What is the estimated market size, domestic and international?
Well according to Insight Partners, North America is largest market for Cannabis drug testing with the US holding the largest market share followed by Canada. The growth in North America is characterized by increase in the approval of cannabis medicinal products. Moreover, increasing drug investigation services, growing medicinal applications of cannabis and increasing number of toxicological laboratories are key factors contributing to the growth of cannabis testing market. The North American cannabis testing market is expected to grow with CAGR of 11.6% to US$ 1120.5 Mn 2025 from US$ 470.8 Mn in 2017. Also, enactment of stringent laws by the government and presence of major market players for cannabis testing influences the market growth.
The global cannabis testing market is expected to reach US$ 2,486.7 Mn in 2025 from US$ 1,028.2 Mn in 2017. The market is estimated to grow with a CAGR of 11.9% from 2018-2025. Factors such as rising demand among patients and increasing legalization of recreational or medical cannabis in various countries are expected to fuel the market growth during the forecast period. Moreover, increasing investments by the public and private investors for the research and the development of cannabis-derived products is likely to enhance market growth. Also, all new markets will require mandatory testing.