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(Health-NewsWire.Net, August 07, 2020 ) Growth in ATP Assay Market is majorly driven by the increasing demand for ATP assays by pharmaceutical & biotechnology companies, rising investments in pharmaceutical and biotechnology R&D, increasing prevalence of cancer & 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.
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.
The ATP assays market is highly consolidated, with a few players competing for a larger market share. The top ten players account for more than half of the total market share, while other global and regional market players account for the remaining share.
Prominent players in this market include Merck KGaA (Germany), Thermo Fisher Scientific, Inc. (US), PerkinElmer, Inc. (US), Lonza Group (Switzerland), Promega Corporation (US), Hygiena, LLC. (US), Agilent Technologies, Inc. (US), Abcam plc. (UK), Danaher Corporation (US), BioThema AB (Sweden), Abnova Corporation (Taiwan), AAT Bioquest (US), PromoCell GmbH (Germany), BioVision, Inc. (US), Biotium (US), Canvax Biotech S.L. (Spain), Creative Bioarray (US), Elabscience (US) and MBL International Corporation (US).
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These players adopted various strategies such as partnerships, agreements, mergers, and acquisitions to expand their presence in the global ATP assays market.
Thermo Fisher Scientific is one of the prominent players in the global ATP assays market. The company has a strong geographic footprint and serves over 400,000 customers, including pharmaceutical & biotechnology companies, hospitals & clinical diagnostic labs, research & academic institutes, and government agencies. The company also has an extensive distribution channel across the globe. Its Life Sciences Solutions segment that offers ATP assay reagents and kits witnessed an increase in revenue from USD 5.4 billion in 2017 to USD 6.0 billion in 2018, and the Analytical Instruments segment that provides ATP instruments increased its revenue from USD 4.6 billion to USD 5.1 billion.
Promega Corporation is one of the leading players in the ATP assays market. The company has a wide range of products in the ATP reagents and kits segment. The company focuses on inorganic strategies for growth in the market. For example, in March 2017, Promega collaborated with AppliTek NV (Belgium) for the use of its ATP reagents in AppliTek’s microbiology analyzer. A renewed focus on inorganic growth will greatly help increase Promega’s reach in the global market as compared to its competitors such as Thermo Fisher Scientific (US), PerkinElmer (US), and Merck (Germany).
Merck has a strong product portfolio for the ATP assays market, an established brand name, wide distribution networks in more than 60 countries, and an extensive manufacturing network. As part of its global growth strategy, the company is investing in the fast-growing life science industry by entering into synergies with companies like Roche Diagnostics. The company has an efficient supply chain that delivers standard products in 24 to 48 hours worldwide. It also invests a significant amount of its sales revenue in R&D—as high as 15% in 2018. This allows the company to extend its technological capabilities and provide superior-quality products, thereby helping the company to achieve long-term growth.
Asia Pacific is expected to witness the highest growth in the ATP assays market from 2019 to 2024
The global ATP assays market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. During the forecast period, the Asia Pacific market is estimated to grow at the highest CAGR, as several countries are witnessing a growing number of proteomics, genomics, and stem cell research activities, increasing research funding, rising investments by pharmaceutical & biotechnology companies, and the growing trend of research infrastructure modernization.
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