The size of the North America Cannabis Testing Market was valued at USD 416.49 million in 2022 and is predicted to be worth USD 770.76 Million by 2027, growing at a CAGR of 13.1% during the forecast period.
The rising number of cannabis application areas is the key factor driving the expansion of the North American cannabis testing market. The growing demand for cannabis products and the availability of better regulations and laws for medical cannabis uses are further propelling the North American market forward. Increased government and private sector investments in cannabis sector research and development are also expected to boost the market’s growth rate.
The development of safer cannabis products due to the research is expanding the potential for significant companies. Therefore, during the forecast period, public and private organizations increased attention to cannabis product research and development is expected to generate attractive growth possibilities for key industry participants in the North American cannabis testing market.
In Addition, official backing for cannabis testing fuels the market expansion. The use of cannabis as a test measure is becoming more common. Several government agencies are undertaking laboratory investigations on cannabis products to promote the cannabis industry expansion. For plant testing, several regulatory organizations have begun to impose broad restrictions on residual solvents, bug sprays, pollutants, heavy metals, microbes, and mycotoxins. It is also resulted in the establishment of numerous new laboratories, particularly in areas where growth is at its peak.
The significant factors restricting the expansion of the North American cannabis testing market are strict rules for cultivating, production, possession, and distribution. Furthermore, the considerable risk of adverse effects connected with cannabis is expected to impede the market expansion in North America.
This research report on the North America cannabis testing market has been segmented and sub-segmented into the following categories:
By Testing Procedures:
By Product & Software:
In 2020, the North American market had the largest share of the global market, and it is expected to grow at a promising CAGR during the forecast period, owing to the favorable regulatory bodies and encouraging laws in the region, also which are expected to provide several growth opportunities for market participants in this region. Furthermore, the growth of E-commerce sales and the evolution of online platforms marketing cannabis goods are likely to give attractive prospects for the leading players in the cannabis testing market in North America.
The United States cannabis testing market is expected to account for the largest share in the North American market during the predicted period due to the factors such as cannabis legalization and rising demand for novel cannabis products. In addition, favorable policies and increasing government and private investments, the Canadian cannabis testing market is expected to grow at a promising CAGR during the forecast period.
During the COVID-19 closure or lockdown, cannabis testing continued in a few states, including California and New York. This was done to conduct cannabis testing for both medicinal and COVID-19 treatment purposes. Furthermore, the efficacy of cannabis extracts requires more large-scale validation, and research plans to conduct additional studies on their innovative high Cannabidiol C. Sativa strains. According to the testing results, the extracts might be used in a mouthwash or throat gargle to prevent COVID-19 infection.
Furthermore, in states where medicinal cannabis is permitted, various insurance companies give coverage for drug prescriptions. As of November 2020, 36 states in the United States had authorized or decriminalized the use of medical marijuana. Similarly, marijuana usage for recreational reasons has been legalized in 16 states around the United States.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the North America cannabis testing market profiled in the report are Agilent Technologies, Inc., Shimadzu Corporation, Waters Corporation, PerkinElmer, Inc., AB SCIEX LLC, Millipore Sigma, Restek Corporation, LabLynx, Inc. (U.S.), Steep Hill Labs, Inc., PharmLabs, LLC, SC Laboratories, Inc., Digipath Labs, Inc., CannaSafe Analytics, and Accelerated Technology Laboratories, Inc.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: email@example.com