With rising awareness for the benefits of cannabis in medical use is creating opportunities for cannabis testing market. For instance, the U.S. FDA is taking initiatives to legalize the use of cannabis for medical purpose. Moreover, legalization of medical cannabis across various countries is positively impacting the market growth. For instance, countries such as Argentina, Australia, Canada, Chile, Colombia, Croatia, Cyprus, Czech Republic, Denmark, and Finland, have already legalized the use of cannabis.
Increasing technological advancements is positively impacting the market growth. For instance, Avricore Health Inc. has designed genetic medication response test myCannabisPGx to ensure effective and safe use of medical cannabis. As of now, the company has initiated its distribution across seven pharmacies in Toronto. However, the company plans to distribute the test to nearly 30 locations by 2019.
Upon mapping the challenges in testing laboratories, adopting laboratory information management systems (LIMS) becomes imperative
Based on the component the market is segmented into devices, software, and services.
Software segment is expecting a healthy growth in the cannabis testing market as a result of rising demand for laboratory information management systems. For instance, adoption of LIMS streamlines has enhanced the quality and productivity of cannabis testing, and also reduced the overall production cost. Moreover, LIMS helped TEQ Analytical Laboratories to become the first ISO 17025 certified cannabis testing laboratory in North America.
Growing number of countries legalizing cannabis is gradually driving the number of testing laboratories
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Based on end user, the cannabis testing market is segmented into testing laboratories and pharmaceutical manufacturers.
Testing laboratories is accounted for the largest share of the market, this can be attributed to the highest demand for cannabis in the segment. Apart from this. there are over 480 unknown harmful compounds found in cannabis, thus, before a product is sold to consumers it is necessary to check the product for impurities.
CBD Explosion in Europe to offer lucrative market opportunities
Presently, Germany, Denmark, and Italy are offering insurance coverage for the cannabis based medicines. Germany has legalized cannabis for medicinal use in 2017 and the number for legalized registered users of medical cannabis has increased from 1,000 to 30,000 by 2018. In May 2019, Canopy Growth bought European cannabinoid-based pharmaceuticals company to support the consumption of cannabis for medicinal. Apart from this, Germany has increased the quantity of cannabis that can be grown from 1000 kilograms to 2,600 kilograms annually.
MEA comprises of the middle east and Africa. Most of the African countries have entered the bandwagon of cannabis legalization. According to the UN survey, over 10,000 tons of cannabis is produced in Africa annually. Apart from this, In May 2018, Zimbabwe legalized cannabis for medical and scientific use. Moreover, Canada based company Aphria, announced a new venture with the Verve Group of Companies to distribute cannabis extracts to be legalized African countries. Similarly, In May 2018, Canopy Growth Corporation announced the acquisition of Daddy Cann Lesotho. Besides, the annual demand for cannabis in South Africa is 400,000 kilograms per year.
Some of the prominent players in the global cannabis testing market are CloudLIMS, GenTech Scientific, Synfine Research Ltd, Agilent Technologies, Inc., CannaSafe, Demeter Laboratory, PharmWare Cannabis LIMS, Shimadzu Scientific Instruments, Merck KGaA, and WATERS
Cannabis Testing Market Segmentation
By End Users
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