The report covers forecast and analysis for the automated cannabis testing market on a global and regional level. The research report presents a comprehensive valuation of the market, competitive scenario, opportunities, emerging trends, and industry-validated market figures. The study provides historic data of 2016 to 2018 along with a forecast from 2019 to 2026 based on revenue (USD Million).
The global automated cannabis testing market has enormous opportunities in the upcoming future. The global automated cannabis testing market is expected to grow at a significant rate within the forecast period. The growth of the automated cannabis testing market can be attributed to the increasing adoption of laboratory information management system (LIMS) in automated cannabis testing as LIMS is an extremely powerful tool for testing cannabis in laboratories. Also, the increasing number of cannabis testing labs in prominent countries such as U.S., Canada, etc. coupled with the legalization of cannabis for medical distribution is expected to propel the market growth over the forecast years. Moreover, the rising number of medical cannabis clubs and awareness of medical benefits related to the consumption of cannabis is expected to bolster the growth of the automated cannabis testing market over the forecast years.
Based on the product type, the global automated cannabis testing market has been classified into chromatography based analyzer type and spectroscopy-based analyzer type. Chromatography based analyzer type held the largest market share in 2018. Chromatography based analyzer type segment is anticipated to grow at a rapid pace on account of its fast and effective results. In addition to this, various key players are also offering specialized chromatography instruments in the market for cannabis testing, which is expected to further the growth of chromatography based analyzer type segment over the forecast years.
On the basis of application, the global automated cannabis testing market is segmented into pain management, seizures, sclerosis, and others. Among these, the pain management segment holds the maximum segment share currently and is expected to witness significant growth over the forecast period. Usage of cannabis in treating diseases such as chronic pain, arthritis, neurological disorders, and other diseases is expected to stimulating the growth of this segment over the forecast years. Also, the increasing need for effective pain management remedies on a global scale is expected to boost the demand for automated cannabis testing market over the forecast timeframe.
Based on end-use, the global automated cannabis testing market has been segmented into consumers, regulators, laboratories, and others. The laboratories segment held the largest market share in 2018, on account of an increasing number of cannabis testing laboratories across the globe.
Based on the region, North America held the largest market share in 2018 owing to the increasing legalization for the distribution of cannabis as a medical product across the region. Moreover, the rising number of testing laboratories and increasing cannabis cultivation across the region is expected to accelerate regional market growth over the forecast years. Europe is projected to witness a remarkable market growth during the forecast period. This can be attributed to the new medical cannabis legislation and approval of the production license since March 2017. Also, the rising demand for medical cannabis among patients and prescribers is expected to further propel the growth of automated cannabis testing market in Europe over the forecast timeline.
The automated cannabis testing market is highly consolidated, with major players including Medicinal Genomics Corp., Hamilton Company, PerkinElmer Inc., Agilent Technologies Inc. The major strategies implemented by these leading companies in the market are new product launches, mergers & acquisitions, and partnerships. These companies are focusing more on making an investment in innovations, collaborations, and expansions, in order to increase their market share.
Automated Cannabis Testing Market : Regional Segment Analysis