Australia Medicinal Cannabis Testing Market Size, Share, and COVID-19 Impact Analysis, By Service (Potency Testing, Residual Solvent Screening, Terpene Profiling, Heavy Metal Testing, Mycotoxin Testing, and Others), By End-user (Laboratories, Cannabis Drug Manufacturers, and Others), and Australia Medicinal Cannabis Testing Market Insights, Industry Trend, Forecasts to 2033.

Australia Medicinal Cannabis Testing Market Insights Forecasts to 2033

• The Australia Medicinal Cannabis Testing Market Size Was Estimated at USD 127.81 Million in 2023.
• The Market Size is Growing at a CAGR of 19.22% from 2023 to 2033
• The Australia Medicinal Cannabis Testing Market Size is Expected to Reach USD 741.19 Million by 2033

The Australia Medicinal Cannabis Testing Market Size is Expected to reach USD 741.19 Million by 2033, Growing at a CAGR of 19.22% from 2023 to 203 3

Market Overview

The testing and quality control of medicinal cannabis products are the primary goals of the Australian medicinal cannabis testing market.  This comprises terpene profiling, residual solvent screening, heavy metal testing, mycotoxin testing, and cannabis potency analysis. The market is expected to be driven by the rise in cannabis-based prescriptions issued by medical professionals. In addition, the medicinal cannabis testing market in Australia has been rising rapidly over the past several years due to the increased demand for quality assurance in cannabis products. For instance, in February 2024, with over a million Australians consuming medical cannabis products, regulators gathered to discuss the sharp increase in prescriptions for medicinal cannabis. The growing number of Australian medicinal cannabis drug approvals is the primary driver propelling the market. Furthermore, government initiatives aid in the expansion of the market, such as the Office of Drug Control (ODC) regulating medicinal cannabis by putting cost recovery procedures into place.

Report Coverage

This research report categorizes the market for the Australia medicinal cannabis testing market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Australia medicinal cannabis testing market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Australia medicinal cannabis testing market.

Driving Factors

The Australia medicinal cannabis testing market is growing due to customers in Australia are increasingly looking for plant-based, natural solutions to medical issues due to rising patient education and a growing demand for natural therapies. Additionally, the Australian Medical Cannabis market is experiencing growth due to evolving regulations, with more companies entering the market to cater to diverse patient needs. In addition, the Australian market has benefited from the increasing acceptance and legalization of medical cannabis around the world.

Restraining Factors

Australia's medicinal cannabis testing market expansion is anticipated to be impeded by medicinal cannabis products' safety, clinical effectiveness, and price provide serious obstacles to the market's expansion.

Market Segmentation

The Australian medicinal cannabis testing market share is classified into service and end-user.

• The potency testing segment accounted for the highest share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the service, the Australian medicinal cannabis testing market is categorized into potency testing, residual solvent screening, terpene profiling, heavy metal testing, mycotoxin testing, and others. Among these, the potency testing segment accounted for the highest share in 2023 and is expected to grow at a significant CAGR during the forecast period. This testing is essential to guaranteeing the safety, efficacy, and dosage consistency of medicinal cannabis products.  It is anticipated that over the projection period, the potency testing segment will hold the greatest market share.  This is explained by both the expanding legalization of medical cannabis in Australia and the growing use of medical cannabis to treat illnesses.

• The cannabis drug manufactures segment accounted for a significant market share in 2023 and is expected to grow at a significant CAGR during the forecast period.

Based on the end-user, the Australia medicinal cannabis testing market is classified into laboratories, cannabis drug manufacturers, and others. Among these, the cannabis drug manufactures segment accounted for a significant market share in 2023 and is expected to grow at a significant CAGR during the forecast period. This segment is growing due to cannabis is utilized to make a number of drugs for pain, anxiety, spasticity, and antiemetics.  The symptoms of cancer, Alzheimer's disease, HIV, AIDS, Crohn's disease, glaucoma, and epilepsy are all alleviated by it.  Additionally, there is a growing trend of offering customized cannabis treatments to every patient, which is driving market expansion.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Australia medicinal cannabis testing market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• ACS laboratories
• Agilent Technologies Inc.
• Hamilton Company
• Thermo Fisher Scientific
• Eurofins Scientific
• Pharmalytics
• Merck KGaA
• PerkinElmer Inc.
• Quantum Analytics
• Shimadzu Scientific Instruments
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In June 2024, Broken Coast EU-GMP-certified medical cannabis products were introduced in Australia by Tilray Medical, a part of Tilray Brands Inc., a world leader in medical cannabis.

Market Segment

This study forecasts revenue at Australia, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Australia medicinal cannabis testing market based on the below-mentioned segments:

Australia Medicinal Cannabis Testing Market, By Service

• Potency Testing
• Residual Solvent Screening
• Terpene Profiling
• Heavy Metal Testing
• Mycotoxin Testing
• Others

Australia Medicinal Cannabis Testing Market, By End-user

• Laboratories
• Cannabis Drug Manufacturers