Rising Need For Cannabis & Hemp Cultivators Accelerating The Growth Of The Global Cannabis Testing Market
The global cannabis testing market size is expected to grow at a significant rate in the upcoming years. The surging use of cannabis for medical purposes has resulted in the legalization of cannabis in many countries globally. For example, at present, over 30 countries around the world have legalized cannabis use for medical treatment. The substantiation of cannabis for the therapeutic purpose will present new growth opportunities for testing laboratories, thus leading to huge progress in the cannabis testing industry in the future. Furthermore, the augmenting focus to fulfill the rising needs of cannabis and hemp cultivators will additionally lead to a surge in the number of cannabis testing laboratory installation, consequently resulting in cannabis testing business expansion in the future.
The increasing number of medical applications of cannabis will stimulate the medical cannabis industry in the upcoming years, thus representing a positive effect on cannabis testing industry growth. Several research institutes are spending in discovering additional therapeutic applications of medical cannabis. For example, during 2017, the NIH (National Institute of Health) invested more than USD 140 million to back over 300 research projects on cannabinoids. The surging investment in research & development activities for exploring innovative medical applications of cannabis will stimulate cannabis testing industry growth. Nonetheless, the high installation cost of a cannabis testing facility owing to expensive equipment will hamper the cannabis testing market growth in the future. In addition, the lack of standardized testing standards will further impede marijuana testing market growth.
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Cannabis testing entails the use of many medical devices to identify the quality of cannabis. This aids to categorize the applications of cannabis for many medical purposes. In the past, both the sales and cultivation of cannabis were prohibited globally until 1900. At present, many countries are recognizing the advantages of cannabis for therapeutic purposes and invalidating their ban. This is likely to boost the global cannabis testing market in the upcoming years. The growing approval rate for cannabis-based products along with novel research & development activities is a major aspect anticipated to drive the expansion of the global market. Additionally, the rising number of cannabis testing laboratories around the world, due to increasing legislation to use cannabis for research and medicinal purpose is another major factor projected to fuel the growth of the market.
In addition, the rising awareness about cannabis amongst people by conducting various seminars, conferences, and other activities is predicted to pitch the global market. Moreover, growing technological developments, rising expenditure in research & development activities, and new product launches for the treatment of various diseases are some other factors likely to boost the cannabis testing market. The ongoing trend noted in the global market is increasing the implementation of cannabis for recreational purposes is projected to result in the growth of the market in the future. On a similar note, in January 2019, the US-based testing laboratories company Digipath, Inc. publicized accord with Hemp, Inc. to offer on-site potency testing laboratories for major three hemp manufacturing sites in North Carolina, Oregon, and Arizona that are managed by Hemp, Inc.