IMARC Group, a leading market research company, has recently releases report titled “Cannabis Testing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032″, The study provides a detailed analysis of the industry, including the global cannabis testing market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the cannabis testing market?
The global cannabis testing market size reached US$ 1,431.4 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,874.8 Million by 2032, exhibiting a growth rate (CAGR) of 11.35% during 2024-2032.
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Factors Affecting the Growth of the Cannabis Testing Industry:
- Increasing Legalization and Decriminalization:
The increasing legalization and decriminalization of cannabis across various regions is one of the major factors boosting the market growth. Moreover, the growing recognition of the medical and recreational benefits of cannabis, boosting the imposition of stringent regulatory frameworks to ensure product safety and quality, is acting as a growth-inducing factor. In line with this, the rising need for comprehensive testing to comply with legal standards, driving the demand for advanced testing services, is catalyzing the market growth. Besides this, the widespread expansion of legal markets, leading to the establishment of numerous testing laboratories that are equipped with sophisticated analytical instruments, is favoring the market growth.
- Rising Demand for Medical Cannabis:
The rising demand for medical cannabis is another key driver enhancing the market growth. Along with this, the growing prescription of medical cannabis for a variety of conditions, including chronic pain, epilepsy, multiple sclerosis, and anxiety disorders, is fueling the market growth. In line with this, the increasing need for rigorous testing, as patients and healthcare providers require assurance that the cannabis they use is free from harmful substances such as pesticides, heavy metals, and microbial contaminants, is stimulating the market growth. Moreover, the growing need for accurate cannabinoid profiling to tailor treatments to individual patient needs is strengthening the market growth.
- Rapid Technological Advancements in Testing Methods:
The rising innovations in analytical techniques and laboratory instrumentation to enhance the accuracy, efficiency, and speed of cannabis testing processes are bolstering the market growth. In line with his, the introduction of advanced methods, such as liquid chromatography-tandem mass spectrometry (LC-MS/MS) and ultra-high-performance liquid chromatography (UHPLC) to enable more precise detection and quantification of cannabinoids, terpenes, and contaminants, is fueling the market growth. They are crucial for ensuring product quality and safety, meeting regulatory requirements, and gaining consumer trust. Apart from this, the burgeoning integration of automation and robotics into testing workflows, thereby reducing human error and increasing throughput, is contributing to the market growth.
Cannabis Testing Market 2024-2032 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the cannabis testing market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- AB Sciex Pte. Ltd
- Accelerated Technology Laboratories Inc.
- Agilent Technologies Inc.
- Digipath Inc.
- Merck KGaA (Sigma Aldrich)
- PerkinElmer Inc.
- Pharmlabs LLC
- Sartorius AG
- SC Laboratories Inc.
- Shimadzu Corporation
- Steep Hill Inc.
- Thermo Fisher Scientific Inc.
- Water Corporation
Key Market Segmentation:
The report has segmented the global cannabis testing market based on product type, test type, end user and region.
Breakup by Product Type:
- Instruments
- Chromatography Instruments
- Spectroscopy Instruments
- Consumables
- Software
Instruments accounted for the largest market share due to the high demand for advanced analytical tools necessary for precise and comprehensive cannabis testing.
Breakup by Test Type:
- Heavy Metal Testing
- Microbial Analysis
- Potency Testing
- Residual Screening
- Others
Potency testing constituted the largest segment as it is essential for determining the concentration of cannabinoids, which directly impacts product labeling and consumer safety.
Breakup by End User:
- Cannabis Cultivators/Growers
- Cannabis Drug Manufacturers
- Others
Cannabis cultivators/growers represented the largest segment as they require rigorous testing to ensure compliance with regulatory standards and to maintain product quality from cultivation to market.
Breakup by Region:
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
- Middle East and Africa ( Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)
North America's dominance in the cannabis testing market is attributed to the widespread legalization of cannabis and the presence of established infrastructure and regulatory frameworks supporting the cannabis industry.
Global Cannabis Testing Market Trends:
The increasing focus on the development of customized testing solutions that cater to the specific needs of different cannabis products, including edibles, concentrates, and topicals, is positively impacting the market growth. Besides this, the burgeoning integration of blockchain technology into the cannabis supply chain to provide an immutable ledger that tracks every stage of production, from cultivation to final sale, is enhancing the market growth. Additionally, the rise of home testing kits that allow consumers and small-scale cultivators to perform preliminary tests on their cannabis products, ensuring safety and potency before reaching larger testing facilities, is fueling the market growth.
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