Ocean View, DE -- (SBWire) -- 04/06/2020 --Speedy legalization of medical marijuana across a number of states in the U.S. is likely to drive U.S. cannabis testing market outlook. In recent years, the efficacy of cannabis in treating diseases such as epilepsy and chronic pain has come to light. Positive effects of medical cannabis in treating lethal diseases has prompted the government to relax the regulatory spectrum on cannabis, which is likely to transform the industry landscape. Constant efforts of regulatory authorities to ensure consumer safety and enhance product quality is impelling the growth of cannabis testing laboratories. In 2019, testing laboratories accounted for revenue generation of over USD 492.5 million in the U.S. cannabis industry share.
Moreover, growing need for accurate labelling of marijuana content in various products will also boost industry growth. As per estimates, U.S. cannabis testing market is likely to cross the USD 1.2 billion mark by 2026.
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Top Key Players:
Anresco, CannaSafe, Collective Wellness of California (CW Analytical Laboratories), Digipath, Inc., EVIO, Inc., Iron Laboratories, Pure Analytics LLC, PSI Labs, SC Labs, Inc, Steep Hill, Inc.
Increased awareness pertaining to cannabis' medical benefits
Cannabis has been approved as an effective treatment for a wide assortment of ailments, such as cancer, epilepsy, chronic pain, stress disorder, etc. Increasing use of cannabis for medical application in an array of diseases has prompted research institutes to further focus upon discovering additional applications of cannabis. Moreover, increasing investment in research and development of cannabis products may expand cannabis testing industry size over the coming years.
Upon realizing the medical benefits of marijuana, various U.S. states have legalized the use of marijuana for certain medical conditions. This legalization has drastically increased the need for laboratories to test for safety and potency of drugs utilizing cannabis.
Also, growing consumer awareness pertaining to medical benefits of marijuana will increase the number of users, which will further create the need to ensure safety standards of products. This may further create feasible conditions for the expansion of U.S. cannabis testing industry.
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Growing need for cannabis potency testing
Cannabis potency testing is necessary as it allows consumers to make informed purchasing decisions based on the composition and strength of cannabis products. Cannabis products vary widely in their potency and accurate testing becomes even more crucial as patients are using cannabis as a medical drug.
Potency testing involves analyzing the product for concentration of compounds such as cannabidiol (CBD) and tetrahydrocannabinol (THC), which are proven to have medical benefits. The testing is then used to accurately label products for dosage, to optimize the potency of crops and obtain certification for the same. In 2019, potency testing held a significant market share and is expected to grow at 10.7% CAGR over the analysis period.
Such massive growth can also be attributed to surge in number of medical marijuana cultivators. With growing competition in the market, industry players are also focusing upon producing increasingly potent products.
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Legalization of cannabis
Legalization of cannabis across various states in the U.S has positively impacted cannabis testing industry outlook. In 2019, mountain states in the U.S accounted for USD 167.4 million in the global share. Such impeccable growth can be attributed to the presence of states such as Colorado, Nevada and New Mexico in the region, where the use of cannabis as a therapeutic drug has been approved. Medical marijuana industry is rapidly expanding with the legalization of marijuana, which will also fuel the growth of cannabis testing market.
More insightful info: https://www.marketwatch.com/press-release/us-cannabis-testing-market-2019-industry-size-trends-and-growth-by-2026-2020-01-31
