[225+ Pages Report] According to Facts and Factors, the global prostate biopsy market size was valued at USD 6,890.45 million in 2022 and is predicted to surpass USD 20,327.53 million by the end of 2030. The prostate biopsy industry is expected to grow by a CAGR of 14.48%.
Prostate biopsy is a type of medical procedure that helps in the examination of prostate cancer. There are different kinds of prostate biopsy available, like the transperineal biopsy and transrectal ultrasound biopsy. A small tissue is collected through the procedures, which is further sent to a pathologist for examination under a microscope. Prostate biopsy is an effective examination procedure in the market.
Prostate cancer is a highly prevalent cancer. People all across the globe are diagnosed with prostate cancer, especially older men. The aging population globally is at risk of developing prostate cancer, which in turn is expected to boost the growth of the global prostate biopsy market.
However, such a landscape is increasing the demand for diagnostic procedures like biopsies, which is further expected to support the growth of the market. Technological advancements are another major reason attracting patients to biopsy procedures. For instance, IZI Medical Product successfully took over Cook Medical in February 2019. It is acquired under the soft tissue biopsy needle product line.
Nowadays, people are looking forward to the non-invasive methods of diagnosing and treatment to avoid discomfort. However, prostate biopsy is an invasive procedure, and therefore, it is expected to hamper the growth of the global prostate biopsy market.
The rising trend toward personalized medicine is likely to contribute heavily to the growth of the prostate biopsy industry. Modern healthcare infrastructure is designed to offer better access to diagnostic tools and machinery to provide improved healthcare facilities to patients. Moreover, people's increasing willingness to invest in preventive healthcare measures is also likely to contribute to the expansion of the industry.
For instance, Roche unveiled its comprehensive genomic profiling to extend personalized cancer research in October 2021. The product is named the AVENIO tumor tissue kit, and it is likely to allow labs to extend their oncology research in-house.
Prostate biopsy poses several side effects, like pain and infection. Therefore, the rising concerns regarding the complications associated with the biopsy are limiting the adoption of the procedures, thereby slowing down the growth of the prostate biopsy industry.
The global prostate biopsy market can be segmented into end-user, cancer type, test type, and region.
On the basis of end-users, the market can be segmented into cancer research institutes, diagnostic laboratories, hospitals, and others. Hospitals will be the fastest-growing segment in the prostate biopsy industry during the anticipated period. The demand for healthcare services is increasing globally, which is a major reason for the high growth rate of the segment. The constant increase in patient volume is also leading to the high demand for healthcare services in hospital centers. Hospitals are increasingly replacing their legacy infrastructure with cutting-edge medical technology and equipment to attract a larger patient pool and offer advanced services.
Also, companies and hospitals are investing heavily to foster high-end services and technological offerings to patients. The growing aging population is a crucial factor in increasing the demand for hospital services in the market. The growing burden of chronic diseases all across the globe is posing a huge need for medical care, thereby fostering developments in the market.
On the basis of cancer type, the market can be segmented into small cell carcinoma, prostate adenocarcinoma, benign prostate hyperplasia, and others. The prostate adenocarcinoma segment is likely to swipe the maximum share of the global prostate biopsy market during the forecast period. The rising incidences of prostate adenocarcinoma are propelling the growth of the segment. This domination is largely due to the growing awareness among people regarding the early diagnosis and treatment of the disease. The emergence of specific treatment modalities like radiation therapy and many other novel therapies is expected to influence the segment’s growth positively.
However, the shifting demographics towards the increasing aging population globally are expected to contribute heavily towards the development of the segment because the population is at a high risk of developing prostate adenocarcinoma. Also, the guidelines on the screening and management of the disease issued by healthcare organizations and governments are expected to positively impact the growth trajectory of the segment in the coming years.
On the basis of test type, the market can be segmented into immunohistochemistry, biopsy, biomarker tests, imaging tests, and others. The biomarker tests segment accounts for the largest share of the global prostate biopsy market during the forecast period. The increasing developments in the biomarker test are likely a primary factor for the high growth rate of the segment.
The emergence of personalized medicine care is also a crucial factor impacting the growth trajectory of the segment. Biomarker testing is important in drug development and clinical trials. It helps identify the cancer tissue and diagnose the patient's whole history.
Also, it is a more popular form of test in the market because of its non-invasive nature. Furthermore, government guidelines promote the adoption of biomarker tests in the diagnosis and treatment of cancer, which is also likely to impact the growth trajectory of the segment positively.
Market Size in 2022
USD 6,890.45 Million
Projected Market Size in 2030
USD 20,327.53 Million
CAGR Growth Rate
Key Market Players
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, and Others.
By End-User, By Cancer Type, By Test Type, and Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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North America accounts for the largest share of the global prostate biopsy market because of the high incidences of prostate cancer in the region. There is a high demand for effective treatment solutions for prostate cancer in the region. Also, the region is a hub for advancing technology and healthcare infrastructure.
Therefore, it is expected to contribute heavily towards the high growth rate of the regional market. Hospitals in the region are adopting cutting-edge technologies to come up with advanced biopsy techniques. The market is highly influenced by ongoing technological advancements and innovations in biopsy techniques. Also, the availability of reimbursement policies in the region helps patients get complete treatment from the hospital care centers.
Moreover, the growing awareness among people regarding the early detection and treatment of diseases is further accentuating the growth rate of the regional market during the forecast period. The presence of strong leaders in the companies is further expected to positively influence the market's growth. These brands are coming up with product development and a new market trend to swipe a larger market area, which is likely to support the growth of the regional market.
Asia Pacific is another major region that is expected to see huge growth in the coming years. The presence of growing economies in the region, like India and China, is expected to foster growth in the regional market. Governments of several countries are investing heavily in improving their healthcare infrastructure, which is likely to support the growth trajectory further.
Moreover, the rising healthcare expenditure in the region because of the growing disposable income of the people is also a major reason for the high growth rate of the market. Technological advancements and high adoption of biopsy techniques are also likely to expand the scope of the regional market.
The key players in the global prostate biopsy market include:
For instance, Qritive came up with an innovative AI-powered tool for prostate cancer diagnosis. It is expected to recognize adenocarcinoma regions and classify them into benign and malignant tumors.
The global prostate biopsy market is segmented as follows:
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