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%
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.