Overview of This Study:
The study involved four major activities in estimating the current size of the ATP assays market. Exhaustive secondary research was conducted to collect information on the market as well as its peer and parent markets.
The next step is to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both the top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the sizes of segments and subsegments.
Key Questions Addressed in the Report:
# Which are the top 10 players operating in the ATP assays market?
# What are the drivers, restraints, opportunities, and challenges of the market?
# What are the prevailing industry trends, and what is the current scenario in the market?
# What are the growth trends in the market at the segmental and overall levels?
# How is the market performing in different regions across the globe?
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Research Methodologies Followed for This Study:
Secondary Research:
In the secondary research process, various secondary sources such as D&B Hoovers, Bloomberg Business, and Factiva have been referred to identify and collect information for this study. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold standard & silver standard websites, regulatory bodies, and databases.
Primary Research:
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing & sales directors, technology & innovation directors, and related key executives from various key companies operating in the ATP assays market.
The primary sources from the demand side included experts such as technical experts. Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on key industry trends and burning issues, and key market dynamics such as market drivers, challenges, and opportunities.
Recent Developments:
# In March 2019, Promega launched the Water-Glo reagent, which uses bioluminescent technology to measure ATP and is used for monitoring microbial contamination in freshwater, process water, seawater, or wastewater samples.
# In August 2018, Hygiena acquired Biomedal’s Food Safety division. Under this acquisition, the new division will be named Hygiena Diagnóstica España and will provide allergen tests and assays in the market.
# In February 2018, Merck invested around USD 44 million (~EUR 40 million) for expanding its manufacturing and distribution centers in South Korea, India, and China.
# In August 2017, Hach (a subsidiary of Danaher Corporation) expanded its Loveland, US campus by inaugurating a new facility for R&D.
Expected Revenue Surge:
The global ATP assays market size is projected to reach USD 315 million by 2024 from USD 191 million in 2019, at a CAGR of 10.5% during the forecast period.
Major Growth Boosters:
Growth in this market is driven majorly by the increasing demand for ATP assays in pharmaceutical and biotechnology companies, rising investments in pharmaceutical and biotechnology R&D, increasing prevalence of cancer and other chronic and infectious diseases, and shift from culture-based tests to rapid tests. However, the high cost of instruments is expected to restrain the growth of the ATP assays industry to a certain extent during the forecast period.
End Users:
Pharmaceutical & biotechnology companies: Largest end users of the ATP assays market
Based on end user, the market is segmented into pharmaceutical & biotechnology companies, food & beverage industry, hospitals & diagnostic laboratories, and academic & research institutions. The pharmaceutical & biotechnology companies segment accounted for the largest market share in 2018.
The high adoption of ATP assays in pharmaceutical & biotechnology companies for contamination testing accounts for the large share of this segment. Furthermore, growth in the drug R&D pipeline will drive focus on quality control measures in the pharmaceutical and biotechnology industry and thereby support market growth.
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Data Triangulation:
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
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