The US cannabis testing market will be worth $1.2 billion by 2026, according to a new report.
The research, by Global Market Insights, states a surge in demand for medical cannabis will lead to the implementation of stringent government regulations for testing – driving market growth.
It states: “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.
“Various US states have legalised the use of marijuana for certain medical conditions. This legalisation 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.”
The American cannabis testing market size is split into chromatography and spectroscopy.
The chromatography segment is expected to dominate the market, the report states, with the segment holding around 63% market share in 2019 thanks to its fast and accurate results.
Manufacturers are launching innovative chromatography techniques specially for the cannabis testing market, the document adds.
By region, the Mountain States accounted for $167.4 million in 2019 and will witness a significant growth. This can be attributed to states such as New Mexico, Colorado and Nevada in the region, where the use of cannabis as a therapeutic drug has been approved.
Major players operating in the US cannabis testing market were identified as EVIO, Alliance Analytical Laboratories, Digipath, SC Labs, Steep Hill, PSI Labs, and Steadfast Labs.
These market players are focusing on strategies such as new service offerings, partnerships, and geographic expansion to increase their market share and customer base.