Delaware, U.S. – The global cannabis testing market size has been anticipated to significantly accrue a considerable growth in the coming years due to innumerable applications of cannabis in various medical situations viz-a-viz rare and chronic epilepsy, pain, and also to reduce nausea and vomiting post chemotherapy.
Surging facilities for testing of the cannabis in the developing economies, perhaps attributing to the high demands for secure and high quality products for the medical use have fueled the industry growth over 2019-2025. For instance, the Bureau of Cannabis control recently issued over 26 temporary licenses for the testing laboratories in the state of California in March 2018.
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Increased requirement for cannabis testing by the manufacturers and the cultivators can be held responsible for a major surge in the global cannabis testing market share.
Additionally, mounting investments in the research and development sector for the discovery of cannabis use are expected to portray positive impact on the industry outlook over the forecast period. Furthermore, the expanding recognition of numerous medicinal applications of the cannabis would augment the business landscape.
A research by Global Market Insights, Inc. suggests that the global cannabis testing market share is estimated to be valued at over 2 billion by 2025.
Speaking of the deployment of laboratories for cannabis testing, it has been observed that the cannabis testing industry share from the laboratories sector was worth over 57.8 per cent of the total market share in 2018 and is predicted to grow exponentially over the mentioned timeframe. The rise of the global cannabis testing market size can be credited to the availability of suitable analytical testing tools and technologically advanced equipment.
Apart from the aforementioned parameters, stringent regulatory policies and norms for the development of the cannabis testing structure would fuel the market expansion.
Speaking from a technological perspective, the chromatography technology segment is expected to witness substantial proceeds in the upcoming years due to proliferating advantages of the chromatography techniques which would bolster the segmental growth.
Apparently, the chromatography technology segment in 2018 accounted for the largest proportion of over 62.5 per cent of the global market share. The introduction of advanced chromatography techniques for undertaking various quality tests of cannabis will augment chromatography technology segment size, slated to register a revenue of over USD 1.5 billion by 2025.
The global cannabis testing market growth is majorly driven by the potency testing segment among all test types. Potency testing finds use for the measurement of the concentration of cannabinoids in the cannabis based products.
The potency testing segment during the projected timeframe is projected to record a CAGR of over 13.9 per cent, thereby impelling the global cannabis testing market trends.
As per the report, cannabis testing industry is expected to perform exceedingly well in the U.S. and the Netherlands. The United States cannabis testing market is likely to register a CAGR of over 5 per cent through 2025 owing to the increased legalization of cannabis for medical as well as recreational purposes in the nation.
Subsequently, expanding number of testing laboratories with an intent to support the elevating demands of the cannabis cultivators would profusely add to the business growth over the years. Of late, the US government has authorized the use of cannabis in over 33 states of the country on the grounds of the medical conditions. This is predicted to further stimulate the market demand.
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Meanwhile, the Netherlands cannabis testing market is likely to flourish at a growth rate of over 20.2 per cent through 2025 ascribing to several favorable governing directives and surging demands for medical use of cannabis across the country.
The major industry players like Digipath, CannaSafe, Eirlab, CW Analytical Laboratories, and others have maintained a strong foothold over the years in the market whilst serving an expansive customer base.