iStock-Kazyaka New analysis from Global Market Insights, Inc., shows the US cannabis testing market will be worth $1.2bn by 2026.
The Global Market Insights report shows that growing demand for medical cannabis for the treatment of various ailments has led to the growth of the US cannabis testing market. This rise in demand has further resulted in the implementation of strict government policies for the testing of cannabis to be used in medical cannabis products, thereby propelling the industry outlook.
An increasing number of applications for medical cannabis in the medical cannabis industry to treat ailments such as chronic pain and epilepsy will likely bring forth a stimulating period of growth for the medical cannabis testing market during the projected timespan.
Furthermore, various research institutes are actively focusing on exploring novel applications of cannabis. To that end, increasing investment in R&D activities is likely to further grow the cannabis testing market over the forthcoming years.
The increasing discovery of the medicinal benefits offered by cannabis have driven the demand for legalisation, and several states across the US have subsequently legalised the usage of the product for treating specific medical conditions. The legalisation is further anticipated to increase the need for laboratories to test safety and potency, thereby driving industry growth.
In addition, awareness of the medical benefits of cannabis is likely to increase the number of users, establishing the need for safety standards for the product. The above factors will assist in the expansion of the US cannabis testing market during the projected time period.
Below are four key trends that are likely to influence the expansion of the US cannabis testing market over the coming years.
Technological advancements in the US cannabis testing market
The US cannabis testing market, based on technology, is divided into spectroscopy and chromatography. The