Prostate Biopsy Market Valued at USD 5.81 Billion in 2023 Expected to Grow at a CAGR of 5.39 Percent Through 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 an essential diagnostic procedure utilized to detect prostate cancer by extracting tissue samples from the prostate gland. Typically conducted following elevated prostate-specific antigen (PSA) levels identified through screening, the procedure involves the use of a fine needle-often guided by transrectal ultrasound-to obtain targeted tissue for pathological examination and confirmation of malignancy. The growing global incidence of prostate cancer, along with continuous advancements in diagnostic and imaging technologies, is a significant factor driving the expansion of the prostate biopsy market. Furthermore, the increasing focus on research and development initiatives aimed at enhancing early cancer detection methods is expected to further contribute to market growth over 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 increasing prevalence of prostate cancer is a primary driver of revenue growth in the prostate biopsy market. This trend is further reinforced by the rising global geriatric population, particularly among individuals aged 60 and above. According to projections from the United Nations, the global elderly population is expected to surpass 2 billion by 2050. Prostate cancer is predominantly diagnosed in men over the age of 65, with approximately 65% of cases occurring in this demographic, thereby contributing significantly to the growing demand for prostate biopsy procedures.

Challenges:
The market faces notable challenges, including stringent regulatory requirements for the approval and commercialization of prostate biopsy devices. These regulations can delay product launches and increase development costs. Additionally, the availability of alternative diagnostic approaches may moderately limit the adoption of prostate biopsy instruments, thereby constraining market growth.

Regional Trends:
North America accounted for the largest share of the prostate biopsy market in 2023, representing 44.9% of total global revenue. This leading position is supported by several factors, including heightened public awareness, a high prevalence of prostate cancer, robust government initiatives, continuous technological innovation, and advanced healthcare infrastructure. According to the American Cancer Society (January 2023), prostate cancer predominantly affects men aged 65 and older, who comprise approximately 65% of all diagnosed cases. This underscores the importance of early detection and targeted screening programs.

In contrast, the Asia Pacific region is projected to witness the most rapid market growth over the forecast period. Prostate cancer incidence in the region varies significantly across countries, influenced by disparities in development levels. Nations with higher Human Development Index (HDI) rankings, such as Japan and China, report higher incidence rates compared to countries with lower HDIs, including Vietnam and the Philippines, as noted by Informa UK Limited (July 2023). This variation presents both challenges and opportunities for market penetration and tailored healthcare interventions across the region.

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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.