US Cannabis Testing Services Market to Surpass US$ 409.3 Million By 2027 – Coherent Market Insights
SEATTLE--(BUSINESS WIRE)--Dec 17, 2019--
According to Coherent Market Insights, the US Cannabis Testing Services Market was valued at US$ 127.7 million in 2019, and is expected to exhibit a CAGR of 15.7% over the forecast period (2019 – 2027).
Key Trends and Analysis of the US Cannabis Testing Services Market:
The US Cannabis Testing Services Market size is expected to witness significant growth over the forecast period. Key players in the market are focused on establishment of novel state-of-art cannabis testing laboratories in the US to provide a wide range of services in cannabis testing, which is expected to drive growth of the US cannabis testing service market. For instance, in April 2018, Gala Pharmaceutical, Inc. announced its plans to build its first state-of-the-art testing laboratory that will meet the new ISO requirements set by the City of Long Beach and the State of California, US in accordance with the Medical Marijuana Regulation and Safety Act.
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Moreover, the US Cannabis Testing Services Market is expected to account for major revenue share over the forecast period, owing to rising number of patients opting for medical marijuana. For instance, according to New Jersey Department of Health statistical report of 2018, the patient count for medical marijuana was over 10,000 in 2016, which increased to around 24,000 in 2018 in New Jersey.
Major players in the cannabis testing services market are engaged in acquisition of business to create more growth opportunities in the cannabis testing and service market. For instance, in August 2018, Eurofins Scientific acquired Nano-lab Technology, Inc. in Silicon Valley, which provides advanced material and analytical solutions such as and advanced microscopy.
Key Market Takeaways:
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Related Market Reports on similar Topics:
Global Cannabis Testing Services Market
Cannabis market is highly influenced by rigorous legalization efforts, which are aiming for approval of cannabis for medicinal or recreational purpose. Various governments and regulatory authorities are taking efforts to legalize cannabis, owing to its medicinal benefits. Moreover, commercialization of cannabis-based products under the legalized standards require successful cannabis testing, which further results in lucrative growth opportunity for market players.
Cannabis Testing Market
Cannabis testing involves quantification of major chemical compound and active ingredient in the given specimen of cannabis. Cannabinoids and terpene are major active ingredients that have medicinal potency. Depending on the concentration of the chemical active ingredient, the potency of the sample representing huge quantity of cannabis is decided. Cannabis testing is performed with the help of analytical instruments such as liquid chromatography, gas chromatography etc.
Medicinal Cannabis Market
Medicinal cannabis, also known as medical marijuana, is used either for the treatment of diseases or to improve their symptoms. The two cannabinoids - delta-9-tetrahydrocannabinol (THC) and Cannabidiol (CBD) are used in treatment of certain diseases or health conditions such as pain, blood pressure, memory, concentration, appetite, sensory stimulus, muscular problems, and seizures.
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SOURCE: Coherent Market Insights
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PUB: 12/17/2019 11:43 AM/DISC: 12/17/2019 11:43 AM