LONDON, Aug. 09, 2023 (GLOBE NEWSWIRE) -- The global cannabis testing market has experienced a robust expansion, growing from $2.1 billion in 2022 to $2.49 billion in 2023, achieving a Compound Annual Growth Rate (CAGR) of 18.3%. This growth trend is anticipated to continue as the market is projected to reach $4.78 billion by 2027 with a CAGR of 17.8%.
Medicinal Usage Driving Market Growth
The increasing utilization of cannabis for its medicinal properties is a key factor propelling the growth of the cannabis testing market. With applications ranging from alleviating muscle problems and tension to reducing chemotherapy-induced nausea and vomiting, the adoption of cannabis for therapeutic purposes is on the rise. Notably, cannabis has shown effectiveness in calming epileptic seizures and reducing their intensity. According to the World Health Organization, in 2022, 2.5% of the global population, approximately 147 million people, reported cannabis consumption. This growing medicinal use of cannabis is a significant driving force behind the expansion of the cannabis testing market.
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Strategic Partnerships Shaping the Market Landscape
Strategic partnerships have emerged as a prominent trend in the cannabis testing market. Major players in the industry are forming partnerships to strengthen their position and enhance their offerings. For instance, Shimadzu Scientific Instruments, a leading manufacturer of cannabis testing instruments, partnered with McCann Testing, a medical cannabis testing lab, to provide instruments, training, and support for testing efforts. Additionally, Digipath Inc. partnered with CASPR Technologies to validate CASPR's technology for cannabis and hemp applications, signifying the collaborative approach that is driving innovation within the market.
Key Players and Market Segmentation
Major players in the cannabis testing market include Agilent Technologies Inc., Shimadzu Corporation, DigiPath Inc., Steep Hill Inc., SC Laboratories, PharmLabs LLC, Waters Corporation, and more.
The market is segmented by test type, technology, portability, and end user. Test types include potency testing, pesticide screening, residual solvent screening, heavy metal testing, terpene testing, mycotoxin testing, and others. The technology segment encompasses chromatography, spectroscopy, and other technologies. The portability category comprises standalone and hand-held devices, while end users encompass testing laboratories, drug manufacturers, research institutes, and other end users.
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Regional Outlook
North America held the largest share of the cannabis testing market in 2022, while Asia-Pacific is expected to be the fastest-growing region in the forecast period. The report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa.
As the cannabis testing market continues its upward trajectory, informed insights from comprehensive market reports by The Business Research Company (TBRC) is invaluable for businesses seeking to navigate and capitalize on this evolving landscape. TBRC’s reports provide a deep understanding of market trends, competitive dynamics, and emerging opportunities, enabling businesses to make strategic decisions that drive success within the flourishing cannabis testing market.
Cannabis Testing Global Market Report 2023 by The Business Research Company provides insights on the cannabis testing market size, cannabis testing market segments, cannabis testing market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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