The report segments the global cannabis testing market by product (instruments, consumables, and software) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global cannabis testing market, according to Technavio researchers:
- Increasing use of cannabis for medical purposes: a major market driver
- Emergence of luxury cannabis products: emerging market trend
- In 2017, the global cannabis testing market was led by the Americas with a market share of more than 54%
- In 2017, the global cannabis testing market by product was led by the instruments segment with a market share of over 50%
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
Increasing use of cannabis for medical purposes: a major market driver
The increasing use of cannabis for medical purposes is one of the major factors driving the global cannabis testing market. Cannabis used for medicinal purposes is referred to as medical marijuana or medical cannabis. In this case, the whole, unprocessed cannabis plant or its extracts are used to treat a variety of symptoms and conditions. Medical cannabis contains many compounds that are collectively referred to as cannabinoids. The two main compounds are tetrahydrocannabinol (THC) and Cannabidiol (CBD). Though there are several other types of cannabinoids in cannabis strains, THC and CBD are the most abundant compounds. These compounds mainly address pain symptoms in multiple diseases.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Emergence of luxury cannabis products: emerging market trend
Several vendors offer luxury cannabis products with controlled and monitored quantities of cannabis as smoking cannabis can be harmful. Luxury cannabis products contain therapeutic doses of cannabis that can be consumed without experiencing the ill-effects of smoking. Cannabis is infused with edible products such as cookies, chocolates, muffins, brownies, teas, and chewing gums. People who are recommended specific dosages of cannabis can consume it through edibles to address symptoms such as pain, loss of appetite, and nausea, which are associated with multiple diseases.
According to a senior analyst at Technavio for research on health and wellness, “The trend of luxury cannabis products is expected to continue in the market as consumers demand cannabis in edible products for medical and recreational purposes. As the vendors manufacturing these edible products need to ensure the safety of these products, the demand for cannabis testing products will be high. Thus, this trend will positively impact the market.”
Global market opportunities
In 2017, the global cannabis testing market was led by the Americas with a market share of more than 54%. This was because of the increasing approval of cannabis for recreational and medical purposes in the region. The Americas is expected to dominate the market throughout the forecast period as the demand for testing cannabis products is increasing from luxury product manufacturers.
Technavio’s best deals of the month!
Celebrate Earth Day and clean energy with Technavio. Get 30% discount on all Energy reports. Offer valid from 12th March - 18th March.
Get 20% off on all Media and Entertainment Services reports. Offer valid only till the 31st of March.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at email@example.com.