Cannabis Testing Market Size By Technology (Chromatography {Liquid Chromatography, Gas Chromatography}, Spectroscopy {Mass Spectrometry, Atomic Spectroscopy}), By Test Type (Potency Testing, Pesticide Screening, Residual Solvent Screening, Heavy Metal Tes

"Cannabis Testing Market Size By Technology (Chromatography {Liquid Chromatography, Gas Chromatography}, Spectroscopy {Mass Spectrometry, Atomic Spectroscopy}), By Test Type (Potency Testing, Pesticide Screening, Residual Solvent Screening, Heavy Metal Testing, Terpene Testing, Mycotoxin Testing), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027

The cannabis testing market is set to record notable growth by 2027 on account of growing research efforts focused on the medical benefits of cannabis. Moreover, mounting demand for legalization of cannabis for medical purposes is estimated to boost market adoption over the forecast period.With increasing legalization of medical and recreational cannabis, there is a surging need to test the products for microbes, fungi, and pesticides. Therefore, cannabis testing has become a crucial analytical testing procedure to ensure consumer safety. Cannabis products now span from recreational usage to pharmaceuticals, food, beverages, and more, which has spurred the requirement for certified testing labs that carry out adequate analytical testing. In addition, increasing R&D activities focused on exploring the medical benefits of cannabis has driven market demand in recent years. Moreover, to capitalize on emerging market trends, industry players are engaging in strategic initiatives, which have positively impacted the overall business landscape. For instance, in March 2020, Digipath, Inc., a prominent analytical testing laboratory primarily catering to the hemp and cannabis markets, completed the acquisition of VSSL Enterprises Ltd., a leading provider of agritech consulting solutions in the fields of tissue culture, cannabis genetics, predictive tools, and analytical testing. The deal enabled Digipath to expand its technical service offerings in tissue culture, cultivation, and germplasm development by leveraging VSSL’s scientific credibility and expertise.To cite another instance, in October 2019, CannaSafe Analytics, a California-based cannabis testing laboratory, announced its plans to expand its contaminant testing services to include Vitamin E additives on account of rising concerns associated with consumer vaping safety. The novel service offering strengthened CannaSafe’s position in the market for cannabis testing and ensured high-quality standards of its consumer products.The cannabis testing market has been categorized on the basis of test type, technology, and region. With respect to technology, the market has further been divided into spectroscopy, chromatography, and others. In 2020, the spectroscopy sub-segment was valued at more than USD 935.2 million and is expected to garner considerable gains through the study timeline.In terms of test type, the market has been segmented into pesticide screening, terpene testing, potency testing, heavy metal testing, mycotoxin testing, residual solvent screening, and others. The cannabis testing market from the heavy metal testing sub-segment held a market share of around 17.3% in 2020 and is foreseen to exhibit robust growth through the assessment period.From the regional point of view, apart from North America, Europe, and Latin America, the rest of world cannabis testing market is anticipated to observe significant expansion, progressing at a CAGR of approximately 32.3% over the review timeframe."