Prostate Cancer Biopsy Market Assessment, By Type [Prostate Liquid Biopsy, Prostate Needle Biopsy], By Product [Needles, Kits and Trays, Others], By Guidance [MRI-Guided Prostate Biopsy Devices, CT-Guided Prostate Biopsy Devices, Ultrasound-Guided Prostat

Prostate Cancer Biopsy Market Assessment, By Type [Prostate Liquid Biopsy, Prostate Needle Biopsy], By Product [Needles, Kits and Trays, Others], By Guidance [MRI-Guided Prostate Biopsy Devices, CT-Guided Prostate Biopsy Devices, Ultrasound-Guided Prostate Biopsy Devices, Others], By End-user [Hospitals, Diagnostic Centers, Others], By Region, Opportunities and Forecast, 2017-2031F

Global prostate cancer biopsy market is projected to witness a CAGR of 7.74% during the forecast period 2024-2031, growing from USD 6.09 billion in 2023 to USD 11.06 billion in 2031. Factors that shape the global prostate cancer biopsy market include the use of AI tools for prostate cancer biopsies, government initiatives, increased demand for kits, the growing popularity of prostate liquid biopsy and the adoption of safer guidance devices such as MRI-guidance.

The global prostate cancer biopsy market is influenced by several important factors, which are the reflection of evolving medical technology and evolving healthcare practices. One notable development that improves the accuracy and effectiveness of cancer identification is the use of AI techniques in prostate cancer biopsies. AI systems can accurately analyze biopsy images, improving patient outcomes and reducing the likelihood of a misdiagnosis.

In the global prostate cancer biopsy market, government initiatives that provide funding and assistance for developments in cancer diagnosis are crucial to the progress of the field’s research and development. The two main objectives of these projects are raising awareness and improving accessibility of enhanced diagnostic instruments.

Additionally, the growing incidence of prostate cancer is driving the demand for biopsy kits, which in turn is propelling the growth of the global prostate cancer biopsy market. These kits make the biopsy process more patient-friendly by enabling less intrusive treatments and providing convenience. Another development is the increasing prevalence of liquid biopsies of the prostate. By analyzing cancer cell DNA in the blood, liquid biopsies provide a non-invasive substitute for traditional tissue biopsies while providing vital tumor information.

Consequently, the precision of biopsies has increased with the use of safer guidance tools, including MRI-guided biopsy devices. With improved visualization of prostate gland made possible by MRI guidance, suspicious regions can be sampled more precisely, reducing biopsy risks. Together, these elements influence the dynamics of the global prostate cancer biopsy market for prostate cancer biopsies, suggesting ways to enhance patient care and diagnostic options.

Philips and imaging biomarker specialist Quibim partnered in October 2023 to introduce the next generation of AI-based imaging and reporting solutions for MR prostate exams. Combining Quibim's AI-enabled image analysis software with Philips' allows physicians to treat prostate cancer patients more quickly and effectively while reducing costs and staffing shortages.

Use of AI Tools to Expand the Demand

Prostate cancer biopsy sales are rising dramatically worldwide, mostly because of advances in technology, especially the use of AI techniques. These artificial intelligence technologies are improving the accuracy and consistency of biopsy processes, which is revolutionizing the diagnosis of prostate cancer. Artificial intelligence systems possess the ability to analyze intricate biopsy images and detect patterns and signals which human eye would overlook.

Reducing the possibility of false negative results and raising the detection rate of malignant cells guarantees that patients obtain accurate and early diagnoses. By providing a more effective, precise, and minimally invasive method of identifying prostate cancer, the incorporation of AI into prostate cancer biopsy procedures marks a significant advancement in oncology and spurs growth and innovation in the global prostate cancer biopsy market.

For instance, a Florida-based medical technology company introduced a cutting-edge AI diagnostic for prostate cancer treatment in April 2023. Doctors are assisted in selecting individualized patient care by ArteraAI's ""first-ever predictive test."" Patients with localized prostate cancer benefit from being the first of its kind.

Government Initiatives

Prostate cancer awareness campaigns and screening programs are actively promoted by governments across the globe, which has greatly fueled the expansion of the global prostate cancer biopsy market. These programs are essential for early detection and enhance the effectiveness of treatment and their likelihood of survival. Governments encourage men to undergo early diagnostic tests, such as biopsies, by supporting and promoting prostate cancer screening programs. It increases the demand for biopsy procedures and related technology. By ensuring that more people are diagnosed and treated in the early stages of the disease, such initiatives contribute to lowering the death rate related to prostate cancer and stimulate the global prostate cancer biopsy market.

