Selbyville, Delaware, Jan. 06, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on United States cannabis testing market which estimates the market valuation for cannabis testing in the U.S. will cross US$ 1.2 billion by 2026. Surge in demand for medical cannabis for various treatments will lead to implementation of stringent government regulations for cannabis testing that will propel the market growth.
Rising number of applications for medical cannabis will spur the medical marijuana industry over the forecast period, thereby fostering the medical cannabis testing market growth. A growing number of research institutes are focusing on discovering additional applications of cannabis. An increasing investment in research and development will boost the cannabis testing market over the analysis timeframe.
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Increasing medical benefits of marijuana have spurred the demand for legalization, and various U.S. states have legalized the use of marijuana for certain medical conditions. This legalization will increase the need for laboratories to test for potency and safety, thus propelling the industry growth. Moreover, increased awareness of medical benefits of marijuana will increase the number of users, creating the need of safety standards for the product. These factors will assist in market expansion over the forecast period.
By technology, the United States cannabis testing market size is bifurcated into chromatography and spectroscopy. The chromatography segment is further classified into liquid, gas chromatography and others. The chromatography segment is expected to dominate the market across the forecast period. The segment held around 63% market share in 2019 and is expected to show a significant growth over the forecast period. The growth can be attributed to certain advantages of chromatography testing such as fast and accurate results. Furthermore, manufacturers are launching innovative chromatography techniques specially for the cannabis testing market. Various technological advancements will increase the adoption of chromatography for cannabis testing. Thus, these factors will positively impact the segment growth in the future.
Browse key industry insights from the report, “U.S. Cannabis Testing Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/us-cannabis-testing-market
By test type, the U.S. cannabis testing market is segmented into potency testing, pesticide screening, residual solvent screening, heavy metal testing, terpene testing, mycotoxin testing, and others. Potency testing involves analyzing the product for concentration of compounds such as tetrahydrocannabinol (THC) and cannabidiol (CBD), which are proven to have medical benefits. Furthermore, testing is used to accurately label products for dosage, obtain certification, and optimize the potency of crops. This segment held a significant market share in 2019 and will show a 10.7% CAGR over the forecast period. High growth can be attributed to the growing number of medical marijuana cultivators. As competition in the market grows, there is an increased need for an edge over the competition with increasingly potent products. These factors will boost the segment growth and expand the market over the forecast period.
Cannabis testing service providers are segmented into laboratories, research institutes, manufacturers, and others. The laboratories segment was valued at USD 492.5 million in 2019 and will show a lucrative growth over the forecast period. Increasing legalization of cannabis for medical use will positively impact the laboratories segment. Furthermore, stringent regulations by authorities to ensure consumer safety and product quality will boost the cannabis testing laboratories market growth in the future.
By region, the Mountain States accounted for USD 167.4 million in 2019 and will witness a significant growth. This can be attributed to the presence of states such as New Mexico, Colorado and Nevada in the region, where the use of cannabis as a therapeutic drug has been approved. The legalization of marijuana has fueled the medical marijuana market growth and thus, has spurred the cannabis testing market. These above-mentioned factors have contributed to the zonal market growth.
Some major findings of the cannabis testing market report include:
Increasing medical applications of cannabis in diseases such as epilepsy and chronic pain will fuel the demand for medical cannabis.
Growing legalization of medical marijuana across the U.S. will boost the demand for product testing.
Major players operating in the U.S. cannabis testing market include EVIO, Alliance Analytical Laboratories, Digipath, SC Labs, Steep Hill, PSI Labs, and Steadfast Labs.
Market players are focusing on partnerships and new service offerings to increase their customer base and operations.
Few notable companies operating in the U.S. cannabis testing market share include ACT, Alliance Analytical Laboratories, PSI Labs, The Spott, Steadfast Labs, Digipath Inc. and Unitech Laboratories. These market players are focusing on strategies such as new service offerings, partnerships, and geographic expansion to increase their market share and customer base. For instance, in January 2019, Digipath announced a partnership with Hemp Inc. to provide potency testing laboratories for hemp production sites owned by Hemp Inc. This strategy has helped Digipath expand their customer base and strengthen their revenue stream.
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Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. U.S. cannabis testing industry 360⁰ synopsis, 2015 - 2026
2.1.1. Business trends
2.1.2. Technology trends
2.1.3. Test type trends
2.1.4. Service provider trends
2.1.5. Zonal trends
2.1.6. State trends
Chapter 3. U.S. Cannabis Testing Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Growing legalization pertaining to the use of cannabis across various U.S. states
3.3.1.2. Rigorous regulatory requirements implemented by authorities to ensure superior quality products
3.3.1.3. Rise in the number of testing laboratories and increasing cultivators of marijuana
3.3.2. Industry pitfalls & challenges
3.3.2.1. Lack of uniform testing standards
3.3.2.2. High cost of setting up a cannabis testing
3.4. Growth potential analysis
3.4.1. By technology
3.4.2. By test type
3.4.3. By service provider
3.5. Regulatory scenario
3.5.1. Alaska
3.5.2. California
3.5.3. Colorado
3.5.4. Connecticut
3.5.5. Florida
3.5.6. Illinois
3.5.7. Maine
3.5.8. Maryland
3.5.9. Massachusetts
3.5.10. Michigan
3.5.11. Minnesota
3.5.12. Montana
3.5.13. New York
3.5.14. Pennsylvania
3.5.15. Ohio
3.5.16. Oregon
3.5.17. Rhode Island
3.5.18. Washington
3.6. Pricing Analysis
3.7. Porter’s Analysis
3.8. Competitive landscape, 2019
3.8.1. Strategy dashboard
3.9. PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.