Shimadzu Corporation (Japan) and Agilent Technologies, Inc. (US) are Leading Players in the Cannabis Testing Market
The cannabis testing market is projected to reach USD 4.0 billion by 2029 from an estimated USD 1.8 billion in 2024, at a CAGR of 17.2% during the forecast period. The growth of the cannabis testing market is propelled by increasing legalization and propelled use cannabis in the field of medicine. Additionally, advancements in analytical techniques is further likely to spur the market growth.
The global cannabis testing market is competitive with top players such as Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Waters Corporation (US) and SGS SA (Switzerland). The market players have adopted various strategies such as new product launches, acquisitions, agreements, collaborations, partnerships, and geographical expansions to strengthen their position in the global cannabis testing market.
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Shimadzu Corporation (Japan)
Shimadzu, one of the leading players in the cannabis testing market, employs multiple strategies to maintain business dominance. Firstly, it allocates substantial resources to research and development, creating innovative testing solutions tailored to the evolving cannabis industry. Secondly, strategic partnerships with regulatory bodies and industry leaders enhance its credibility and market presence. Thirdly, Shimadzu emphasizes customer-centric approaches by providing comprehensive support services, including training and technical assistance, ensuring optimal use of its testing equipment.
Agilent Technologies, Inc. (US)
Agilent’s cutting-edge analytical instruments offer precise cannabinoid profiling, ensuring compliance with stringent regulatory standards. For instance, its HPLC systems deliver accurate THC and CBD quantification, which is crucial for potency labeling and enhancing consumer trust and regulatory compliance. Additionally, with decades of experience in analytical chemistry, Agilent provides tailored solutions for cannabis testing labs, addressing unique challenges such as sample complexity and matrix interference. Its widespread distribution network ensures accessibility to its products, facilitating market penetration even in emerging cannabis markets like Europe and Asia. Additionally, the company forms strategic alliances with cannabis industry stakeholders, such as testing labs and regulatory bodies, to gain insights into market trends and regulatory requirements. Collaborations also facilitate the development of customized solutions tailored to specific market segments.
Related Reports:
Cannabis Testing Market by Product (Chromatography (LC, GC), Spectroscopy, Consumables (Column, CRMS)), Software, Services (Potency, Microbial Analysis, Terpene Profiling, Heavy Metal Testing, Pesticide Screening), & End User - Global Forecast to 2029
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