Cannabis Testing Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.
Increasing demand for safety and high-quality medical products with expanding laboratories has added impetus to cannabis testing services. Growing prevalence for these tests by cultivators and manufacturers will bolster the industry trends. In an instance, the Bureau of Cannabis Control as of March 2018, had issued about 26 temporary licenses to testing laboratories in California.
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Additionally, rising investments and legalization of cannabis in many countries, along with soaring recognition for R&D in exploring the medical benefits concerning cannabis will significantly contribute to the market revenues in the next few years. UJI Capital, an equity firm, donated around USD 9 million to Harvard and Massachusetts Institute of Technology for research on cannabinoids.
It has been estimated that the global cannabis testing market size is likely to surpass USD 2 billion by 2025. Higher costs of testing equipment, absence of uniform testing standards, complications associated with regulatory norms are some of the characteristics hindering the market forecast slightly.
In 2018, chromatography powered cannabis testing industry registered close to 62.4% share of the total annual revenues. This can be attributed to high sensitivity and ease of separation, among various other advantages. Also, the adoption of technologically advanced equipment for carrying out several analytical and quality tests of cannabis will witness a surge.
Potency testing market for cannabis is estimated to grow at more than 13.9% CAGR by 2025. A hike in hemp and marijuana cultivators coupled with strict regulations can be accounted for this estimate.
Based on applications, cannabis testing laboratories brought in over USD 599.5 million in 2018 across regions that legalized the medical use of marijuana owing to the rising demand for the testing of samples.
Extending support from various governments for funding enhancements in cannabis testing infrastructure with stringent norms and regulations to ensure patient safety and product quality with the legalization of cannabis will drive the market prospects for potency testing and cannabis laboratories.
Geographically, the Netherlands is one of the leading manufacturers and suppliers of cannabis and hemp that is employed in medical use globally and is believed to surpass a growth rate of 20.2% CAGR through 2025. With the regulations and medical demands for cannabis in place, the testing services will witness numerous growth opportunities.
In 2018 the U.S. cannabis market gathered the largest market share, pegged at around 61.2% of the total remunerations. Inclining recognition for cannabis with expanding legalized cultivation activities and testing laboratories will stimulate regional growth.
The presently active COVID-19 crisis has also impacted the therapeutic significance of cannabis. A recent study reveals that the active compounds in this product have healing properties to tend to infections caused due to the virus and can be mastered as an antiviral drug. Researchers and scientists at the University of Nebraska and the Texas Biomedical Research Institute are citing extended research on cannabis-derived CBD to treat the hazardous lung inflammation caused by the novel virus.
Some of the well-known players in this market include Anandia Labs, CannaSafe Analytics, CW Analytical Laboratories, Eirlab, Anresco, EVIO, Pure Analytics, Digipath, SC Labs, Steep Hill, University of Mississippi, Battelle Memorial Institute, Phytovista Laboratories, and the University of Alberta.
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Partial Chapter of the Table of Content
Chapter 5. Cannabis Testing Market, By Test Type
5.1. Key segment trends
5.2. Potency testing
5.2.1. Market size, by region, 2014 – 2025 (USD Million)
5.3. Pesticide screening
5.3.1. Market size, by region, 2014 – 2025 (USD Million)
5.4. Residual solvent screening
5.4.1. Market size, by region, 2014 – 2025 (USD Million)
5.5. Heavy metal testing
5.5.1. Market size, by region, 2014 – 2025 (USD Million)
5.6. Terpene testing
5.6.1. Market size, by region, 2014 – 2025 (USD Million)
5.7. Mycotoxin testing
5.7.1. Market size, by region, 2014 – 2025 (USD Million)
5.8.1. Market size, by region, 2014 – 2025 (USD Million)
Chapter 6. Cannabis Testing Market, By Service Provider
6.1. Key segment trends
6.2.1. Market size, by region, 2014 – 2025 (USD Million)
6.3. Research institutes
6.3.1. Market size, by region, 2014 – 2025 (USD Million)
6.4.1. Market size, by region, 2014 – 2025 (USD Million)
6.5.1. Market size, by region, 2014 – 2025 (USD Million)