Growth of U.S. Cannabis Testing Market Forecast to 2026 in a Newly Released Report Profiling: ACT, Alliance Analytical Laboratories, PSI Labs, The Spott, Steadfast Labs, Digipath Inc. and Unitech Laboratories

MarketStudyReport.com Adds New Report U.S. Cannabis Testing Market 2020 - 2026 research report providing information and data By Technology, By Test Type, By Service Provider, Industry Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast spreading across 226 Pages with table and figures in it.

U.S. Cannabis Testing market is forecasted to exceed USD 1.2 billion by 2026. Surge in demand for medical cannabis for various treatments will lead to implementation of stringent government regulations for cannabis testing that will propel the market growth.

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Rising number of applications for medical cannabis will spur the medical marijuana industry over the forecast period, thereby fostering the medical cannabis testing market growth. A growing number of research institutes are focusing on discovering additional applications of cannabis. An increasing investment in research and development will boost the cannabis testing market over the analysis timeframe.

Some major findings of the cannabis testing market report include:

- Increasing medical applications of cannabis in diseases such as epilepsy and chronic pain will fuel the demand for medical cannabis
- Growing legalization of medical marijuana across the U.S. will boost the demand for product testing
- Major players operating in the U.S. cannabis testing market include EVIO, Alliance Analytical Laboratories, Digipath, SC Labs, Steep Hill, PSI Labs, and Steadfast Labs
- Market players are focusing on partnerships and new service offerings to increase their customer base and operations

Increasing medical benefits of marijuana have spurred the demand for legalization, and various U.S. states have legalized the use of marijuana for certain medical conditions. This legalization will increase the need for laboratories to test for potency and safety, thus propelling the industry growth. Moreover, increased awareness of medical benefits of marijuana will increase the number of users, creating the need of safety standards for the product. These factors will assist in market expansion over the forecast period.

By technology, the U.S. cannabis testing market is bifurcated into chromatography and spectroscopy. The chromatography segment is further classified into liquid, gas chromatography and others. The chromatography segment is expected to dominate the market across the forecast period. The segment held around 63% market share in 2019 and is expected to show a significant growth over the forecast period. The growth can be attributed to certain advantages of chromatography testing such as fast and accurate results. Furthermore, manufacturers are launching innovative chromatography techniques specially for the cannabis testing market. Various technological advancements will increase the adoption of chromatography for cannabis testing. Thus, these factors will positively impact the segment growth in the future.

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Cannabis testing service providers are segmented into laboratories, research institutes, manufacturers, and others. The laboratories segment was valued at USD 492.5 million in 2019 and will show a lucrative growth over the forecast period. Increasing legalization of cannabis for medical use will positively impact the laboratories segment. Furthermore, stringent regulations by authorities to ensure consumer safety and product quality will boost the cannabis testing laboratories market growth in the future.

By region, the Mountain States accounted for USD 167.4 million in 2019 and will witness a significant growth. This can be attributed to the presence of states such as New Mexico, Colorado and Nevada in the region, where the use of cannabis as a therapeutic drug has been approved. The legalization of marijuana has fueled the medical marijuana market growth and thus, has spurred the cannabis testing market. These above-mentioned factors have contributed to the zonal market growth.

Few notable companies operating in the U.S. cannabis testing market include ACT, Alliance Analytical Laboratories, PSI Labs, The Spott, Steadfast Labs, Digipath Inc. and Unitech Laboratories. These market players are focusing on strategies such as new service offerings, partnerships, and geographic expansion to increase their market share and customer base. For instance, in January 2019, Digipath announced a partnership with Hemp Inc. to provide potency testing laboratories for hemp production sites owned by Hemp Inc. This strategy has helped Digipath expand their customer base and strengthen their revenue stream.

Table of content:

Chapter 1. Methodology

1.1. Methodology

1.2. Market definitions

1.3. Forecast parameters

1.4. Data sources

1.4.1. Secondary

1.4.1.1. Paid sources

1.4.1.2. Unpaid sources

1.4.2. Primary

Chapter 2. Executive Summary

2.1. U.S. cannabis testing industry 360 degree synopsis, 2015 - 2026

2.1.1. Business trends

2.1.2. Technology trends

2.1.3. Test type trends

2.1.4. Service provider trends

2.1.5. Zonal trends

2.1.6. State trends

Chapter 3. U.S. Cannabis Testing Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2015 - 2026

3.3. Industry impact forces

3.3.1. Growth drivers

3.3.1.1. Growing legalization pertaining to the use of cannabis across various U.S. states

3.3.1.2. Rigorous regulatory requirements implemented by authorities to ensure superior quality products

3.3.1.3. Rise in the number of testing laboratories and increasing cultivators of marijuana

3.3.2. Industry pitfalls & challenges

3.3.2.1. Lack of uniform testing standards

3.3.2.2. High cost of setting up a cannabis testing

3.4. Growth potential analysis

3.4.1. By technology

3.4.2. By test type

3.4.3. By service provider

3.5. Regulatory scenario

Related Report:

Global Cannabis Testing Equipment Market Insights, Forecast to 2025

The global Cannabis Testing Equipment market is valued at xx million US$ in 2018 and will reach xx million US$ by the end of 2025, growing at a CAGR of xx% during 2019-2025. The objectives of this study are to define, segment, and project the size of the Cannabis Testing Equipment market based on company, product type, end user and key regions.

https://www.marketstudyreport.com/reports/global-cannabis-testing-equipment-market-insights-forecast-to-2025/?utm_source=Openpr.com-AN

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