The global cannabis testing services market size is anticipated to reach USD 3.3 billion by 2027, expanding at a CAGR of 15.4%, according to a new report by Grand View Research, Inc. The growing acceptance of cannabis as a medicinal product, stricter quality checks, and rising demand for cannabinoid profile analysis to identify major strains are the key factors driving the market growth. Furthermore, the growing competition in the market is an important factor supporting the growth over the forecast period.
Based
on services type, potency testing dominated the market with a share of 21.7% in
2019. Rising cases of contamination and the need to determine the concentration
of active cannabinoids present in cultivated plants are the key factors driving
market growth. Moreover, the segment is anticipated to be the fastest-growing
during the forecast period. The increasing usage of cannabis in drug
development and research is one of the leading factors supporting market
growth.
Based
on end-user, cannabis cultivators/growers dominated the market in 2019.
Stringent quality checks on cultivated plants in a highly regulated market are
influencing the demand for testing services. However, the segment is
anticipated to be the fastest-growing segment over the forecast period.
Pharmaceutical giants such as GW Pharmaceuticals plc, Sanofi, and Pfizer have
entered the space for developing cannabinoid-based drugs, which is anticipated
to be a key factor driving the market over the forecast period.
North
America dominated the market in 2019, with the market worth of USD 939.2
million. The presence of major testing laboratories and expanding marijuana and
hemp cultivation in the region are the key factors driving the market in the
region. On the other hand, Europe is expected to be the fastest-growing region,
owing to a rising number of drug manufacturers in the region. Furthermore, many
countries in the EU have banned derivatives containing more than 0.3% THC,
which is further predicting a strong demand for the services
Full Research Report On Cannabis Testing Services Market Visit Here:
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Cannabis Testing
Services Market Report Highlights
- Potency testing service dominated
the market in 2019 with a market share of 21.7%, owing to the rise in
contamination cases
- The cannabis drug
manufacturer segment is anticipated to be the fastest-growing end-user
segment, owing to the entry of large pharmaceutical companies in the
marijuana space
- North America dominated the
market in 2019 with market size of USD 939.2 million, owing to the
presence of major laboratories in the region.
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Cannabis Testing
Services Market Segmentation
Grand View Research has segmented
the global cannabis testing services market based on services type, end user,
and region:
Cannabis Testing
Services Type Outlook (Revenue, USD Million, 2016 - 2027)
- Potency Testing
- Terpene Profiling
- Heavy Metal Testing
- Pesticide Screening
- Microscopy Testing
- Residual Solvent Screening
- Others
Cannabis Testing
Services End-User Outlook (Revenue, USD Million, 2016 - 2027)
- Cannabis Drug Manufacturers
- Cannabis Cultivators/Growers
- Others (Research Institutes
& Labs)
Cannabis Testing
Services Regional Outlook (Revenue, USD Million 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Italy
- Poland
- Netherland
- Czech Republic
- Switzerland
- Croatia
- Asia Pacific
- China
- Australia
- Latin America
- Uruguay
- Colombia
- Mexico
- Argentina
- Chile
- MEA
- Israel
- South Africa
List of Key Players
of Cannabis Testing Services Market
- Saskatchewan Research
Council (SRC)
- SGS Canada Inc.
- SC Labs
- Steep Hill, Inc.
- CW ANALYTICAL
- PharmLabs
- GreenLeaf Lab
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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