The Cannabis Testing Global Market Report 2023 by The Business Research Company, provides cannabis testing market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Cannabis Testing Global Market Report 2023, the global cannabis testing market size grew from $2.1 billion in 2022 to $2.49 billion in 2023 at a compound annual growth rate (CAGR) of 18.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the cannabis testing is expected to grow to $4.78 billion in 2027 at a CAGR of 17.8%.
The growing usage of cannabis as a medicinal product is expected to propel the growth of the cannabis testing market going forward. Cannabis is used to relieve tension and muscle problems, as well as to lessen nausea and vomiting following chemotherapy. As a result, the use of cannabis as a therapeutic substance is increasing. Cannabis also calms epileptic seizures in the brain and has the beneficial effect of damping down seizure intensity.
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The cannabis testing market is segmented:
1) By Test Type: Potency Testing, Pesticide Screening, Residual Solvent Screening, Heavy Metal Testing, Terpene Testing, Mycotoxin Testing, Other Test Types
2) By Technology: Chromatography, Spectroscopy, Other Technologies
3) By Portability: Standalone, Hand Held Devices
4) By End User: Testing Laboratories, Drug Manufacturers, Research Institutes, Other End Users
Top Major Players:
Agilent Technologies Inc
Shimadzu Corporation
DigiPath Inc
Steep Hill Inc
SC Laboratories
North America was the largest region in the cannabis testing market in 2022.
Strategic partnerships have emerged as the key trend gaining popularity in the cannabis testing market. Major companies operating in the cannabis testing market are undergoing partnerships to strengthen their position. For instance, in November 2020, Shimadzu Scientific Instruments, a Japan-based manufacturer of cannabis testing instruments, partnered with McCann Testing, a US-based medical cannabis testing lab. Through this partnership, Shimadzu would supply MoCann with instruments and support MoCann testing efforts with training, method development, and maintenance. Moreover, in March 2022, Digipath Inc., a US-based cannabis testing laboratory, partnered with CASPR Technologies, a Nigeria-based provider of smart environmental indoor technology for healthcare. Through this partnership, Digipath will test and validate the efficacy of CASPR’s technology in botanical applications, specifically for cannabis and hemp.
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The cannabis testing market report table of contents includes:
1. Executive Summary
2. Cannabis Testing Market Characteristics
3. Cannabis Testing Market Trends And Strategies
4. Cannabis Testing Market – Macro Economic Scenario
5. Cannabis Testing Market Size And Growth
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26. Africa Cannabis Testing Market
27. Cannabis Testing Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Cannabis Testing Market
29. Cannabis Testing Market Future Outlook and Potential Analysis
30. Appendix
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