Cannabis Testing Market To Grow By USD 2.05 Billion (2024-2028), Rising Medical Cannabis Use Boosts Revenue, Report Highlights AI-Driven Market Evolution - Technavio
Cannabis Testing Market To Grow By USD 2.05 Billion (2024-2028), Rising Medical Cannabis Use Boosts Revenue, Report Highlights AI-Driven Market Evolution - Technavio . (MENAFN - PR Newswire) 
  
  
 
 NEW YORK, Nov. 29, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global cannabis testing market size is estimated to grow by USD 2.05 ...
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(MENAFN- PR Newswire) NEW YORK, Nov. 29, 2024 /PRNewswire/ -- Report on how AI is driving transformation - The global cannabis testing market size is estimated to grow by USD 2.05 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about

15.23% during the forecast period. Increasing use of cannabis for medical purposes

is driving market growth,

with a trend towards

emergence of luxury cannabis products. However,

high cost of analytical products poses a challenge. Key market players include Agilent Technologies Inc., AmSpec LLC, Analytical Center Biopharm GmbH, Bio Rad Laboratories Inc., Danaher Corp., Digipath Inc., Eurofins Scientific SE, KNAUER Wissenschaftliche Gerate GmbH, LabWare Inc., Medicinal Genomics Corp., Merck KGaA, Mettler Toledo International Inc., PerkinElmer Inc., Sartorius AG, SGS SA, Shimadzu Corp., Thermo Fisher Scientific Inc., and Waters Corp.. Continue Reading







Technavio has announced its latest market research report titled Global cannabis testing market 2024-2028 AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Product (Consumables, Instruments, and Software), End-user (Cannabis cultivators/growers, Cannabis drug manufacturers, and Others), and Geography (North America, Europe, Asia, and Rest of World (ROW)) Region Covered North America, Europe, Asia, and Rest of World (ROW) Key companies profiled Agilent Technologies Inc., AmSpec LLC, Analytical Center Biopharm GmbH, Bio Rad Laboratories Inc., Danaher Corp., Digipath Inc., Eurofins Scientific SE, KNAUER Wissenschaftliche Gerate GmbH, LabWare Inc., Medicinal Genomics Corp., Merck KGaA, Mettler Toledo International Inc., PerkinElmer Inc., Sartorius AG, SGS SA, Shimadzu Corp., Thermo Fisher Scientific Inc., and Waters Corp.

Key Market Trends Fueling Growth

The Cannabis testing market is experiencing significant growth due to increasing demand for medical cannabis and stricter regulatory standards. High costs associated with analytical testing using instruments like Chromatography, Spectroscopy, and PCR systems are driving the need for innovative testing solutions. Potency testing, terpene profiling, pesticide screening, residual solvent analysis, heavy metal testing, and microbial analysis are essential services for cannabis testing labs. Cannabis testing services and products cater to various matrices such as tinctures, salves, edibles, vape oils, raw plant materials, transdermal patches, and e-liquids. Strategic alliances between laboratories and companies like Medicinal Genomics and service providers offer testing procedure and testing equipment for cannabis cultivators/growers and drug manufacturers. Regulatory standards require testing for contaminants like pesticides, microbes, heavy metals, and residual solvents to ensure consumer safety and product quality. Contamination cases involving fungus, molds, and insecticides have highlighted the importance of rigorous testing procedures. The Farm Bill legalizing hemp cultivation in the US has further boosted the market, with laboratories investing in novel equipment and software for testing cannabidiol (CBD) and tetrahydrocannabinol (THC) levels in various cannabis products. The therapeutic potential of cannabis in treating conditions like chemotherapy-induced nausea, chronic pain, and prescription medications for AIDS patients, multiple sclerosis patients, and glaucoma patients necessitates stringent testing protocols.



In response to growing consumer demand for safer alternatives to traditional cannabis consumption methods, a new market for luxury cannabis products has emerged. These products offer controlled and monitored quantities of cannabis, infused into edibles such as cookies, chocolates, muffins, brownies, teas, and chewing gums. For instance, Madame Munchie, a US-based company, produces cannabis-infused macarons with 20mg of THC per serving. Their offerings come in various flavors, catering to diverse tastes and age groups (21 years and above). This market trend reflects a shift towards more refined and health-conscious cannabis consumption.



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Market

Challenges



The cannabis testing market is experiencing significant growth due to increasing demand for medical cannabis and stricter regulatory standards. However, challenges persist for cannabis testing labs, including the use of complex LIMS systems and high testing costs. Medical cannabis patients, such as those undergoing chemotherapy for cancer or living with conditions like AIDS, MS, or glaucoma, rely on cannabis testing services for potency testing, terpene profiling, pesticide screening, residual solvent analysis, heavy metal testing, and microbial analysis. Cannabis testing products and services are essential for cannabis cultivators/growers and drug manufacturers to ensure product quality and consumer safety. Novel equipment, software, and testing solutions are driving innovation in this market. Strategic alliances with companies like Medicinal Genomics and regulatory bodies are crucial for addressing contamination cases caused by fungus, molds, insecticides, mycotoxins, and other contaminants. The Farm Bill and evolving regulatory landscape require cannabis testing labs to adhere to stringent testing protocols for matrices like tinctures, salves, edibles, vape oils, raw plant materials, transdermal patches, e-liquids, and testing procedure and equipment. Cannabinoids like Cannabidiol (CBD) and Tetrahydrocannabinol (THC) are undergoing extensive research for their therapeutic potential, adding to the market's growth. In the cannabis testing market, prominent vendors such as Agilent Technologies, Merck, Perkin Elmer, Shimadzu, and Thermo Fisher Scientific provide top-tier analytical solutions. These products ensure accurate testing results for cannabis strains. However, the high cost of these offerings poses a significant challenge for cannabis testing laboratories, particularly medium and small-scale facilities. Their budgets are often allocated towards research and development of new cannabis strains, primarily focusing on the extraction of various cannabinoids. Affordability is a major concern, especially in developing countries, where numerous small and medium-scale laboratories exist. Consequently, these institutions opt for collaborations with other institutions for proteomic research to mitigate the financial burden of expensive testing equipment. Traditionally, large, complex, and costly mass spectrometers were commonly found in university core facilities.

