Global Cannabis Testing Market Projected to Reach USD 3,526 Million 2026 – Facts & Factors
Global Cannabis Testing Market Growing Due To Legalization of Consumption of Cannabis in the Parts of World and Rise in Demand for Recreational and Medical Purposes
The cannabis plant produces a class of psychoactive compounds and non-psychoactive compounds called cannabinoids. These compounds have shown potential for the treatment of mood disorder, treatment of pain, and inflammatory diseases. But the concentration of cannabinoids varies concerning the stage of plant growth and also according to the breed of plant. Thus, it becomes imperative to ensure the correct concentration of cannabinoids is provided to patients. Recreational use of cannabis may lead to drug abuse if taken in excess amount Therefore it is essential to have infrastructure-related cannabis testing.
The Global Cannabis Testing market was estimated at around USD 1,051 Million in 2019, and by the end of 2026, existing and expected developments would hit valuations of around USD 3,526 Million. The industry players and analysts predict the global Cannabis Testing market growth of around 14.4 % in terms of CAGR.
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The major buyer of cannabis is the health industry. The most common use of cannabis is to control pain. Though it is not useful for severe pain it is quite effective on chronic pain. As the population of many countries is aging, this population suffers from chronic pain due to age, and to relax it cannabis is provided mostly in form of CBD oil. Cannabis is also useful to treat the pain from multiple sclerosis and nerve pain. Allopathic medicine like Neurontin serves to be highly sedating. Due to this use of cannabis has proven beneficial for patients. Cannabis compounds also act as muscle relaxants and help in the treatment of Parkinson’s disease by reducing muscle tremors. Another major use is for recreation purposes. In contrast to medical uses, a major chunk of the population involved in recreation usage is the young population. As an effect of legalization, the young population is attracted to newly introduced cannabis and lack of knowledge may lead to drug abuse.
During the upcoming years, the rising demand for the legalization of cannabis will boost the demand for the cannabis testing market. “According to a Pew Research survey, 67% of Americans believe the use of marijuana should be legalized. This is double what it was in 2000—31%—and five-time what it was in 1969—12%”. Similarly, the preference of the young population for recreational use will also boost the demand for testing laboratories. As a result of legalization, standards for consumption usage depending on medical use is required this is possible with foolproof testing laboratories. Similarly, research and development in cannabis-induced medicine will require testing infrastructure Cross border trade of cannabis is expected to adhere to environmental standards concerning pesticides, heavy metal contamination, and other fertilizers. To facilitate the international cannabis trade, a network of testing laboratories is essential. However, the lack of an established standard acts as the biggest hurdle in the growth of cannabis testing laboratories. Each region with its own rules and regulations with respect to its jurisdiction is a hindrance to the common market. Despite this, upcoming researches in favor of the medical use of cannabis are going to provide a fillip to the cannabis testing market. The rising incidence of drug abuse and addiction of youth to cannabis may act as a restraining factor for the globalized use of cannabis-based products.
Top Market Players
- Waters Corporation
- Agilent Technologies Inc.
- Shimadzu Corporation
- PerkinElmer Inc.
- GenTech Scientific
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On the basis of Type, the worldwide Cannabis Testing market can be segmented into Potency Testing, Terpene testing, Heavy Metal Testing, Pesticide Screening, Microscopy Testing, Residual Solvent Screening, and others. Among these, the Potency Testing and Terpene Testingcategory having the leading market share followed by the Heavy Metal and Pesticide Testingcategory.In terms of End User, the global Cannabis Testing market can be segmented into Cannabis Drug Manufacturers, Cannabis Growers, and Others. Among this cannabis, drug manufacturers have a major market share in the market. In terms of geography, the Americas region held the leading market among other regions such as Europe, and Middle East & Africa in the global Cannabis Testing market.
Frequently Asked Questions
What is cannabis Testing?
The cannabis plant produces a class of psychoactive compounds and non-psychoactive compounds called as cannabinoids Thus, these compounds are needed to be measured and analyzed against the set standards for usage for medical as well as recreational purpose
What are the key factors driving the Cannabis Testing Market expansion?
The rising demand for the legalization of cannabis will boost the demand for the cannabis testing market.“According to a Pew Research survey, 67% of Americans believe the use of marijuana should be legalized. This is double what it was in 2000—31%—and five-time what it was in 1969—12%”.Similarly, the preference of the young population for recreational use will also boost the demand for testing laboratories.
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What will be the value of the Cannabis Testing Market during 2020- 2026?
The worldwide demand for the Cannabis Testing market was estimated at around USD 1,154Million in 2019, and by the end of 2026, existing and expected developments would hit valuations of around USD 2,863 Million at 13.7% CAGR.
Which region will make notable contributions towards global Cannabis Testing Market revenue?
North America, Latin America, and the European region is anticipated to be the major growth area of the cannabis testing market. It is also anticipated that more than 50% growth will take place in North America and the Latin America region.
Which are the key players leveraging Cannabis Testing Market growth?
Some of the leading and top Cannabis Testing companies in the global cannabis testing market include LabLynx, Inc. While, Steep Hill Labs, Inc, SC Laboratories Inc, CannaSafe Analytics, PharmLabs, LLC, Digipath Labs, Inc, Agilent Technologies, Inc, Shimadzu Corporation, PerkinElmer, Inc, Millipore Sigma, AB SCIEX LL, Waters Corporation, Restek Corporation, Accelerated Technology Laboratories, Inc. among others.