The global Cannabis Testing market is poised to reach USD 3.66 billion by 2029, with a compound annual growth rate (CAGR) of 12.7% during the forecast period from 2023 to 2029. The market, which was valued at USD 1.58 billion in 2022, is experiencing substantial growth driven by the increasing adoption of cannabis for medicinal purposes, the legalization of cannabis in various regions, and the rising awareness of the importance of cannabis testing.
Cannabinoids for Medicinal Purposes Drive Market Growth
Cannabinoids, the active compounds derived from the Cannabis sativa plant, are gaining popularity for their pharmacological benefits in treating various neurological and mental conditions. With an estimated 450 million people worldwide suffering from mental illnesses, including depression affecting over 264 million individuals, cannabis and cannabinoids are being explored for their positive impact on neurological disorders such as neuropathic pain, migraine, multiple sclerosis, Parkinson’s disease, Huntington’s disease, and motor neuron disease.
The growing demand for cannabis testing is evident in the pharmaceutical, sports, and legal sectors, where governments are enforcing strict regulatory standards to ensure the quality and safety of cannabis products. As a result, licensed laboratories play a crucial role in sampling and testing all batches of cannabis flowers and products before distribution, contributing to the market’s upward trajectory.
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Legalization and Government Support Propel Market Growth
The global trend toward the legalization of cannabis for medical purposes is a key driver of the cannabis testing market. Different countries and states have established norms and regulations for cannabis product testing, creating a demand for analytical testing to ensure compliance with quality and safety standards. Governments in North America, Europe, and South America have legalized the use of medical cannabis for specific purposes, fostering the growth of the cannabis testing industry.
As medical cannabis gains acceptance, cannabis testing laboratories are experiencing a surge in demand, driven by the need for accurate and reliable testing services. The increasing prevalence of cannabis-based drugs and the establishment of regulatory standards for testing various parameters, including residual solvents, pesticides, contaminants, heavy metals, microorganisms, and mycotoxins, further contribute to the market’s expansion.
Key Players Focus on New Product Launches
Leading market players in the cannabis testing industry are actively focusing on new product launches to enhance their market presence. For instance, pharmaceutical companies like Stade Arzneimittel have introduced medicinal cannabis portfolios, catering to individuals with chronic pain who seek relief from opioid-based conventional treatments. Such product launches underscore the growing significance of cannabis testing services and contribute to the market’s overall growth.
• Saskatchewan Research Council (SRC) • SC Labs • Steep Hill, Inc. • SGS Canada Inc. • CW ANALYTICAL • PharmLabs • GreenLeaf Lab • Agilent Technologies Inc. • Shimadzu Scientific Instruments • Merck KGaA • Restek Corporation • PerkinElmer Inc., • Danaher Corporation • Accelerated Technology Laboratories Inc. • Steep Hill Halent Laboratories Inc. • Digipath Inc. • Pharmlabs LLC.
Segments Covered:
by Service Type
• Potency Testing
• Terpene Profiling
• Heavy Metal Testing
• Pesticide Screening
• Microscopy Testing
• Residual Solvent Screening
by End-user
• Cannabis Drug Manufacturers
• Cannabis Cultivators/Growers
• Others (Research Institutes & Labs)
by Technology
• Chromatography
o Liquid Chromatography
o Gas Chromatography
o Other
• Spectroscopy
o Mass Spectrometry
o Atomic Spectrometry
• Others
With a revenue share of 23.7% in 2022, 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.
With 64.2% of all sales coming from end users, cannabis producers and cultivators controlled the lion’s share of market revenue in 2022. Growers are signing agreements with testing labs due to regulatory restrictions on the amount of THC that can be found in cannabis products in numerous countries.
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Asia Pacific Emerges as a High-Growth Region
The Asia Pacific region is expected to witness the highest growth in the cannabis testing market during the forecast period. Factors such as increasing awareness of drug testing, price reductions, a growing biopharmaceutical sector, rising life science research, and the legalization of cannabis for medicinal use are driving the industry in the region. The presence of a large population and a rising number of cannabis testing labs, along with improved healthcare infrastructure, further support the market’s growth.
Challenges and Opportunities
While the cannabis testing market is experiencing robust growth, it faces challenges such as high start-up costs for testing facilities. The need for significant investments in analytical equipment, maintenance, accreditations, and certifications poses a barrier to entry for small and start-up cannabis testing laboratories. Despite these challenges, the increasing demand for cannabis testing services presents lucrative opportunities for market players to innovate and provide cost-effective solutions.
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