Prostate Biopsy Market Size is valued at USD 5.81 Bn in 2023 and is predicted to reach USD 8.75 Bn by the year 2031 at a 5.39% CAGR during the forecast period for 2024-2031.
A prostate biopsy is a technique where tissue samples are taken from the prostate gland to detect prostate cancer. The market is influenced by factors such as rising prostate cancer rates, heightened awareness of early detection, and advancements in biopsy techniques. Prostate cancer is a common malignancy in men, and timely identification via biopsies is crucial for effective therapy. There are several types of prostate biopsy methods, including transrectal ultrasound-guided biopsy and transperineal biopsy. These procedures need the use of specialized devices to gather tissue samples for subsequent analysis.
Furthermore, technological breakthroughs in the market include the use of MRI-guided biopsies and the development of targeted biopsy procedures, both of which enhance accuracy and reduce the need for repeat biopsies. However, market constraints include potential dangers and problems from the operation, patient pain, and the necessity for competent healthcare personnel to execute the biopsies.
Competitive Landscape
Some Major Key Players In The Prostate Biopsy Market:
- Koninklijke Philips N.V.
- Eigen
- 3D Biopsy Inc.
- BIOBOT SURGICAL PTE LTD
- Cook
- Boston Scientific Corporation
- STERIS LAB S.r.l
- R. Bard, Inc.
- Thermo Fisher Scientific Inc.
- Other prominent players
Market Segmentation:
The Prostate Biopsy Market is segmented on the basis of type and end-use industry. Based on Infrastructure, the market is segmented as Prostate Needle Biopsy and Prostate Liquid Biopsy. The end-use industry segment consists of packaging, Hospitals, Ambulatory Surgical Center, and Others.
Based On Product Type, The Prostate Needle Biopsy Category Will Generate The Most Revenue.
The Prostate Needle Biopsy segment is expected to generate the most revenue in 2023 due to accurate sample of prostatic tissue that is deemed high risk for prostatic cancer. The Prostate Liquid Biopsy category is expected to have the quickest CAGR for the estimated period. This is due to the fact that the operation is simple, inexpensive, and quick, and it aids in the treatment of cancer by offering a more systemic perspective of the disease, which boosts the usage of PSA tests by prostate biopsy and drives the growth of this segment.
The Hospitals Category Will Account For The Largest Prostate Biopsy Market Share.
The Hospitals category will account for the largest Prostate Biopsy market share in the upcoming future. This is mostly due to the rising availability of a large number of beds that provide speedy services, proper treatment, and the availability of qualified professionals, as well as the availability of transrectal ultrasound, which raises the need for treatment in hospitals and hence accelerates the expansion of this segment. The segment, ambulatory surgical centers is expected to have the fastest CAGR of forecasting period. This is mostly due to the availability of healthcare facilities that focus on delivering same-day surgical help, including diagnostic and preventive procedures, which is driving the expansion of the market.
In The Region, The North America Prostate Biopsy Market Holds A Significant Revenue Share.
North America dominated the market before, owing to increased patient awareness, rising prevalence of prostate cancer, proactive government actions, improvements and technological breakthrough in healthcare infrastructure. According to an American Cancer Society article released in January 2023, prostate cancer is more common in older men, particularly those over the age of 65. Individuals under the age of 40 are less likely to be affected. Men over the age of 65 account for approximately ten out of every six cases diagnosed. Men with prostate cancer typically have a life expectancy of roughly 66 years after diagnosis, highlighting the importance of early identification in prognosis. Understanding these demographic patterns is critical for developing targeted screening and intervention techniques. Additionally, Asia Pacific is expected to experience the most rapid expansion in the market. According to an Informa UK Limited article published in July 2023, prostate cancer incidence rates differ between countries with very high Human Development Indexes (HDI), such as Japan and China, and those with lower HDIs, such as Vietnam and the Philippines.
Recent Developments:
- In Oct 2023, Philips and Quibim developed AI-powered MR imaging and image processing software to assist physicians in providing quicker and more efficient prostate cancer treatment, addressing staff shortages, and reducing healthcare costs.
- In Nov 2022, Thermo Fisher Scientific launched more than 50 new Absolute Q Liquid Biopsy Assays for use on the Applied Biosystems QuantStudio Absolute Q dPCR System. This system is a fully integrated digital PCR (dPCR) system that aims to deliver precise and reliable results in under 90 minutes with no manual intervention.
Prostate Biopsy Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 5.81 Bn |
|
Revenue Forecast In 2031 |
USD 8.75 Bn |
|
Growth Rate CAGR |
CAGR of 5.39% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, End-Use Industry |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
|
Competitive Landscape |
Koninklijke Philips N.V., Eigen, 3D Biopsy Inc., BIOBOT SURGICAL PTE LTD, Cook, Boston Scientific Corporation, STERIS LAB S.r.l, C. R. Bard, Inc., and Thermo Fisher Scientific Inc. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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