Thermo Fisher Scientific is expected to produce millions of coronavirus (COVID-19) diagnostic tests following the acquisition of Qiagen for an approximate transaction value of US$11.5bn per share, says GlobalData, a leading data and analytics company.

Qiagen, a provider of molecular diagnostics and sample preparation technologies, offers a long list of nucleic acid amplification tests (NAATs) for the diagnosis and monitoring of infectious and genetic diseases, including real-time reverse-transcription (RT-PCR), which is currently being used to diagnose COVID-19.

Dara Lo, Medical Devices Analyst at GlobalData comments: “NAATs are highly used for the screening, confirmation, and monitoring of many infectious and genetic diseases due to their high sensitivity and accuracy. This is reflected in the human papilloma virus (HPV) tests market where NAATs are expected to be worth over US$371m, globally, by 2028 with Qiagen holding a significant percentage of the market share.

“With a multi-million-dollar market in HPV NAATs, which contributes to 4.7% of all cancers world-wide, GlobalData expects an even larger market share for COVID-19, which can have up to 70% prevalence globally.”