The global cannabis testing market is expected to reach USD 1,416.3 Million by 2021 from USD 822.0 Million in 2016, at a CAGR of 11.5% during the forecast period (2016–2021). The growth in this market is mainly driven by factors such as legalization of medical cannabis, coupled with the growing number of cannabis testing laboratories (specifically in the U.S.); growing adoption of LIMS in cannabis testing laboratories; and increasing awareness through conferences, symposia, and workshops.
Cannabis testing is a highly competitive and evolving industry with the presence of various well-established as well as emerging players in the market. Shimadzu Corporation (Japan), Agilent Technologies (U.S.), PerkinElmer, Inc. (U.S.), Millipore Sigma (U.S.), AB Sciex LLC (a Danaher Company) (U.S.), Restek Corporation (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Waters Corporation (U.S.), Fritsch Milling (U.S.), Accelerated Technology Laboratories (U.S.), CannaSys, Inc. (U.S.), PharmLabs, LLC (U.S.), Guardian Data Systems, Inc. (U.S.), and Lab Lynx, Inc. (U.S.) are some of the prominent players operating in the cannabis products & software market. On the other hand, Steep Hill Halent Laboratories, (U.S.), DigiPath, Inc. (U.S.), SC Laboratories (U.S.), CannaSafe Analytics (U.S.), and CW Analytical Laboratories (U.S.) are some of leading players operating in the cannabis testing services market.
Other players in the cannabis testing services market include CW Analytical (U.S.), Green Leaf Labs (U.S.), Emerald Scientific (U.S.), Azzur Labs (U.S.), Aurum Labs (U.S.), Green Hill Labs (U.S.), Phyta Tech CO LLC (U.S.), ProVerde Labs (U.S.), Neopharm Labs Inc. (Canada), Experchem Laboratories Inc. (Canada), A&L Canada Laboratories Inc. (Canada), and Anandia Laboratories Inc. (Canada).
Companies are focusing of organic as well as inorganic growth strategies such as product launches, product approvals, agreements, partnerships, and collaborations to increase their presence in the market. Product launches and approvals accounted for the largest share of overall growth strategies adopted by market players between 2013 and 2016. Various new and technologically advanced products were launched during this period. For instance, in November 2016, Waters Corporation (U.S.) introduced two novel chemistries—CORTECS T3 and CORTECS Shield RP 18. These new CORTECS column chemistries allow scientists to obtain more information per analysis and reduce the cost of analyzing complex samples such as biomarkers, natural products, counterfit cosmetics, synthetic cannabinoids, veterinary drugs, drinking water, and vitamins. Also, in July 2016, PerkinElmer introduced the Avio 200 Inductively Coupled Plasma Optical Emission Spectrometer (ICP-OES). This compact spectrometer enables quick analysis of complex food, industrial, and environmental sample. Key players who adopted this growth strategy include Agilent Technologies, Inc. (U.S.), Shimadzu Corporation (Japan), PerkinElmer, Inc. (U.S.), and Waters Corporation (U.S.).
Expansions and investments was the second most preferred growth strategy adopted by the key players in this market. For instance, in February 2016, Shimadzu Corporation established Shimadzu Manufacturing Asia Sdn. Bhd. (SMA), the company’s analytical measuring instrument manufacturing facility in Malaysia. This expansion enabled the company to expand its footprint in the ASEAN region. In addition, in October 2015, DigiPath, Inc. opened its new cannabis testing facility in Nevada, U.S. This expansion helped the company to strengthen their presence in the U.S. cannabis testing market.
Such expansions will help market players to expand their geographic presence and strengthen their customer base. This strategy was majorly adopted by Shimadzu Corporation (Japan), PerkinElmer, Inc. (U.S.), Waters Corporation (U.S.), Steep Hill Labs, Inc. (U.S.), and DigiPath Labs (U.S.).
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