Cannabis is a psychoactive drug intended for medicinal and recreational use, cannabis consist of tetrahydrocannabinol (THC) which causes the sensation of euphoria, change in perception and increase in appetite. Cannabis cultivators use pesticides, fungicides, insecticides that poses a high risk to the environment as well as humans that calls for a testing procedure that equips the consumer with knowledge about the harmful substances in Cannabis and its unwanted effects. This lead to the inception of cannabis testing for cannabis and cannabis products.
The cannabis testing market has been anticipated to rise with a CAGR of 11.40% during the forecast period 2017-2025. The market has been valued at $809 million for the year 2016 and is estimated to generate a revenue of about $2112 million by the year 2025. Legalization on the utilization of cannabis in medicine is one of the key factors driving the growth in the global cannabis testing market. The cannabis testing is also done to detect the presence of heavy metals, impurities, residual solvents, pesticides or chemicals to assure the safety of cannabis for medicinal use. The scope of the global cannabis testing market includes type, product & software and end-user. The end users mainly test the cannabis plants specifically for cannabinoids which helps them to evaluate the strength of cannabis and also the effect of cannabis on medical users.
Cannabis testing market in North America is set to touch $459 million in the year 2016 which is anticipated to reach $2112 million and to grow at CAGR of 11.40% from 2017 to 2025. The growth of cannabis market in North America is mainly driven by the countries such as the Canada and United States due to the existence of many multinational organizations such as Restec Corporation and Thermo Fisher scientific headquartered and operating in the region. The North American cannabis testing market is keenly driven by the factors which include increasing legalization of cannabis considering medical utility, enhancing awareness of medical cannabis, the constant establishment of cannabis testing laboratories such as Cannasafe analytics and Quality compliance laboratories mainly in the countries such as the United States and Canada.
Shimadzu corp., Waters corp., Thermo Fischer scientific, Steep hill talent laboratories Inc. and Agilent technologies are some of the major players in global cannabis testing market. Merger & Acquisitions, partnership, joint venture, product launch and collaboration are some of the key strategies adopted by companies in global cannabis testing market to stay relevant within the market.
Drivers of Global Cannabis Testing Market-
Acknowledgement of marijuana for medical and therapeutic use by the medical fraternity-While other people choose to see marijuana as one of the most controversial drugs, the medical fraternity has a divergent view. The effect of cannabis treatment is very helpful for patients suffering from anorexia. It is even more useful people who suffer from HIV/AIDS. They get the appetite to eat more types of food giving them a balanced diet and a healthy body. People with severe nausea also find it hard to swallow; They would find medical marijuana very useful. Other groups who would see this aspect of medical marijuana useful include: cachexia, and patients undergoing radiation therapy or chemotherapy treatments for cancer.
The above illustration is made by Inkwood Research- Global Cannabis Testing Market
Rise in the number of testing facilities - The increasing demand for advancing technologies, cannabis-based medicinal drugs and increase in the production of cannabis drugs in agreement with the government standards has led to the expansion of cannabis testing laboratories.
Increasing legalization of the cannabis use for medicine and research- The cannabis-based medicines are not thoroughly tested due to the stringent government regulations and other production restrictions such as standards related to amount of lead level to be present in cannabis medicine. The legalization of cannabis-based medicines or drugs containing Tetrahydrocannabinol (THC) in many countries such as Austria, Chile, Canada, Belgium, Israel etc., have led to the increase in the need for testing the cannabis.
