CANNABIS TESTING SERVICES MARKET ANALYSIS

Cannabis Testing Services Market Size and Trends

Global cannabis testing services market is estimated to be valued at USD 2.38 Bn in 2024 and is expected to reach USD 5.87 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 13.8% from 2024 to 2031.

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The cannabis testing services market is expected to witness significant growth during the forecast period. With the growing cultivation and use of both medical and recreational cannabis, the need for the testing of various product attributes is increasing. Factors such as varying laws pertaining to the use and sale of cannabis products in different regions, rising focus on ensuring product safety and quality, and the introduction of new testing technologies will support the demand for cannabis testing services. Several countries and states are establishing standardized testing and certification programs which is also expected to boost the market growth. However, challenges such as lack of regulatory standards and inconsistencies in state and national regulations may hamper the market growth during the forecast period.

Rising Cannabis-based Drugs Approvals

Rising cannabis-based drugs approvals are projected to drive the market growth during the forecast period. For instance, in August 2020, GW Pharmaceuticals plc., the world leader company in science and development, along with its U.S.-based subsidiary, Greenwich Biosciences, Inc., declared that the U.S. Food and Drug Administration (FDA) had approved EPIDIOLEX (cannabidiol) oral solution to treat seizures associated with tuberous sclerosis complex (TSC) in patients one year of age and older.

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The rising focus of major market players on new product launches is expected to drive the global cannabis testing services market growth over the forecast period. For instance, in March 2021, in Germany, Stade Arzneimittel, a pharmaceutical company, announced the introduction of its medicinal cannabis portfolio under the CannabiStada brand which includes medical cannabis. The organization had released both flowers and entire extracts of cannabis, particularly for chronic pain patients who have failed to respond to conventional medicines such as opioids. Stada Arz is one of the first companies in Germany to launch medicinal cannabis with the launch of cannabistada.