Cannabis Testing Market Size, Industry Trends, Demand and Future Opportunities and Forecast Period


Posted April 29, 2024 by Jameslin

Cannabis Testing Market Size, Strategic Analysis, Growth Drivers, Industry Trends, Demand and Future Opportunities and Forecast Period

 
Cannabis testing is essential to confirming the presence of cannabinoids like THC and CBD in cannabis products. The global market valuation of cannabis testing systems market was estimated at approximately USD 1.7 billion in 2023 and is projected to reach USD 20.2 million in 2034, exhibiting a compound annual growth rate of 22.79% during the forecast period of 2024–2034. These tests address various aspects of the plant's composition and potential contaminants. Additionally, the growing legalization of cannabis for both medical and recreational uses makes the market sustainable and expanding.
In order to ensure regulatory compliance, validate product claims, and safeguard the health and safety of consumers, analytical procedures known as "cannabis testing" are carried out to evaluate the quality, potency, safety, and composition of cannabis or cannabis-derived products. In order to determine the quality, safety, and potency of cannabis samples, a variety of analytical techniques are usually used in cannabis testing.

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GROWTH DRIVERS
As the cannabis industry grows, there is a growing emphasis on quality confirmation and biosecurity in the food and beverage and healthcare industries. These industries require quality testing to remove contaminants, pesticides, metals, and other impurities, which increases the acceptance of cannabis testing. The expanding use of cannabis for therapeutic and recreational purposes in various regions is driving the need for strict testing in order to guarantee these security and compliance.
The testing industry is expanding as a result of the strict regulations requiring quality control and safety testing of cannabis products. Organizations such as Health Canada and the US Food and Drug Administration set standards and guidelines for cannabis testing to guarantee both product quality and customer safety.
A thorough analysis of cannabis and microbial contaminants is provided by ongoing advancements in cannabis testing, such as next-generation sequencing, HLPC, GC-MS, and other microbiological advances. Additionally, the integration of laboratory information management systems aids in streamlining data management report efficiency and overall laboratory flow. These developments also ensure consumer safety.
MARKET SEGMENTATION:
· By Product and Services Type –
• Product
• Analytical Instruments
• Consumables
• Cannabis Testing Software
• Services
• Others
· By Testing Type-
• Potency Testing
• Pesticide Screening
• Heavy Metal Testing
• Genetic Testing
• Terpene Profiling
• Residual Solvent Screening
• Mycotoxin Testing
• Microbial Analysis
• Others
· By End Users Type –
• Laboratories
• Research Institutes
• Drug Manufacturers
• Dispensaries
• Cultivators
· By Region –
• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• South America

Key Challenges:
The requirement for standardized testing procedures and conventions for cannabis products presents a challenge in ensuring uniformity and the unwavering quality of the test, which could result in differences in test results between the various research facilities. Additionally, the administrative landscape surrounding cannabis testing is intricate and varies significantly across various districts and wards.
Due to financial constraints, small and medium-sized laboratories may find it difficult to embrace cannabis testing due to the high cost of the equipment. It is challenging to set testing criteria for the possible therapeutic advantages of cannabis because the research is still in its infancy and lacks long-term evidence on the health impacts of different cannabinoids and terpenes. This incomplete understanding may also prevent cannabis testing from being widely accepted.
Global Key Players:
· Agilent Technologies
· Shimadzu Scientific Instruments
· Merck
· Restek Corporation
· Perkin Elmer
· Sciex
· WATERS
· Accelerated Technology
· SC labs
· Eurofins Scientific

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xResearch is a market research and consulting organization that uses unique data, expert analysis, and new technologies to create trusted intelligence on industries. Our research is focused on delivering an informed and impartial view on essential market data of industry, and it is primarily driven by an in-depth study covering the following parameters: Market Sizing and Forecasting, Market Segmentation, Competitive Analysis, Strategic Assessment and Business Modelling.

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Issued By James
Country United States
Categories Business , Food , Manufacturing
Tags cannabis testing market , cannabis testing market size , cannabis testing market news , cannabis testing market forecast
Last Updated April 29, 2024