According to Custom Market Insights, the global cannabis testing market size is expected to increase from its anticipated value of USD 1.5 billion in 2021 to USD 3.0 billion by 2030, with a compound annual growth rate (CAGR) of around 10.5% from 2022 to 2030.
The market of cannabis testing is being driven and restrained by a number of factors, and the report looks at how these factors may affect demand throughout the projected period. The report also examines the market for cannabis testing on a global scale.
Cannabis Testing Market: Overview
Cannabis sativa, the hemp plant, contains pharmacologically potent substances called cannabinoids. Cannabis is made up of dried cannabis Sativa as well as cannabis indica plant parts such as leaves, flowers, stems, and seeds. Since ancient times, this plant has been used medicinally, primarily as an anti-inflammatory or to treat pain, anxiety, or agitation. Cannabis is one of the most often used narcotics worldwide and is rising in demand. Cannabis drug testing is becoming more and more common in the legal, sports, and pharmaceutical industries. Before being delivered to retailers, all batches of cannabis flowers and products should be sampled and analyzed by licensed laboratories. For what must be evaluated and displayed on cannabis product labeling, various states and regions have set their own standards and laws. Over the course of the projected period, rising certifications for cannabis-based medications are anticipated to drive market expansion for cannabis testing services globally.
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Cannabis Testing Market: Growth Factors
Over the projection period, the worldwide cannabis testing services market is anticipated to rise due to the increased focus of key industry participants on new product releases. Permitting marijuana for medicinal use will also create new growth prospects for testing labs, resulting in significant growth in the cannabis testing market over the course of the projected period. Medical cannabis has proven useful in treating a number of medical conditions, such as nausea brought on by chemotherapy, AIDS-related hunger stimulation, movement disorders muscle spasm control, as well as glaucoma intraocular pressure reduction. On the other side, a significant factor impeding the expansion of the worldwide for cannabis testing services market during the forecast period is the absence of standardized testing methodologies. Facilities for cannabis quality control testing are required due to the increasing requirement for secure cannabis products. However, a number of items fall short of the required standards.
Segmental Overview
The market’s leader in terms of service type, potency testing services, is anticipated to experience rapid growth throughout the anticipated time frame. The market is predominantly being driven by a rise in the demand for analyzing the potency of different cannabinoids, especially CBD (Cannabidiol) & Tetra hydro cannabinol (THC) in developed cannabis, as well as a rise in the utilization of effective potency testing methods such as High-Performance Liquid Chromatography (HPLC) and Gas Chromatography (GC) for testing samples.
Regional Overview
All through the entire projection period, North America is anticipated to lead the market as a whole. The high frequency of chronic illnesses in the area, favorable laws, and the existence of big businesses are all contributing factors to market growth. Europe is the second-largest market for cannabis testing following North America. The majority of the funding for this sector comes from Germany, the United Kingdom, Spain, and the rest of Europe. Due to factors including increased clinical trials involving cannabis conducted by major pharma companies in Europe, the market in the area is expanding.
Key Players Insights
The report offers an in-depth competitive analysis of these key industry players for the cannabis testing market with their company profiles, recent developments, and significant business strategies. Thermo Fisher Scientific Inc., Merck KGaA, Shimadzu Corp., PerkinElmer Inc., Steep Hill Labs Inc., CB Scientific Inc., Alpha-CAT, Orange Photonics Inc., Gobi Labs, MyDx Inc., SC Laboratories Inc., Restek Corp., Waters Corp., and PharmLabs LLC are a few of the participants.
Some of the prominent players in the Global Cannabis Testing Market:
- Saskatchewan Research Council (SRC)
- SC Labs
- Steep Hill, Inc.
- SGS Canada Inc.
- CW ANALYTICAL
Table of Contents: https://www.custommarketinsights.com/report/cannabis-testing-market/#table-of-contents
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