Vantage Market Research
Dec 24, 2021
The Cannabis Testing Market is expected to reach USD 2,669.45 million by 2028, growing at a CAGR of 12.72% between 2021 to 2028. The growing cannabis cultivators for examining and quality management of hemp yields will drive the industry growth of cannabis testing laboratories in the future years. Different institutions deliver accreditation to laboratories that conduct analytical testing of hemp and cannabis-derived goods. As testing of cannabis effects is required for confirming the safety and efficacy of the product, the need for cannabis testing will determine the number of laboratories delivering cannabis testing assistance.
Key Findings:
- The services segment is projected to expand at the fastest CAGR exceeding 11% over the forecast period owing to the increased legalization of cannabis and the subsequent increase in the demand for cannabis testing.
- The laboratories segment held a market share of around 34% in 2020. This share is due to the rising strong government support for the legalization of medical marijuana.
- Asia Pacific is expected to expand at a CAGR over 10.5% from 2021 to 2028. This surge is attributed to the rising demand for Cannabis Testing in developing economies such as China and India.
Some of the key players in cannabis testing market are include Agilent Technologies, Inc., Shimadzu Corporation, MERCK KGAA, Thermo Fisher Scientific, DigiPath, Inc., Steep Hill Inc., SC Laboratories, Inc., and PharmLabs LLC. among others. The market is comprised of a high degree of competition due to the presence of numerous key players.
Medical cannabis has been established useful in different medical applications, such as relieving nausea driven due to chemotherapy, promoting appetite in AIDS patients, maintaining muscular spasms in numerous sclerosis patients, and lowering intraocular pressure in patients with glaucoma. Having health benefits, management in different nations are legalizing the usage of medical cannabis. As medical cannabis is being legalized in many states globally, the need for the analytical testing of cannabis for securing its safety before human consumption has grown in recent years.
North America is expected to record the highest CAGR, owing to the increasing demand in countries, such as the U.S., Canada, and Mexico. The rising number of testing laboratories and growing cultivators of cannabis will boost the industry demand. Furthermore, advancing R&D activities pertaining to the commercialization of cannabis by-products is assured to increase the market revenue during the predicted timeline.