Prostate Biopsy Market by Product, End-user, and Geography - Forecast and Analysis 2020-2024

The prostate biopsy market size has the potential to grow by USD 380.23 million during 2020-2024, and the market's growth momentum will accelerate during the forecast period. The report analyzes the market's competitive landscape and offers information on several market vendors, including Becton, Dickinson and Co., Bio-Techne Corp., Boston Scientific Corp., Cook Group Inc., F. Hoffmann-La Roche Ltd., Guardant Health Inc., PURE Medical Device SA, QIAGEN NV, SOMATEX Medical Technologies GmbH, and Thermo Fisher Scientific Inc. Furthremore, this report provides a detailed analysis of the market by product (prostate needle biopsy and prostate liquid biopsy), end-user (hospitals, ASCs, and diagnostic centers), and geography (North America, Europe, Asia, and ROW).

Market Overview

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Market Competitive Analysis

The market is fragmented. Due to the increasing demand for prostate biopsy solutions in developing countries such as China and India, the vendors are currently trying to establish their presence in emerging economies. With all medical device manufacturers trying to increase their revenue shares, the market's competitive environment is intense. Product price, availability, brand, and variety are some of the major factors vendors usually compete on. To increase their revenue shares and stay competitive in the market, vendors have the need to expand their geographical presence and revive domestic demand. Additionally, to increase their profit margins, vendors also have the need to practice efficient production techniques that will minimize production costs and prevent cost overruns. Becton, Dickinson and Co., Bio-Techne Corp., and Boston Scientific Corp. are some of the major market participants. Although the growing incidences of prostate cancer will offer immense growth opportunities, the complications associated with prostate needle biopsies will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this prostate biopsy market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market's competitive landscape and offers information on the products offered by various companies. Moreover, this prostate biopsy market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

• Becton, Dickinson and Co.
• Bio-Techne Corp.
• Boston Scientific Corp.
• Cook Group Inc.
• F. Hoffmann-La Roche Ltd.
• Guardant Health Inc.
• PURE Medical Device SA
• QIAGEN NV
• SOMATEX Medical Technologies GmbH
• Thermo Fisher Scientific Inc.

Prostate Biopsy Market: Segmentation by Geography

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North America was the largest prostate biopsy market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The presence of the leading vendors in this region will be a major factor in driving market growth in this region. Moreover, advances in molecular diagnosis and the increased preference toward non-invasive diagnosis which will raise the demand for liquid biopsy procedures will also drive prostate biopsy market growth in this region over the forecast period.

41% of the market's growth will originate from North America during the forecast period. The US is one of the key markets for prostate biopsy in North America. Market growth in this region will be slower than the growth of the market in Asia and Europe.

Prostate Biopsy Market: Segmentation by Product

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The TRUS-guided systematic needle biopsy is the most common biopsy performed and is considered to be the standard method for detecting prostate cancer. The use of needle biopsy devices is less complex and also offers greater convenience, reduced cost and contamination, and minimal morbidity. According to analysts, this segment will continue to dominate the prostate biopsy devices market during the next four years as well.

This report provides an accurate prediction of the contribution of all the segments to the growth of the prostate biopsy market size.

Prostate Biopsy Market: Key Drivers and Trends

According to the prostate biopsy industry analysis, market research analysts at Technavio predict that the global prostate biopsy market will grow steadily during the next four years and post a CAGR of over 11% by 2024. This market research analysis identifies the growing incidences of prostate cancer as one of the primary factors for the prostate biopsy market growth. It has been observed that prostate cancer is the second most common cancer prevalent in males after skin cancer and mainly affects men above 50 years of age. Additionally, there is an increased incidence of another disorder associated with a prostate gland; benign prostatic hyperplasia (BPH) which results in the enlargement of the prostate. The prevalence of such disorders will increase the need for physicians to adopt prostate biopsy devices for diagnosis and screening of tumors in the prostate, boosting the market growth.

Recurrent revenue from repeat biopsy tests is one of the key prostate biopsy market trends, which will influence the growth of the market during the forecast period. The reoccurrence or false-negative test of prostate biopsies have resulted in repeat biopsy tests in men. The repeat biopsy for prostate cancer is generally contemplated in two different clinical settings; people with a persistent suspicion of prostate cancer after a first negative biopsy and during active surveillance, either to monitor or confirm the individual's natural progression of the benign condition during the follow-up period. However, the rationale behind these two clinical scenarios may depict a different choice for performing repeat biopsy tests due to inaccurate test results or if the sample taken during the first biopsy did not have cancerous cells. The main objective for repeat prostate biopsy is mainly related to uncertainty in the standard TRUS-guided biopsy in diagnosing prostate cancer. During a prostate biopsy procedure, various devices such as biopsy guns, disposable biopsy needles, and other consumables are used. As most of the target patients undergo repeat prostate biopsies for effective diagnosis, the demand for biopsy devices among end-users is increasing at a significant rate. Therefore, the inadequacy of prostate biopsy in detecting the elevated level of PSA has led to a rise in repeated biopsies in most cases. Thus, the growing number of repeat prostate biopsies will generate recurrent revenue for vendors.

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Prostate Biopsy Market: Key Highlights of the Report for 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive prostate biopsy market growth during the next five years
• Precise estimation of the prostate biopsy market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the prostate biopsy industry across North America, Europe, Asia, and ROW
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of prostate biopsy market vendors

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