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Cannabis Testing Services Market Comprehensive Industry Report Offers Forecast and Analysis on 2021-2027

Global Cannabis Testing Services Market, by Test Type (Pesticide Screening, Microbiological Screening, Terpene Profiling, Residual Solvent Testing, Potency Testing, Cannabinoid Profiling and Other Tests), by user (Research Institutes, Cannabis Firms and Homecare Settings), and by Region (Latin America, Europe, Asia Pacific, North America, Africa, and Middle East). consistent with a recent report published by Coherent Market Insights, the market was worth US$ 114.3 million in 2017 and is predicted to grow at an annual rate of 8.5 percent from 2018 to 2026.

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Growing research and development activities to enhance the standard and productivity of cannabis product is predicted to fuel the market development. for instance , in November 2018, University of Moncton, situated in New Brunswick, Canada, reported a corporation with the govt of Canada, Genome Atlantic, Genome Canada, New Brunswick Innovation Foundation, and Organogram to propel cannabis research and to expand its efficiency. The motivation behind this research-driven, collaborative and innovative partnership is to assist improve the productivity of cannabis products.

Furthermore, in November 2018, Strainprint Technologies Ltd., a cannabis data and analytics firm, announced a collaboration with Lumir Lab and Gynica, both based in Israel, to conduct the world’s first international clinical study on the utilization of cannabis to treat endometriosis. The study’s aim is to make cannabinoid-based products that are clinically tested and may be licensed for international distribution.

In order to realize high market share, research laboratories within the cannabis testing service market are focused on strategic mergers and acquisitions. for instance , Steep Hill Labs, Inc., based within the us , formed a strategic alliance with iCAN: Israel-Cannabis, an Israeli medical marijuana company, in March 2017 to open a testing lab in Israel. Steep Hill Labs, Inc. also announced plans to increase its operations in 2018 to 6 Western European markets.

Blueberries Medical Corp., a Colombia-based licenced medicinal cannabis manufacturer, signed a binding agreement with BBV Labs Inc. in March 2019 to get cannabis production, processing, manufacturing, export, and other rights in Argentina.

Washington state regulators addressed reforms to the recreational marijuana policy in January 2019, including the likelihood of requiring pesticide testing within the near future. Pesticide screening demand is predicted to extend as a results of the implementation of regulations for cannabis pesticide screening within the us , driving the segment’s growth over the forecast period.

Key Takeaways:

Due to increased research and development and acquisition activities associated with cannabis, the worldwide cannabis testing services market is projected to grow at an annual rate of 8.5 percent during the forecast period (2018–2026).

In 2026, the cannabinoid profiling segment is predicted to be the foremost profitable test form. Cannabinoid profiling provides detailed information on the concentration of active cannabinoids in cannabis samples to cultivators, cannabis-based pharmaceutical producers, patients, and caregivers.

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