(PharmaNewsWire.Com, May 18, 2021 ) The US Cannabis Testing market was valued at US$ 193.7 Mn in 2020 and is expected to reach USD 796.3 million by 2026 owing to Increasing Number of Accreditations/Certifications. In US, From the last two years period significant number of laboratories have received accreditation/certifications to perform cannabis testing services owing to growing focus of testing laboratories to work on cannabis, as the demand for cannabis and cannabis products is growing.
For instance, in 2020, CannaSafe Accredited to ISO 17025 in California. East Coast Cannalytics Accredited to ISO 17025 in Virginia; Trichome Analytical & Viridis Labs Accredited to ISO 17025 in New Jersey and Michigan respectively; ABKO Labs accredited ISO 17025 in Michigan; Deibel Laboratories achieved ISO 17025:2017 in California. Green Leaf Laboratory achieved ISO 17025:2017 in Oregon. Similarly, in 2019, North Coast Testing Laboratories achieved ISO 17025:2017 in Ohio Stillwater Labs Accredited to ISO/IEC 17025 in Montana; Fouser Environmental Services LTD accredited to ISO 17025:2017 in Kentucky. In near future, more number of accreditations/certifications are expected to be noticed, which further increase the number of cannabis testing laboratories and thereby anticipated to drive the growth of cannabis testing services market in the US during forecast period.
Recreation cannabis accounted for the largest Share in US Cannabis Testing Market
US cannabis testing market is segmented based on type into medical and recreational cannabis. Recreational cannabis occupied the major market share of approximately 82% in 2019, owing to growing number of licenses for retailers, distributors for recreational cannabis for wide variety of products like herbal teas, edibles, and among other adult use cannabis. In addition, demand is also one of factors that enable recreation cannabis to achieve major market share. However, medical cannabis growth is moderate owing to the factor that in-house setting of cannabis testing capabilities by pharma companies is anticipated to give strong competition to independent cannabis testing laboratories while offering testing services for medical cannabis. Such scenarios are expected to create potential opportunities for recreational cannabis.
Rapid shift to use Cannabis products for Medical pupose
Cannabis & cannabis derived compounds have potential therapeutic targets including pain management, arthritis, anxiety, epilepsy, sleep disorders, and among others. Moreover, the spending of consumers on cannabis-based products is around USD 1 to 2 billion in 2018 for anxiety, pain or sleep disorders and expecting to reach USD 12 to 15 billion by 2025, this scenarios is also creating huge opportunities to pharma companies in gaining huge market share in near future. Furthermore, growing innovations and regulatory rulings are also opening the market for cannabis-based pharmaceuticals. In addition, Drug Enforcement Administration (DEA) made a major policy shift for the approval of cannabis-based products. Moreover, companies ranging from small biotech to large pharma companies like AbbVie, GW Pharmaceuticals, Sanofi, and among others are exploring cannabis-based medicine. Such scenarios are enabling pharma companies to shift to cannabis-based medicines, and this trend is anticipated to be continued during forecast period. This further create opportunities to cannabis testing laboratories to deliver safe & high quality of cannabis products.
Key player’s profiles in the US Cannabis Testing market are SC Labs, PharmLabs, Kaycha Labs, EVIO Labs, Steep Hill Labs, Inc., Digipath, Inc., Cannalysis, CannaSafe, Deibel Laboratories, ProVerde Labs, MCR Lab, The Werc Shop, CB Labs, CW Analytical, Green Leaf Lab, Cascadia Labs, ACS Laboratory, Encore Labs, Gobi Labs
Precision Business Insights (PBI) in its report titled “US Cannabis Testing Market: Market Estimation, Dynamics, Country Share, Trends, Competitor Analysis Forecast 2021-2026” assesses the market performance over six years forecast period over 2021-2026. The report analyses the market value & volume forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
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