Legalization Paving the Way for Cannabis Testing Market Growth (2023-2029 Forecast)

supriya maximize

Apr 25, 2024 • 5 min read

Cannabis Testing Market Report Overview

In order to present a current picture of the market and help grasp its features in an optimal manner, Maximize Market Research does a thorough analysis of Cannabis Testing. The market features of accumulation, segmentation, dominance, and combination traits are presented in the Cannabis Testing Market study. The study gives a general overview of the artificial organ market by highlighting common themes with data that is tailored to the specific needs. Making judgments about how to approach the market and comprehend the Cannabis Testing industry's backdrop is made easier with the help of this overview.

Cannabis Testing market size reached USD 1.78 billion in 2023 and is expected to reach USD 4.11 billion by 2030, growing at a CAGR of 12.7 % during the forecast period.

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Cannabis Testing Market Dynamics

Cannabis has been used for medical purposes for more than 4,000 years, and it has been examined for a variety of medical conditions, including neurological problems. According to WHO estimates, 450 million people globally suffer from mental diseases, making it one of the leading causes of illness and disability. Depression is the most common mental illness in the world, impacting approximately 264 million people of all ages. Numerous neurological conditions affecting people, such as neuropathic pain, migraines, multiple sclerosis, Parkinson's disease, Huntington's disease, and motor neuron disease, have been demonstrated to benefit from cannabis and cannabinoids.

Consequently, the growing knowledge of cannabis usage and the growing use of software applications for the cannabis testing in labs. A lot of organizations authorize laboratories that test products made from hemp and cannabis analytically. Since testing cannabis products is required to demonstrate their safety and efficacy, the number of laboratories providing cannabis testing services would rise in response to the growing demand for cannabis testing.

Cannabis Testing Market Report Scope and Research Methodology

The Competitive landscape section illustrates the growth strategies embraced by suppliers in the Cannabis Testing industry. The coverage in this segment offers valuable perspectives at various tiers, enabling stakeholders to stay current with industry trends and engage in the economic dynamics. Within the Cannabis Testing market report's competitive scenario, companies' activities are categorized into Merger & Acquisition, Agreement, Collaboration & Partnership, Product Launch & Enhancement, Investment & Funding, as well as Award, Recognition & Expansion.

The accumulated news within the Cannabis Testing report equips suppliers with insights into market gaps and competitors' strengths and weaknesses, thereby offering valuable information to enhance products and services. It presents a clear picture of the supplier's revenue contribution to the overall Cannabis Testing market relative to other players in the field. Furthermore, it sheds light on the performance of players concerning revenue generation and customer base in comparison to their counterparts.

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Cannabis Testing Market Regional Insights

North America: U.S., Canada

Europe: U.K., Germany, Rest of Europe

Asia-Pacific: China, Japan, Rest of Asia Pacific

Latin America: Brazil, Mexico, Rest of Latin America

Middle East and Africa: GCC, Rest of MEA

Market size and forecast for these regional and country-level markets are presented in this Cannabis Testing market report for the period 2020-2029.

Cannabis Testing Market Segmentation:

by Service Type

Potency Testing
Terpene Profiling
Heavy Metal Testing
Pesticide Screening
Microscopy Testing
Residual Solvent Screening

With a revenue share of 23.7% in 2023, potency testing services topped the market in terms of service type. The primary drivers of the market are the growing need to analyze the potency of different cannabinoids, specifically Tetra hydro cannabinol (THC) and CBD (cannabidiol) in cannabis grown, and the growing use of potency testing techniques such as High-Performance Liquid Chromatography (HPLC) and Gas Chromatography (GC) for testing samples.

by End-user

Cannabis Drug Manufacturers
Cannabis Cultivators/Growers
Others (Research Institutes & Labs)

With 64.2% of all sales coming from end users, cannabis producers and cultivators controlled the lion's share of market revenue in 2023. Due of government rules in many countries governing the maximum THC content of cannabis products, growers are entering into agreements with testing labs and research organizations. Furthermore, based on the CBD and THC concentrations of their plants, these growers must provide manufacturers and distributors with a range of plant kinds at different prices. These are the primary factors driving the growth of the segment.

by Technology

Chromatography
Liquid Chromatography
Gas Chromatography
Other
Spectroscopy
Mass Spectrometry
Atomic Spectrometry
Others

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Cannabis Testing Market Key Players:

1. Saskatchewan Research Council (SRC)
2. SC Labs
3. Steep Hill, Inc.
4. SGS Canada Inc.
5. CW ANALYTICAL
6. PharmLabs
7. GreenLeaf Lab
8. Agilent Technologies Inc.
9. Shimadzu Scientific Instruments
10. Merck KGaA
11. Restek Corporation
12. PerkinElmer Inc.,
13. Danaher Corporation
14. Accelerated Technology Laboratories Inc.
15. Steep Hill Halent Laboratories Inc.
16. Digipath Inc.
17. Pharmlabs LLC.

Key Questions answered in the Cannabis Testing Market Report are:

What is Cannabis Testing?
What is the CAGR of the Cannabis Testing market during the forecast period?
What is the expected Cannabis Testing market size by 2030?
Which segment held the largest Cannabis Testing market share in 2023?
What is the competitive scenario of the Cannabis Testing market?
What are the main factors driving the growth of the Cannabis Testing market?
Which region has the maximum Cannabis Testing market share?
Who are the major players in the Cannabis Testing market?

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Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2023)
Past Pricing and price curve by region (2018 to 2023)
Market Size, Share, Size & Forecast by different segment | 2024−2030
Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation – A detailed analysis by segment with their sub-segments and Region
Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
PESTLE Analysis
PORTER’s analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

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