JSFiddle - React, Tailwind, and code Playground

HTML

<pre></pre>

JavaScript

var ret = {},
    str = "param1:'test1' && param2:'test2'";

str.replace(/(\b[^:]+):'([^']+)'/g, function ($0, param, value) {
    ret[param] = value;
});

if (window.JSON)
    $("pre").text(JSON.stringify(ret, null, 4))
else
        $("pre").text("JSON.stringify not supported in this browser, so I can't output the result :-p");