Prostate Biopsy Market Robust Expansion is expected to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Prostate Biopsy Market - (By Type (Prostate Needle Biopsy, Prostate Liquid Biopsy), By End-Use Industry (Hospitals, Ambulatory Surgical Center, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Prostate Biopsy Market is valued at US$ 5.81 Bn in 2023, and it is expected to reach US$ 8.75 Bn by 2031, with a CAGR of 5.39% during the forecast period of 2024-2031.

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Prostate biopsy is used to treat prostate cancer and is an ideal way to acquire tissue samples from the prostate to discover malignancy. The prostate-specific antigen (PSA) test is used to screen for prostate cancer and evaluate whether a prostate biopsy is necessary. A small sample of prostate tissue is obtained by a biopsy procedure to verify the presence of cancer. Prostate biopsy is a procedure that uses transrectal ultrasonography to investigate prostate cancer. During surgery, prostate gland tissue is removed with a biopsy needle to determine the existence of cancer. The growing prevalence of prostate cancer, together with increased technological progress, is the primary driver of market expansion. Furthermore, increased research and development activities are expected to boost overall market demand for the Prostate Biopsy Market during the forecasting period.

List of Prominent 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
• C. R. Bard, Inc.
• Thermo Fisher Scientific Inc.

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Market Dynamics:
Drivers-
The increasing incidence of prostate cancer is a key factor contributing to the growth in market revenue. The increasing worldwide elderly population, who are more likely to have chronic illnesses, is a significant factor contributing to revenue growth in the prostate biopsy tool market. The United Nations considers those over the age of 60 as elderly. The World Health Organization predicts that the worldwide population aged 60 and older will surpass 2 billion by 2050. Prostate cancer is predominantly found in elderly men, with 65% of incidences occurring in persons aged 65 and above.

Challenges:
The implementation of severe regulations for the approval of these devices is a major factor limiting the growth of market revenue for prostate biopsy devices. Furthermore, the easy availability of replacements is projected to limit revenue growth in the prostate biopsy instruments market to some extent.

Regional Trends:
North America dominated the market, accounting for 44.9% of the total in 2023, owing to increased patient awareness, rising prostate cancer prevalence, proactive government actions, technological breakthroughs, as well as improvements 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. Moreover, 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.

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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.

Segmentation of Prostate Biopsy Market-
By Type -
• Prostate Needle Biopsy
• Prostate Liquid Biopsy
By End-Use Industry -
• Hospitals
• Ambulatory Surgical Center
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.