Market: Strategic Insights

north-america-cannabis-testing-market
Market Size Value inUS$ 470.85 Million in 2017
Market Size Value byUS$ 1,120.51 Million by 2025
Growth rateCAGR of 11.6% from 2018-2025
Forecast Period2018-2025
Base Year2018
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Strategic acquisition and product launches were observed as the most adopted strategy in North America cannabis testing industry. Few of the recent product launch and product approval are listed below:

2016: Agilent Technologies, Inc. introduced Agilent 5110 ICP-OES that allow scientists to perform faster, more precise ICP-OES analysis.

2017: SCIEX launched the X-Series Quadrupole Time of Flight (QTOF) mass spectrometry (MS) platform, X500B QTOF System.

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.

CANNABIS TESTING – MARKET SEGMENTATION

By Type

  • Products
  • Software

By Service

  • Potency Testing
  • Terpene Profiling
  • Pesticide Screening
  • Residual Solvent Screening
  • Heavy Metal Testing
  • Microbial Analysis

By End User

  • Testing Laboratories
  • Drug Manufacturers
  • Research Institutes

By Geography

•   North America

  • U.S.
  • Canada
  • Mexico

Company Profiles

  • Agilent Technologies
  • PerkinElmer, Inc.
  • Shimadzu Corporation
  • SCIEX
  • Merck KGaA
  • Restek Corporation
  • Waters
  • CannaSafe Analytics
  • Accelerated Technology Laboratories, Inc.
  • Digipath Labs.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Services, End User and Country

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada

The List of Companies

1. Agilent Technologies
2. PerkinElmer, Inc.
3. Shimadzu Corporation
4. SCIEX
5. Merck KGaA
6. Restek Corporation
7. Waters
8. CannaSafe Analytics
9. Accelerated Technology Laboratories, Inc.
10. Digipath Labs

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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