Prostate Biopsy Market Growth Fueled by Technological Advancements in AI-Powered Imaging and Early Detection of Prostate Cancer

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 a critical diagnostic procedure used to detect prostate cancer by obtaining tissue samples from the prostate. It is commonly performed following a prostate-specific antigen (PSA) test, which serves to screen for prostate cancer and assess the necessity for biopsy. The biopsy procedure involves the removal of a small tissue sample from the prostate using a needle, often guided by transrectal ultrasonography, to confirm the presence of malignancy. The increasing incidence of prostate cancer, coupled with advancements in medical technology, is a key factor driving the growth of the prostate biopsy market. Additionally, the expansion of research and development activities is expected to further stimulate demand for prostate biopsy procedures throughout the forecast 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 rising incidence of prostate cancer is a significant driver of revenue growth in the prostate biopsy market. The increasing global elderly population, particularly individuals over 60 years of age, is another key factor contributing to market expansion. According to the United Nations, the elderly population is projected to exceed 2 billion by 2050. Prostate cancer is most commonly diagnosed in men over the age of 65, with 65% of cases occurring in this age group, further supporting the demand for prostate biopsy procedures.

Challenges:
Strict regulatory requirements for the approval of prostate biopsy devices represent a major challenge to market growth. Additionally, the availability of alternative diagnostic methods is expected to moderately constrain the revenue growth of the prostate biopsy instrument market.

Regional Trends:
North America held the largest market share, accounting for 44.9% of the total revenue in 2023. This dominance can be attributed to higher patient awareness, a growing prevalence of prostate cancer, proactive government initiatives, technological advancements, and improvements in healthcare infrastructure. According to the American Cancer Society (January 2023), prostate cancer is most prevalent in men aged 65 and older, with these individuals accounting for approximately 65% of all cases. Early detection is critical to improving prognosis, emphasizing the importance of targeted screening and intervention strategies. Meanwhile, the Asia Pacific region is anticipated to experience the fastest market growth. Prostate cancer incidence varies significantly between countries with high Human Development Indexes (HDI), such as Japan and China, and those with lower HDIs, such as Vietnam and the Philippines, as reported by Informa UK Limited (July 2023).

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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

Read Overview Report- https://www.insightaceanalytic.com/report/prostate-biopsy-market/2336

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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.