LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global cannabis testing market predicts a CAGR of around 12% during the period 2018-2022.
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%
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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.
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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.
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