Global Cannabis Testing Market - 2024-2031

Cannabis Testing Market Size

The Global Cannabis Testing Market reached US$ 1.95 billion in 2023 and is expected to reach US$ 5.87 billion by 2031, growing at a CAGR of 15.4% during the forecast period 2024-2031.

Cannabis testing includes measuring active ingredients and major chemical compounds in the given sample of cannabis. This testing also involves the detection of fungi and bacteria, which could lead to infections if unnoticed. The primary active ingredients that have medicinal potency in cannabis are cannabinoids and terpene. Based on the concentration of an active ingredient, the sample has. Cannabis testing is conducted with the help of analytical equipment such as liquid chromatography, gas chromatography, and spectrometry; commercial labs offer cannabis testing services in the region. Determining the pesticide residue content in the sample defines purity and efficacy.

Cannabis Testing Market Dynamics

An increase in applications of cannabis in the development of medicines such as pain management, an increase in regulatory approval of medical cannabis products, and ongoing research and development activities are driving the global cannabis testing market during the forecast period.

The increasing number of novel product launches and the rising research and development will drive market growth

The global market for cannabis testing is primarily driven by the growing awareness of the therapeutic potential of cannabis. Other factors aiding the market growth are increased awareness regarding cannabis through campaigns, conferences, and workshops. An increase in research and development of a new therapeutic drug for chronic disease by key pharmaceutical players and an increase in the usage of cannabis for recreational and personal use are additionally contributing to the growth of the global cannabis testing market. For instance, in Aug 2022, Restek announced that a single standard THCVA provides high calibration flexibility to target potency analysis in cannabis and hemp. This novel standard and solvent stabilizers provide the labs with more usage over the extended lifetime. That will enable high flexibility for the retention time of calibration.

Various funding, novel technological advancements, and the number of the latest, innovative product launches are increasing, leading to the high demand for cannabis testing. For instance, in Feb 2021, SC Laboratories announced licensing PhytoFacts, a proprietary data visualization tool of Napro Research LLC. Testing cannabis from the lab can provide a visual profile of the chemical makeup of each strain. SC Labs aims to start defining cannabis by its chemometric strain characterization.

The high costs associated with cannabis testing will hamper the market's growth

However, high costs associated with cannabis testing equipment and stringent government regulations in some parts of the world for cannabis. The FDA hasn't approved a cannabis marketing application for treating any disease. Using unapproved cannabis products can be unpredictable, leading to critical safety risks.

COVID-19 Impact Analysis

The pandemic has negatively impacted global financial expectations, operations and crisis response strategy. The COVID-19 outbreak has severely impacted the healthcare industry. The cannabis testing market has experienced huge losses due to COVID, as all the research and clinical trials got affected due to the diversion of attention toward COVID. But now, the market participants are changing their long-term and short-term growth strategies by utilizing the research market and creating cutting-edge items to combat the pandemic. Various initiatives, collaborations and mergers are happening worldwide, boosting the market's growth. For instance, in Feb 2022, Agilent Technologies announced the acquisition of Virtual Control, an AI software developer providing innovative lab testing analysis solutions and developing advanced artificial intelligence technology. This acquisition will help Agilent integrate ACIES software in GC and MS platforms to enhance the efficacy and productivity of labs.

Cannabis Testing Market Segment Analysis

The instruments segment is expected to grow at the fastest CAGR during the forecast period (2023-2030)

The instruments segment is the highest market holder in the global cannabis testing market. The cannabis industry has high importance on mycotoxin analysis and potency testing. Various lab equipment is crucial for cannabis testing. The cannabinoid testing analyzes cannabinoids, potency, residual solvents, terpene profile, and microbial growth. Various instruments are used for testing, including high-performance liquid chromatography for analyzing potency, coupled plasma mass spectrometry for analysis of heavy metals, and pesticide testing with the help of gas chromatography-mass spectrometry and liquid chromatography-mass spectrometry. For residual solvent tests, gas chromatography is used.

The instruments segment dominates the market due to the therapeutic properties of cannabis and rising global chronic disease cases. The growing number of regulatory approvals, technological advancements, product launches, and research/clinical trial studies drive the market's growth. For instance, in Nov 2021, Agilent Technologies announced the launch of Agilent 6560C Ion Mobility LC/Q-TOF, a liquid chromatography/mass spectrometry instrument that will enhance the VWorks automation software suite and novel AssayMAP cartridges with large capacity. This will improve protein and peptide analysis to fasten novel protein-based therapeutic development.

Global Cannabis Testing Market Geographical Share

North America holds the largest market share of the global cannabis testing market

North America dominates the global cannabis testing market, primarily attributed to the increase in legalization of cannabis for medical purposes, increase in pharmaceutical establishment across the region and government approvals, increase in several marijuana licenses in California in recent years, and presence of key players in the region are contributing to the growth of cannabis testing market. According to the Food and Drug Administration, till 2020, the agency has approved 1 cannabis-derived drug: Epidiolex and 3 synthetic drugs: Marinol, Cesamet and Syndros, that will be provided only on licensed healthcare professionals' prescriptions.

Moreover, the growing number of product launches is responsible for the market's growth. Other factors, such as the high spending on cannabis, stimulate the market's growth. Many key developments, technological advancements, collaborations and agreements are taking place in this region. For instance, in Aug 2022, SC Labs announced the rebranding of Can Lab, Botanacor and Agricor into one company named SC Labs. This company will provide seamless cannabis testing services in California, Colorado, Oregon and Michigan and global hemp testing capability.

Cannabis Testing Market Companies and Competitive Landscape

The cannabis testing market is moderately competitive with local and global companies' presence. Agilent Technologies Inc., Shimadzu Corporation, PerkinElmer, Inc., AB Sciex LLC, Waters Corporation, Restek Corporation, Accelerated Technology Laboratories, Inc., Phenomenex Inc., SC Laboratories, Steep Hill Labs, Inc. and more. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market's growth. For instance, in Jul 2022, Waters Corporation announced its collaboration with Plant Protein Innovative Centre researchers at the University of Minnesota to provide expertise and technology to help advance plant-based protein science. They will develop a workflow to measure the amino acid content of plant-based proteins.

Agilent Technologies Inc.:

Overview:

Agilent Technologies is an innovative company that manufactures and markets applied chemicals, diagnostics and life sciences products. It provides a range of solutions such as instruments, services and software. It was established in 1999 and is headquartered in California, United States.

Product Portfolio

Ultivo Triple Quadrupole LC/MS: Ultivo is a small, stackable triple quadrupole LC/MS that integrates a mass spectrometer in the HPLC stack, removing the MS footprint. It gives fit-for-purpose and straightforward LC/MS analysis.

Key Development: In Jan 2022, Agilent Technologies announced its collaboration agreement with A*STAR's Singapore Institute of Food and Biotechnology Innovation for developing and advancing food research knowledge and the agri-food industry in Singapore.

The global cannabis testing market report would provide access to approximately 40+ market data tables, 45+ figures, and 200 (approximate) pages.