New York, Nov. 09, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners new research study titled "Cannabis Testing Market Size, Share, Growth and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Type, End User, Portability, and Geography," the global cannabis testing market was valued at USD 1.5 billion in 2021 and is projected to reach USD 2.9 billion by 2028; it is estimated to grow at a CAGR of 10.1% from 2022 to 2028.
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Global Cannabis Testing Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 1.5 billion in 2021 |
| Market Size Value by | USD 2.9 billion by 2028 |
| Growth rate | CAGR of 10.1% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 214 |
| No. of Tables | 138 |
| No. of Charts & Figures | 81 |
| Historical data available | Yes |
| Segments covered | Product, Type, End User and Portability |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Purpl Scientific; Agilent Technologies, Inc; Orange Photonics, Inc; Merck KGaA; Shimadzu Corporation; Restek Corporation; CannaSafe Analytics; Accelerated Technology Laboratories, Inc; WATERS; and Digipath Inc. |
| Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
| Global Cannabis Testing Market Forecast to 2028 - Latest COVID-19 Analysis | https://www.theinsightpartners.com/covid-analysis-sample/TIPHE100001394/ |
Global Cannabis Testing Market: Competitive Landscape and Key Developments
The cannabis testing market includes many small and large enterprises. Market players are adopting various strategies, such as new product launches, regional expansion, and technological advancements, to increase their market shares. Purpl Scientific; Agilent Technologies, Inc; Orange Photonics, Inc; Merck KGaA; Shimadzu Corporation; Restek Corporation; CannaSafe Analytics; Accelerated Technology Laboratories, Inc; WATERS; and Digipath Inc. are among the key players operating in the cannabis testing market. The companies adopt product innovation strategies to meet the evolving customer demands worldwide and maintain their brand name in the global cannabis testing market.
A few of the recent developments by the prominent players in the cannabis testing market are as follows:
- In January 2021, Agilent Technologies, Inc. announced the launch of MassHunter Workstation Plus 11.0, MassHunter BioConfirm, and MassHunter Networked Workstation 11.0 to comply with the regulatory requirements from the EU EMEA and US FDA.
- In November 2020, Waters Corporation launched the new RADIAN ASAP System, a new direct mass detector engineered for non-mass spectrometry (MS) experts to conduct fast and accurate analyses of solids and liquids with minimal sample preparation.
- In July 2020, Agilent Technologies, Inc. announced the launch of Innovative online tool and new consumables kits to provide faster set up and analysis for cannabis and hemp potency and pesticide/mycotoxin testing. The products are known as Cannabis and Hemp Potency Kit and the Cannabis Pesticide and Mycotoxin Kit in the market.
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Increase in Cannabis Testing Services
Cannabis testing measures the total content of cannabinoids in the given sample by using comprehensive analytical and microbial tools to ensure safety and efficacy of cannabis products.
The cannabis businesses in the US are small and independently held entities. Cannabis businesses are small scaled due to stringent import and export regulations. Companies that want to expand to other regions must establish cultivation, manufacturing, and selling infrastructure in new location or partner with other companies in that state. This makes cannabis testing mandatory wherever it has been legalized.
In July 2022, Green Scientific Labs Holdings Inc., one of the leading providers of cannabis and hemp testing technologies and methods, launched its LIMS for cannabis testing, available for immediate use across all laboratory operations.
In June 2022, Vermont regulators licensed two laboratories—Bia Diagnostics and Steep Hill Labs in Vermont (north-eastern state in the US)—to test adult-use cannabis in the state’s program.
In September 2021, the Agriculture & Food Laboratory (AFL) department of the Laboratory Services Division at the University of Guelph launched cannabis testing services.
In April 2018, Gala Pharmaceutical, Inc, a cannabis cloning and breeding company, started its first state-of-the-art cannabis testing laboratory that complies with the new ISO requirements laid down by the City of Long Beach and the State of California in accordance with the Medical Marijuana Regulation and Safety Act.
Such developments in cannabis testing services are likely to favor the market growth.
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Increasing Awareness Through Conferences, Symposia, and Workshops to Drive Growth of Cannabis testing Market During 2021–2028
The medical use of cannabis has witnessed a significant change in this decade as many governments have legalized use of cannabis. The governments of various states have attempted to spread the use of cannabis in medical industry. Due to this, various government institutions have initiated the process of legalizing the use of medical cannabis and have started to place a legal framework to practice. These rapid changes in the industry have enabled medical experts and professionals to organize events and spread the use of medical cannabis.
Currently, medical cannabis conferences have been taking places in various parts of the world. In the US, conferences symposium and seminars take place at various states to acquaint its citizens and authorities with the use of medical marijuana and legal framework related to it.
Conferences which recently took place globally are:
World Medical Cannabis Conference and Expo (April 2018) is one of the most popular conference in the US with participants across the world. This is the largest cannabis symposium in the world, which brings all business stakeholder together. It involves over 3000 guests and 150 exhibitors.
CannaCon is first ever symposium that features legal sale of cannabis for business purposes. The expo provides a platform for guest to get access to knowledge from business experts with over 12000 guests.
U.S Cannabis Conference and Expo conference involves high profile discussion, presentation and will educate entrepreneur to boost the development and evolution of medical cannabis industry.
Additionally, CannMed 2021 is going to be held in Pasadena, California in September 2021. CannMed showcases latest findings and breakthrough technologies in the cannabis science, medicines, cultivation, and safety.
Thus, owing to rising number of conferences, expo and other awareness programs, the cannabis testing market is expected to witness rapid growth.
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World Health Organization (WHO), Ministry of Food and Drug Safety, Medical Cannabis Network, Bureau of Labor Statistics (BLS), Ministry of Health, Labor and Welfare, National Center of Neurology and Psychiatry, and the Italian National Confederation of Independent Farmers are among the major secondary sources referred to while preparing the report on the cannabis testing market.
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