PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477141
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477141
Prostate Biopsy Market size was valued at USD 6,918.43 million in 2023, expanding at a CAGR of 14.92% from 2024 to 2032.
A prostate biopsy involves the extraction of small tissue samples from the prostate gland by a doctor to conduct cancer testing. This form of cancer is highly prevalent, with an estimated 174,000 men expected to receive a diagnosis this year, and approximately 31,000 of them succumbing to the disease. However, for the majority of men, prostate cancer either poses no issues or can be easily treated. It is important to note that a definitive diagnosis of prostate cancer cannot be made without undergoing a biopsy. Typically, a prostate biopsy is recommended if abnormalities are detected during routine screening tests, such as elevated levels of prostate-specific antigen (PSA) in the blood or abnormal findings during a digital rectal examination (DRE).
Prostate Biopsy Market- Market Dynamics
The growing incidence of prostate cancer is expected to propel the market growth
Prostate cancer is a prevalent cancer among men globally, with its diagnosis on the rise due to aging populations and improved diagnostic techniques. The increasing incidence of prostate cancer has led to a greater need for diagnostic procedures such as prostate biopsies. As more individuals undergo screening tests like PSA testing, abnormalities are identified earlier, leading to the necessity for further diagnostic assessments through biopsies. According to the American Society of Clinical Oncology, prostate cancer is among most common cancer in men, excluding skin cancer. It is estimated that in 2023, around 288,300 men in the United States will receive a prostate cancer diagnosis. Globally, approximately 1,414,259 individuals were diagnosed with prostate cancer in 2020. Moreover, advancements in imaging technologies and rising healthcare expenditure present growth opportunities for the market. Nevertheless, stringent regulatory requirements for medical devices and diagnostic procedures may present challenges for the market.
Prostate Biopsy Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 14.92% over the forecast period (2024-2032)
Based on Type segmentation, Prostate Needle Biopsy was predicted to show maximum market share in the year 2023
Based on Test Type segmentation, Biomarker Tests were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Prostate Biopsy Market is segmented based on Type, Test Type, End-User, and Region.
The market is segmented into two categories according to Type: Prostate Needle Biopsy and Prostate Liquid Biopsy. Prostate Needle Biopsy holds the majority share in the market. The market for prostate biopsies, specifically the sector dedicated to prostate needle biopsies, is experiencing consistent growth due to technological progress, rising interest in minimally invasive techniques, and heightened awareness of prostate cancer screening.
The market is segmented into three categories according to Test Type: Immunohistochemistry, Biopsy, Biomarker Tests, Imaging Tests, and Others. Biomarker Tests are the leading category in the market. These tests have become essential in the prostate biopsy market, providing better risk assessment, assisting in biopsy choices, and facilitating tailored treatment options for prostate cancer patients.
The market is segmented into three categories according to End-User: Cancer Research Institutes, Diagnostic Laboratories, Hospitals, and other entities. Each segment of end-users contributes uniquely to the diagnosis, treatment, and study of prostate cancer.
Prostate Biopsy Market- Geographical Insights
This market is geographically widespread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The North American region dominates the market due to the presence of advanced biopsy devices and continuous technological advancements. North America benefits from a well-established healthcare infrastructure and a strong medical device industry. According to the Advanced Medical Technology Association, the United States holds the largest share of the global medtech market, accounting for over 40% of it. Additionally, North America serves as a center for medical research, innovation, and technological development. Furthermore, Europe holds the second-largest region for market growth, primarily due to the high level of disease awareness among the population.
In the competitive landscape of the Prostate Biopsy Market, companies focused on developing and producing biopsy devices and instruments are in intense competition to bring forth innovative technologies that enhance biopsy precision, safety, and patient well-being. Similarly, companies specializing in molecular diagnostics and biomarker testing are providing tests that supplement conventional biopsy methods, offering further insights into the aggressiveness of prostate cancer and the response to treatment. Those companies that can distinguish their products, forge robust partnerships, and showcase clinical effectiveness are well-positioned to thrive in this challenging environment.
Thermo Fisher Scientific has recently unveiled more than 50 novel Absolute Q Liquid Biopsy Assays that can be utilized on the Applied Biosystems QuantStudio Absolute Q dPCR System*. This advanced digital PCR (dPCR) system is fully integrated and has been specifically designed to deliver remarkably precise and consistent results in just 90 minutes, requiring minimal manual intervention.
In an exciting development, Thermo Fisher Scientific has also announced a collaboration with Bayer to develop companion diagnostic assays for the drugmaker's cutting-edge precision cancer therapies.
GLOBAL PROSTATE BIOPSY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Thermo Fisher Scientific Inc.
C. R. Bard Inc.
STERIS LAB S.r.l
Boston Scientific Corporation
Cook
BIOBOT SURGICAL PTE LTD
3D Biopsy Inc.
Eigen
Koninklijke Philips N.V.
Guardant Health Inc.
PURE Medical Device SA
Dickinson and Co.
F. Hoffmann-La Roche Ltd.
SOMATEX Medical Technologies GmbH
Others