Selbyville, Delaware According to Market Study Report, recently introduced new title on “2020-2026 Global U.S. Cannabis Testing Market Report” from its database. The report provides study with in-depth overview, describing about the Product, Industry Scope and elaborates market outlook and status to 2026.
U.S. Cannabis Testing Market is forecasted to exceed USD 1.2 billion by 2026. Surge in demand for medical cannabis for various treatments will lead to implementation of stringent government regulations for cannabis testing that will propel the market growth.
Major players operating in the U.S. cannabis testing market include EVIO, Alliance Analytical Laboratories, Digipath, SC Labs, Steep Hill, PSI Labs, and Steadfast Labs
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Some major findings of the cannabis testing market report include:
- Increasing medical applications of cannabis in diseases such as epilepsy and chronic pain will fuel the demand for medical cannabis
- Growing legalization of medical marijuana across the U.S. will boost the demand for product testing
- Market players are focusing on partnerships and new service offerings to increase their customer base and operations
- Rising number of applications for medical cannabis will spur the medical marijuana industry over the forecast period, thereby fostering the medical cannabis testing market growth. A growing number of research institutes are focusing on discovering additional applications of cannabis. An increasing investment in research and development will boost the cannabis testing market over the analysis timeframe.
Increasing medical benefits of marijuana have spurred the demand for legalization, and various U.S. states have legalized the use of marijuana for certain medical conditions. This legalization will increase the need for laboratories to test for potency and safety, thus propelling the industry growth. Moreover, increased awareness of medical benefits of marijuana will increase the number of users, creating the need of safety standards for the product. These factors will assist in market expansion over the forecast period.
By technology, the U.S. cannabis testing market is bifurcated into chromatography and spectroscopy. The chromatography segment is further classified into liquid, gas chromatography and others. The chromatography segment is expected to dominate the market across the forecast period. The segment held around 63% market share in 2019 and is expected to show a significant growth over the forecast period. The growth can be attributed to certain advantages of chromatography testing such as fast and accurate results. Furthermore, manufacturers are launching innovative chromatography techniques specially for the cannabis testing market. Various technological advancements will increase the adoption of chromatography for cannabis testing. Thus, these factors will positively impact the segment growth in the future.
By test type, the U.S. cannabis testing market is segmented into potency testing, pesticide screening, residual solvent screening, heavy metal testing, terpene testing, mycotoxin testing, and others. Potency testing involves analyzing the product for concentration of compounds such as tetrahydrocannabinol (THC) and cannabidiol (CBD), which are proven to have medical benefits. Furthermore, testing is used to accurately label products for dosage, obtain certification, and optimize the potency of crops. This segment held a significant market share in 2019 and will show a 10.7% CAGR over the forecast period. High growth can be attributed to the growing number of medical marijuana cultivators. As competition in the market grows, there is an increased need for an edge over the competition with increasingly potent products. These factors will boost the segment growth and expand the market over the forecast period.
Cannabis testing service providers are segmented into laboratories, research institutes, manufacturers, and others. The laboratories segment was valued at USD 492.5 million in 2019 and will show a lucrative growth over the forecast period. Increasing legalization of cannabis for medical use will positively impact the laboratories segment. Furthermore, stringent regulations by authorities to ensure consumer safety and product quality will boost the cannabis testing laboratories market growth in the future.
By region, the Mountain States accounted for USD 167.4 million in 2019 and will witness a significant growth. This can be attributed to the presence of states such as New Mexico, Colorado and Nevada in the region, where the use of cannabis as a therapeutic drug has been approved. The legalization of marijuana has fueled the medical marijuana market growth and thus, has spurred the cannabis testing market. These above-mentioned factors have contributed to the zonal market growth.
Few notable companies operating in the U.S. cannabis testing market include ACT, Alliance Analytical Laboratories, PSI Labs, The Spott, Steadfast Labs, Digipath Inc. and Unitech Laboratories. These market players are focusing on strategies such as new service offerings, partnerships, and geographic expansion to increase their market share and customer base. For instance, in January 2019, Digipath announced a partnership with Hemp Inc. to provide potency testing laboratories for hemp production sites owned by Hemp Inc. This strategy has helped Digipath expand their customer base and strengthen their revenue stream.
Table of Contents
- Overview and Scope
- Executive Summary
- U.S. Cannabis Testing Market Insights
- U.S. Cannabis Testing Market Size and Forecast, 2017-2026 by Product & Solutions
- U.S. Cannabis Testing Market Size and Forecast, 2017-2026 by Deployment Type
- U.S. Cannabis Testing Market Size and Forecast, 2017-2026 by Clinical Trial
- U.S. Cannabis Testing Market Size and Forecast, 2017-2026 by End User
- U.S. Cannabis Testing Market Size and Forecast, 2017-2026 by Region
- Company Profiles
Full Report Summary At: https://www.marketstudyreport.com/reports/u-s-cannabis-testing-market
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