According to the findings of a fresh report, titled, ‘U.S. Cannabis Testing Market Size By Technology, By Test Type, By Service Provider, Industry Analysis Report, Zonal Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026,” the U.S. cannabis testing market valuation is anticipated to exceed $USD 1.2 billion within the next six years.
The team of analysts responsible for carrying out this report claim that innovations in medical applications are contributing to widespread use of cannabis as a disease treatment; e.g. for relief from pain and epilepsy. Furthermore, the team attribute research and development (R&D) advancements as a catalyst for U.S. cannabis testing market growth.
Due to the fact that people’s knowledge on medical cannabis is broadening, more people are searching for ways to test the therapeutic effects for themselves. Analysts say that this increased demand is amplifying the need for safe consumption.
Moreover, with the U.S. House recently voting to expand medical cannabis research – as per the passing of the Medical Marijuana Research Act on December 9 – business opportunities are likely to continue flourishing; business models that depend on cannabis testing.
Chromatography segment expected to witness major growth by 2026
When researchers analyzed the rate of U.S. cannabis testing market growth, they broke down their results by category. One type of category was technology, which the chromatography segment largely represents. Based on the data, chromatography constituted approximately 63 percent market share in the U.S. last year.
Although there are numerous ways in which manufacturers can have their cannabis tested before it is distributed throughout the market, chromatography takes the top spot as one of the most reliable techniques. Examples of the different subtypes of chromatography cannabis testing include:
High performance liquid chromatography (HPLC)
Gas chromatography (GC)
Thin layer chromatography (TLC)
Supercritical fluid chromatography (SFC)
During the forecast period, which extends until 2026, the researchers anticipate colossal growth for chromatography cannabis testing. The main reason for their prediction is due to surging demand for speedy and accurate test results amid an ever-evolving landscape of regulations, technological innovations and rival companies.
Potency testing and laboratories segments forecast to inflate by 2026
Aside from testing the safety of cannabis for human consumption, product manufacturers must also spend time analyzing the product for its potency. The strength of a cannabis product will depend on its cannabinoid ratio, in addition to any other type(s) of naturally occurring compound(s) that may influence how a consumer feels.
The U.S. cannabis testing market report also highlighted how the potency testing segment will grow at a compound annual growth rate (CAGR) of 10.7 percent through 2026. Numerous factors are expected to boost this area of the cannabis testing market, including increased certification opportunities, harsher product dosage requirements and labeling rules, as well as crop potency optimization and an ever-growing field of cultivators.
Laboratories – another category of the U.S. cannabis testing market – was worth $492.5 million of the total market in 2019. Between the years 2020 and 2026, this figure is expected to continue climbing. Analysts say that this segment is being stimulated by sharper quality and safety regulations, as well as advancements in medical cannabis research.
The analysts responsible for compiling this report finished by naming a handful of strong contenders in the U.S. cannabis testing space: Steep Hill, Inc., SC Laboratories Inc., PSI Labs, Pure Analytics LLC, Iron Laboratories, LLC, EVIO, Inc., Digipath, Inc., Collective Wellness of California (CW Analytical Laboratories), CannaSafe, and Anresco Laboratories.
You can sample a copy of the U.S. cannabis market report from Market Study Report, LLC by clicking here.