Cannabis testing services help identify the chemical composition and potency levels of various cannabis products. These testing services help provide consumers confidence in the potency and safety of cannabis products by analyzing the THC, CBD, and terpene levels.
Market key trends:
The rising legalization of cannabis across multiple countries and states has accelerated the adoption of cannabis for both medical and recreational purposes. According to the recent surveys, over 68 million Americans over the age of 12 have used some form of cannabis in 2021. This extensive adoption of cannabis has also increased demand for high-quality and accurately tested cannabis products, thereby driving the need for reliable cannabis testing services. As the cannabis market continues to expand exponentially, cannabis testing service providers are advancing their capabilities to effectively test cannabis products and strengthen consumer confidence in this nascent market.
Segment Analysis
The global cannabis testing services market is dominated by potency testing services sub-segment. Potency testing helps customers and regulators ensure product safety and quality by determining the amounts of THC, CBD, and other cannabinoids in cannabis products. This sub-segment accounts for over 30% of the total market share due to strict regulatory guidelines regarding THC and CBD limits in different cannabis products.
Key Takeaways
The Global Cannabis Testing Services Market Demand is expected to witness high growth at a CAGR of 22.8% during the forecast period of 2024 to 2031 to reach a market size of US$ 2167.14 Mn in 2024.
Regional analysis: North America is currently the dominant as well as the fastest growing region in the global cannabis testing services market. Countries like the U.S. and Canada have legalized both medical and recreational cannabis. This coupled with the implementation of regulatory standards regarding product testing and quality control is driving the growth of cannabis testing services in the region.
Key players: Key players operating in the cannabis testing services market are B. Braun Melsungen AG, Fagron NV, PharMEDium Services, LLC (AmerisourceBergen Corporation), Baxter International Inc., Fresenius Kabi AG, Advanced Pharma, Inc., McGuff Compounding Pharmacy Services, Inc., Central Admixture Pharmacy Services, Inc. (CAPS), Institutional Pharmacy Solutions, LLC, Wedgewood Pharmacy, Medisca Inc., Dougherty's Holdings, Inc., PharMEDium Services, LLC (AmerisourceBergen Corporation), PharMEDium Services, LLC, (AmerisourceBergen Corporation), BioScrip, Inc. These players are focusing on new product launches and partnerships to strengthen their market position.
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