US Cannabis Testing Services Market Is Estimated To Witness High Growth Owing To Increasing Demand for Quality Assurance in the Cannabis Industry

Cannabis Testing Market 2021Astonishing growth in Cannabis Testing Market is expected to reach US$ 1,696.3 million by 2027, growing at an estimated CAGR of 14.4% over the forecast periodThe potency level and the potential of abuse of marijuana makes its use difficult even for medicinal purposes.

After the declaration of marijuana as a “Schedule 1’ drug by the United States Drug Enforcement Administration, the transportation and handling of cannabis has been difficult.

With the effort of many organizations who see the actual potential of recreated marijuana in medicinal applications, countries are now legalizing marijuana partially or fully.

This has created a path of growth for many pharmaceutical companies in the region.

For instance, The Aurora Cannabis, one of Canada’s largest licensed cannabis producers have recently signed a medical cannabis supply deal with Mexican pharmaceutical company Farmacias Magistrales.

This exclusive strategic partnership makes the Mexican based pharmaceutical company country’s first cannabis import license following that development.

According to the new market research report "Cannabis Testing Market by Product & Software (LC, GC, Spectroscopy (MS, Atomic), Column, Standards, Accessories, LIMS), Service (Potency, Pesticides, Heavy Metal, Genetic Testing), End User (Lab, Pharmaceutical, Research) - Global Forecast to 2021", published by MarketsandMarkets™, the overall cannabis testing market expected to reach USD 1,416.3 million by 2021 from USD 822.0 million in 2016, at a CAGR of 11.5% of during the forecast period (2016-2021).

Don’t miss out on business opportunities in Cannabis Testing Market SizeOwing to various social and political factors, cannabis has been banned in most countries since the early 1900s.

At present, many countries are increasingly recognizing the benefits of cannabis for medicinal purposes and are hence approving its use.Legalization fo medical cannabis coupled with the growing number of cannabis testing laboratoriesMedical cannabis is proven to be effective in various medical applications, such as reducing nausea caused due to chemotherapy, stimulating appetite in AIDS patients, controlling muscular spasms in multiple sclerosis patients, and reducing intraocular pressure in patients with glaucoma.

Owing to these potential health benefits, governments in various countries are legalizing the use of medical cannabis.

Countries including Australia (2016), Canada (2015), North Korea, Spain, Portugal (2001), the U.K. (2006), Germany (awaiting approval by the end of 2017), Italy, the Netherlands, Israel, and Brazil have legalized the use of medical cannabis in recent years.

Moreover, in the U.S., 25 states have legalized medical cannabis; four states Colorado, Washington, Oregon, and Alaska—have legalized cannabis for both medical and recreational use.Browse and in-depth TOC on " Cannabis Testing Market " 160  - Tables49  - Figures203 - PagesTo know about the assumptions considered for the study, download the pdf brochureThe following are the major objectives of the study : Cannabis Testing MarketTo define, describe, and forecast the global cannabis testing market on the basis of product and software, service, end user, and regionTo provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)To strategically analyze micromarkets1 with respect to individual growth trends, future prospects, and contributions to the overall marketTo analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leadersTo forecast the market size of market segments with respect to four main regions (along with the countries), namely, North America, Europe, Asia-Pacific, and LATAM & MEATo speak to our analyst for a discussion on the above findings, click Speak to Analyst 

For instance, The Aurora Cannabis, one of Canada’s largest licensed cannabis producers have recently signed a medical cannabis supply deal with Mexican pharmaceutical company Farmacias Magistrales.

This exclusive strategic partnership makes the Mexican based pharmaceutical company country’s first cannabis import license following that development.

Such factors is expected to propel the cannabis testing market over the next eight years.

The market has been analyzed from demand as well as supply side.

The supply side analysis covers the major market players and their regional presence and strategies.

The geographical analysis done emphasizes on each of the major countries across North America including United States, Canada and Mexico.

The global cannabis testing service market expected to reach US$ 3.4 billion by 2027 according to a new study by Polaris Market Research.

The report “Cannabis Testing Service Market Share, Size, Trends, Industry Analysis Report, By Service (Potency Testing, Terpene Profiling, Heavy Metal Testing, Pesticide Screening, Microscopy Testing, Residual Solvent Screening, and Others); By End-Use; By Regions; Segment Forecast, 2020 – 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.

With the growing need to contain drug abuse and adulteration in cannabis, there is a strong need for quality testing labs in developed economies, this acts as a pivotal factor in boosting the sale of cannabis.

Moreover, the positive scenario of scientific literature, clinical trials, and consumer awareness is creating a strong favorable narrative for the market.

The global cannabis testing service industry is fragmented based on service, end-use, and region.

In terms of service, the market is segmented into potency test, terpene profiling, heavy metal test, pesticide screening, microscopy test, residual solvent screening, and others.