Cannabis Testing Market size is set to exceed USD 2 billion by 2025; according to a new research study published by Global Market Insights, Inc.
Growing application of cannabis in various medical conditions such as rare and severe epilepsy, chronic pain, and to reduce nausea and vomiting after chemotherapy will fuel the demand for cannabis globally. This increase in demand for cannabis has led the authorization of cannabis for medical purposes in various countries, thereby necessitating cannabis quality control test. Furthermore, increasing approvals of cannabis product along with extensive R&D programs will boost the cannabis testing market growth in the forthcoming period.
Increasing number of testing laboratories in developed countries will fuel market growth. Additionally, increasing awareness programs such as conferences, symposia and workshops in developed regions to educate the people and government regarding medical use of cannabis will boost the industry growth. Also, need for more testing laboratories to meet the demand for growing cannabis cultivators will boost market growth across the forecast timeframe.
However, strict regulatory policies and lack of trained laboratory professionals will pose a negative impact on cannabis testing market size. Additionally, high cost of analytical instruments and lack of standardization throughout the industry will hamper the growth of the industry over the forecast period.
Get a Sample Copy of this Report: https://www.gminsights.com/request-sample/detail/3567
Chromatography technology segment will account for revenue of USD 1.5 billion by 2025. The cannabis testing market growth will be attributed to the application of chromatography techniques in potency testing of cannabis. Gas chromatography and liquid chromatography are often preferred for potency analysis due to its speed and simplicity. Additionally, samples are tested at room temperature and do not undergo heat-catalyzed reactions. Aforementioned advantages of chromatography will increase its adoption over the foreseeable period.
Potency testing will expand at 13.9% CAGR from 2019 to 2025. Potency testing is used to measure the concentration of cannabinoids in samples. Cannabinoids potency screening is mainly employed by quality control laboratories and chemists. Moreover, potency research is essential for precise labeling of medical products. Thus, increasing applications of cannabinoids for medical purpose will spur the demand for cannabinoid potency testing.
Cannabis testing market share from laboratories segment accounted for 57.8% share in 2018 and will dominate the service provider category over the forecast timeframe due to availability of appropriate analytical testing tools. The advanced technologies provided by laboratories along with standard procedures that enable proper cannabis testing will positively impact the growth in laboratories.
U.S. cannabis testing market will grow at a significant pace of 5% CAGR owing to the authorization of cannabis for medical and recreational purposes in the country. At present, cannabis is legalized in 33 states of the U.S for medical purpose. Increasing awareness programs in the U.S. including conferences and workshops conducted to educate people related to the medical use of marijuana will further pose lucrative cannabis testing market growth. For instance, the World Medical Cannabis Conference and Expo is the largest cannabis conference that was held in March 2019 at Pennsylvania to provide support for the rapidly developing medical cannabis industry.
Chile cannabis testing market share accounted for 61.7% in 2018 and is expected to grow at a significant pace due to increase in use of cannabis for medical purpose and growing awareness of medical use of cannabis in developing countries. Moreover, key players are introducing innovative technologies in the country and exploring the untapped opportunities, thereby positively impacting Chile market.
Few of the prominent industry competitors involved in the global cannabis testing market share are Anandia Labs, Anresco, CannaSafe Analytics, CW Analytical Laboratories, Digipath, Eirlab, EVIO, Phytovista Laboratories, Pure Analytics, SC Labs, and Steep Hill. The industry players emphasize on acquisitions, mergers & partnerships as well as new service developments to strengthen their position in the market. For instance, in January 2019, Digipath, Inc., announced plans to expand its testing services in Colombia. This will enable the company to broaden its customer base and generate strong revenues.
Source: https://www.gminsights.com/pressrelease/cannabis-testing-market
