November 30, 2020
According to the research 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’ available with Market Study Report LLC, U.S. cannabis testing market valuation is expected to surpass USD 1.2 billion by the year 2026.
Research analysts claim that widespread medical applications of cannabis in the treatment of diseases such as chronic pain and epilepsy coupled with increasing research and development activities are augmenting the growth of U.S. cannabis testing market.
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Growing awareness regarding the medical benefits of marijuana, rising number of users of the stimulant, and surging demand for safety standards for the product are further fueling the business development.
Moreover, stringent government regulations associated with marijuana testing, escalating demand for medical cannabis, progress in the legalization of marijuana in the country, and growing efforts towards offering innovative services to expand customer base are stimulating the U.S. cannabis testing market outlook.
Based on technology type, the chromatography segment accounted for around 63% share in U.S. cannabis testing market in 2019 and is anticipated to witness substantial expansion over the forecast period. Technological advancements and advantageous attributes associated with chromatography technology such as accurate and fast results are fostering the growth of the segment.
With regards to test type, U.S. cannabis testing market share from the potency testing segment is projected to register a CAGR of 10.7% through 2026, owing to increasing number of marijuana cultivators and focus towards obtaining certification, optimizing the potency of crops, and accurately labelling products for dosage.
Moving on to service provider, the laboratories segment of U.S. cannabis testing market sphere accounted for USD 492.5 million in 2019 and is predicted to record unprecedented growth during 2020-2026. Stringent regulations to ensure product quality as well as consumer safety along with significant progress in the legalization of cannabis for medical use are propelling the growth of the segment.
As per the zonal analysis, Mountain States reflected a valuation of USD 167.4 million in the year 2019 and is expected to emerge as a lucrative growth avenue for U.S. cannabis testing market during the analysis timeframe. Favorable approval policies for the use of cannabis as a therapeutic drug in Nevada, Colorado, and New Mexico coupled with gradual legalization of marijuana are favoring the business outlook in Mountain States.
Prominent organizations that define the U.S. cannabis testing industry trends are 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.