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Segment Overview

This cannabis testing market report extensively covers market segmentation by



1.1 Consumables

1.2 Instruments 1.3 Software



2.1 Cannabis cultivators/growers

2.2 Cannabis drug manufacturers 2.3 Others



3.1 North America

3.2 Europe

3.3 Asia 3.4 Rest of World (ROW)

1.1

Consumables- The cannabis testing market involves the use of reusable glassware, labware, solvents, and reagents for the extraction and preparation of cannabis samples. The sample preparation stage is vital as it eliminates impurities, ensuring accurate testing results. Sigma-Aldrich, a Merck subsidiary, is a leading vendor, providing consumables for chromatography systems and mass spectrometers. Their Ascentis chromatography columns, featuring fused-core particle technology, offer high speed, efficiency, and compatibility with HPLC and LC-MS instruments. This technology detects even sub-2um particulates, operates at lower pressure, and increases resolving power. The growing demand for precise testing results and innovative consumables drives market growth during the forecast period.

Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022)



Research Analysis

The Cannabis testing market has gained significant traction due to the increasing demand for ensuring the safety and quality of medical and recreational cannabis products. Laboratories use advanced technologies like LIMS (Laboratory Information Management Systems) to streamline testing processes and maintain records. However, high testing costs remain a challenge for some players in the market. Medical cannabis is used to alleviate symptoms of various conditions, including nausea caused by chemotherapy, AIDS, multiple sclerosis, and glaucoma. The therapeutic potential of cannabis is vast, with potency testing services for cannabinoids like Cannabidiol (CBD) gaining popularity. Contaminants, such as microbes, pesticides, heavy metals, residual solvents, insecticides, and mycotoxins, pose health risks and require rigorous testing. Shelf life is another critical factor influencing the market, with laboratories offering a range of service types using equipment like Gas Chromatography to ensure product quality. The Farm Bill legalizing hemp cultivation in the US has further fueled market growth.

Market Research Overview

The cannabis testing market is a critical segment of the burgeoning legal cannabis industry, focusing on ensuring product safety and quality for medical and recreational consumers. Analytical testing is essential for identifying potency, terpene profiles, contaminants, and other essential components of cannabis products. Laboratories utilize advanced analytical instruments such as chromatography, spectroscopy, and PCR systems to analyze cannabis samples. Medical cannabis patients, including those with conditions like nausea from chemotherapy, AIDS, multiple sclerosis, and glaucoma, rely on cannabis testing services and products for consistent therapeutic potential. Potency testing, pesticide screening, residual solvent analysis, heavy metal testing, and microbial analysis are key testing services offered by cannabis testing labs. The market for cannabis testing includes a variety of products and services, such as testing solutions, testing services, and analytical laboratories. These offerings cater to various cannabis matrices, including tinctures, salves, edibles, vape oils, raw plant materials, and novel equipment. Regulatory standards and testing protocols are crucial for consumer safety and product quality. Contaminants, such as microbes, pesticides, heavy metals, and residual solvents, must be rigorously tested to ensure compliance with industry regulations. Strategic alliances and partnerships between companies, such as Medicinal Genomics and laboratories like Botanacor and Agricor, contribute to the growth of the cannabis testing market. Contamination cases involving fungus, molds, insecticides, and mycotoxins have highlighted the importance of testing procedures and equipment. The Farm Bill and evolving regulatory frameworks have opened new opportunities for cannabis testing services and products, catering to an increasing demand for high-quality, safe, and consistent cannabis offerings. Cannabidiol (CBD) and Tetrahydrocannabinol (THC) testing services are particularly important for cannabis cultivators, growers, and drug manufacturers. In conclusion, the cannabis testing market plays a vital role in ensuring the safety, quality, and consistency of cannabis products for medical and recreational consumers. Advanced analytical instruments, testing services, and regulatory compliance are key drivers of market growth.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation



Product



Consumables



Instruments

Software

End-user



Cannabis Cultivators/growers



Cannabis Drug Manufacturers

Others

Geography



North America



Europe



Asia Rest Of World (ROW)

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email:

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2024-11-29
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(MENAFN - PR Newswire) 
  
  
 
 NEW YORK, Nov. 29, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global cannabis testing market size is estimated to grow by USD 2.05 ...
Cannabis Testing Market To Grow By USD 2.05 Billion (2024-2028), Rising Medical Cannabis Use Boosts Revenue, Report Highlights AI-Driven Market Evolution - Technavio