Cannabis Testing Market size in U.S. worth $1.2 Bn by 2026

U.S. Cannabis Testing Market size is set to exceed USD 1.2 billion by 2026; according to a new research report by Global Market Insights, Inc.
 

Increasing demand for medical marijuana will boost the market growth over the forecast period. Medical marijuana is used in disorders such as epilepsy, chronic pain and to prevent nausea after chemotherapy. Increasing applications will fuel demand for medical marijuana, thereby resulting in the growing demand for cannabis testing. These factors will positively impact the U.S. cannabis testing industry.

 

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Increasing medical applications of marijuana will positively impact the industry growth

Marijuana contains compounds such as tetrahydrocannabinol (THC) and cannabidiol (CBD) that contribute to the psychoactive and analgesic effects of the drug. Increasing research and development has demonstrated the benefits of medical marijuana in treating or relieving the symptoms of Alzheimer’s disease, epilepsy, nausea, appetite loss, chronic pain and PTSD. As medical cannabis sees increasing therapeutic applications, the product demand in the market will increase. Due to the growing demand, the government has imposed quality and safety standards in place creating the need for cannabis testing. Thus, rising demand for medical marijuana along with stringent regulations imposed by various regulatory agency will boost the industry growth.
 

U.S Cannabis Testing Market

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Increasing investment in research on medical marijuana will fuel the market growth

Although there has been significant research on applications of medical marijuana, it is still a relatively new form of medicine. As new avenues are explored for marijuana as a therapeutic drug, investment continues to increase. This increased investment will spur the number of clinical trials over the forecast period, thus positively augmenting the demand for tested and standardized medical cannabis. Furthermore, the government is regulating the supply of medical cannabis in the market and ensuring that consumers receive safe and effective drugs. Hence, the aforementioned factors will drive the U.S. cannabis testing market growth.
 

Browse key industry insights spread across 226 pages with 373 market data tables & 13    figures & charts from the report, “U.S. Cannabis Testing Market Size By Technology (Chromatography {Liquid Chromatography, Gas Chromatography}, Spectroscopy {Mass Spectrometry, Atomic Spectroscopy}), By Test Type (Potency Testing, Pesticide Screening, Residual Solvent Screening, Heavy Metal Testing, Terpene Testing, Mycotoxin Testing), By Service Provider (Laboratories, Research Institutes, Manufacturers), Industry Analysis Report, Zonal Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/us-cannabis-testing-market
 

Wide array of applications of spectroscopy will boost the market growth

By testing technology, the medical cannabis testing market is segmented into chromatography, spectroscopy, and others. The spectroscopy segment is classified into mass and atomic spectroscopy. The spectroscopy segment held around 30% market share in 2019 and is poised to witness significant growth. Increasing legalization of cannabis and derived products will attribute to segmental growth. Furthermore, spectroscopy is used in heavy metal and pesticide testing. Rising demand for medical marijuana and stringent quality control by the government to ensure patient safety will fuel the market growth.
 

Pesticide screening to dominate the testing market

The medical cannabis testing market by test type is classified into potency testing, pesticide screening, residual solvent screening, heavy metal, terpene, and mycotoxin testing, and others. The pesticide screening market had a market value of USD 123.0 million in 2019 and will witness substantial growth over the forecast period. The growth can be attributed to the pervasive use of pesticides during farming. Marijuana, like any other crop, has many natural pests which can destroy the harvest. Growers use pesticides to ward off these pests and protect their crop. These pesticides can be potentially harmful to humans and cause severe problems if ingested. Additionally, increasing number of marijuana users and stringent regulations by the government to ensure their safety will fuel business growth. Hence, the above factors will contribute to high demand for cannabis testing, thus fostering the market growth over the forecast period.
 

In-house cannabis testing services offered by manufacturers will drive the industry growth

Service providers that offer cannabis testing include laboratories, research institutes, manufacturers, and others. Manufacturers market will witness a 10.5% CAGR over the forecasted years. The growth can be attributed to increasingly stringent government regulations regarding medical cannabis and the safety of the patients. As the need for cannabis testing grows, manufacturers will look to incorporate cannabis testing as an inhouse service as opposed to outsourcing it. These manufacturers then conduct cannabis testing services for others for a profit. Thus, rising inhouse cannabis testing services will contribute to the segmental growth. Thus, the above-mentioned factors will bolster the market expansion.  
 

Favorable government regulations to spur West North Central market expansion

The cannabis testing market in the West North Central region held a significant share in 2019 and will witness a CAGR of 21.4% over the analysis timeframe. This significant growth can be attributed to the presence of Minnesota in the region, where the use of medical marijuana is legal and decriminalized. This favorable legislature will spur the medical marijuana business. Due to government regulations, medical cannabis needs to adhere to stringent safety standards. Thus, the growing medical marijuana business will boost the market in the West North Central region over the forecast years.
 

Companies are focusing on partnerships and new service offerings to expand their market share

Some of the leading industry players in the U.S. cannabis testing market share are Anresco, CannaSafe, Collective Wellness of California, Digipath Inc., Evio Inc., Iron Laboratories, and Pure Analytics LLC. These market players are focusing on various growth strategies such as expansion or offering new services and engaging in partnerships to increase their market share. For instance, in March 2018 Steep Hill Inc. announced its partnership with Green Analytics East to expand its business to New Jersey. This partnership has helped the company with geographical expansion and strengthening their market position.
 

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