U.S. Cannabis Testing Market size worth over $4bn by 2027

U.S. cannabis testing market size is set to surpass USD 4.1 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

The U.S. cannabis testing market growth is owing to growing need of cannabis testing that will spur the number of laboratories providing cannabis testing services. For instance, ANSI National Accreditation Board (ANAB) provides accreditation to various independent and third-party laboratories that provide cannabis testing services.

 

Request Sample Buy NowInquiry Before Buying
 

 

Favorable government regulations with respective to U.S. cannabis testing will significantly fuel the market expansion

Various states of the U.S. have decriminalized or legalized the medical and adult-use of cannabis up to some degree. Also, several government agencies and regulatory bodies provide accreditations, and quality assurance has been established for all aspects of cannabis testing services. For instance, Perry Johnson Laboratory Accreditation, Inc., provides accreditation services to recreational and medical cannabis testing laboratories. This includes a third-party assessment for the relevant testing standard protocols to detect potency and contaminant levels in cannabis. Moreover, above 60 laboratories in the U.S. were awarded licenses for analytical testing of cannabis since 2018 and the number is steadily increasing. Thus, favorable government regulations and constant support from various government agencies will drive the market demand in the coming years.
 

High cost of instrument will restrict the U.S. cannabis testing market value

Setting-up a cannabis testing facility is difficult led by high cost of laboratory equipment that may hamper the market revenue. The average cost of one high performance liquid chromatography (HPLC) instrument ranges from USD 30,000 to USD 35,000. The cost of consumables such as chromatography column and various HPLC-grade solvents is also extremely high. Furthermore, high maintenance cost of these sophisticated equipment and instruments will hinder the industry growth. Also, gaining accreditation from various government bodies also further adds to the overall cost. Therefore, high cost of testing equipment will lead to increase in the overall cost of each test, that will have a negative impact on the industry expansion.
 

Several advantages of spectroscopy such as low cost per analysis and accurateness will increase its adoption rate

The spectroscopy segment valued at USD 611 million in 2020 and is estimated to showcase significant growth rate of 10.3% till 2027. The preference of spectroscopy is increasing as the method is five-to-ten times quicker than gas chromatography–mass spectrometry (GC-MS). It has been successfully applied to analyze the bulk of other agricultural products. Several advantages of spectroscopy such as low cost per analysis than GC-MS, accuracy, and no solvents used in extraction of sample will rise its adoption rate over the forecast timeframe. Spectroscopy is preferred specially when taking multiple measurements of heterogeneous samples, thereby positively impacting its acceptance rate.
 

Browse key industry insights spread across 290 pages with 350 market data tables & 16 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), Industry Analysis Report, Zonal Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/us-cannabis-testing-market
 

Increasing applications of cannabinoids for medical purpose will influence the demand for potency testing

The potency testing segment in the U.S. cannabis testing market exceeded USD 252.2 million in 2020 and is expected to reach USD 537.4 million by 2027. Rising applications of cannabinoids for medical and recreational purposes will foster the demand for cannabinoid potency testing. Potency testing is used to measure the concentration of cannabinoids in the samples. Potency screening is mainly performed by quality control laboratories and chemists. It is essential for precise labeling of medical products. Growing legalization of cannabis for medicinal and recreational purpose will increase the demand for product containing optimum concentration of cannabinoids, thereby boosting the potency testing segment growth.
 

Growing demand for legalization of medical and adult-use of cannabis in South Atlantic Zone will be the major factor driving the market growth

South Atlantic zone of U.S. cannabis testing market is predicted to attain a CAGR of over 16.4% through 2027 on account of increasing demand for legalization of medical and recreational use of cannabis. In addition, involvement and support of government bodies are anticipated to positively impact the zonal growth. Cannabis are used to treat number of medical conditions such as chronic pain, seizures, muscle spasms and anxiety that will augment the demand for U.S. cannabis testing. This rise in demand for cannabis has led the authorization of cannabis for medical purposes in various states, thereby necessitating cannabis quality control tests.
 

Companies undertake inorganic growth strategies to strengthen their business portfolio and revenue

The eminent players operating in the U.S. cannabis testing market include Anresco, CannaSafe, Collective Wellness of California, Digipath, Inc, EVIO, Inc., PSI Labs, Steep Hill, Inc. and SC Labs, Inc among others. These companies focus on strategies such as geographical expansion and partnerships to garner more revenue and sustain market competition.

 

Chat with us
We use cookies to enhance user experience. (Privacy Policy) X