For instance, on 19th November 2023, The United Kingdom Government initiated a significant prostate cancer screening experiment. A screening trial was announced by Prostate Cancer UK and the Government to find ways to diagnose prostate cancer proactively. Thousands of men who are more likely to get cancer were recruited by them. The trial, named TRANSFORM, will use innovative techniques such as magnetic resonance imaging (MRI) screening to discover cases not detected by blood testing and in the absence of cancer symptoms.

Increased Demand for Kits

The growing need for biopsy kits is behind the significant expansion of global prostate cancer biopsy market. These kits play a crucial role in biopsies, which are necessary for the diagnosis of prostate cancer. Their convenience and the move to less invasive diagnostic techniques, which improve patient comfort and compliance, are credited with their increased demand. Biopsy kits facilitate the process for medical professionals, guaranteeing the successful and rapid execution of biopsies. The pattern is part of a larger shift in healthcare that is patient-centric and emphasizes reducing discomfort and increasing diagnostic precision. The global prostate cancer biopsy market is expected to grow significantly as the awareness and prevalence of prostate cancer increase, leading to a rise in demand for these kits.

Co-labeled digital PCR kits are marketed by Stilla Technologies and Atila Biosystems started in March 2023. ""naica"" is Stilla's primary PCR device, and the kits and assays are made by Atila. The purpose of these digital PCR kits is to identify circulating tumor DNA (ctDNA) in liquid biopsy samples. These samples are obtained from patients with prostate, colon, melanoma, lung, and breast cancer.

Growing Popularity of Prostate Liquid Biopsy

Prostate liquid biopsies are becoming increasingly common in the global prostate cancer biopsy market, which represents a significant shift towards non-invasive diagnostic techniques. Liquid biopsies provide a less invasive option than standard tissue biopsies by analyzing circulating tumor cells or bits of tumor DNA in a patient's blood. The approach is a desirable choice for patients and healthcare professionals because it greatly lowers patient suffering and the chance of problems. Liquid biopsies are becoming more widely accepted due to their ability to detect cancer early, track its course, and evaluate the effectiveness of treatment. The trend highlights the increasing need for better patient-friendly, precise, and effective diagnostic technologies in the management of prostate cancer, which is driving innovation in the global prostate cancer biopsy market.

PanGIA Biotech announced in January 2024 that it aims to develop scalable and real liquid biopsy technology for global impact. It has completed its prospective, multicenter, three-year clinical study on liquid biopsy for prostate cancer and the study was conducted prospectively. The news was announced as the business got ready to start more clinical trials with the PanGIA Liquid Biopsy Platform for early multi-cancer diagnosis.

North America Dominates the Market

The global prostate cancer biopsy market is dominated by North America, which is a result of several important factors. Firstly, the area is home to a highly developed healthcare infrastructure with a focus on cancer research and diagnostics, which is made possible by significant expenditure on medical technology. The population's high level of knowledge of prostate cancer and the value of early detection plays a significant role in the high demand for biopsy procedures.

Also, the strong regulatory environment and pro-innovation policies in healthcare in North America aid in the quick uptake of cutting-edge diagnostic tools like AI-enhanced imaging and MRI-guided biopsies. When assessed together, these factors guarantee North America's dominant position in the industry, propelling advancement and establishing global benchmarks for prostate cancer diagnosis.

Oxford BioDynamics, plc announced in September 2023 that its EpiSwitch Prostate Screening (PSE) blood test has been validated in its US clinical laboratory. It means men who are at risk of prostate cancer can immediately access their highly accurate PSE test.

Future Market Scenario (2024 – 2031F)

The global prostate cancer biopsy market is expected to be significantly impacted by the excessive adoption of AI tools. The market is to be benefited from the increasing accessibility of the technology in the future.

The rising demand for minimally invasive procedures, such as liquid biopsies, will significantly propel the growth of the market in the future. Liquid biopsy requires less time and delivers precise results.

The need for biopsy techniques and diagnostic technology may rise significantly in various countries in Asia, Africa, and Latin America due to rising access to healthcare facilities and upgrading healthcare infrastructure. The growth will positively impact the global prostate cancer biopsy market in the future.

Healthcare professionals are actively adopting numerous screening techniques like active surveillance and tailored screening which will boost the growth of the global prostate cancer biopsy market in the future.

Key Players Landscape and Outlook

Major firms in the global prostate cancer biopsy market are engaging in collaborations. It is a strategy that greatly boosts growth and innovation in the global prostate cancer biopsy market. Companies can make use of each other's advantages through these collaborations, which frequently involve sharing technology breakthroughs, research capacity, and market access. Partnerships may result in the creation of less intrusive, more precise biopsy technologies, improving patient care and diagnostic accuracy. To increase detection rates, technology businesses and biopharmaceutical companies should form partnerships to expedite the integration of AI and machine learning in biopsy analysis. In addition to advancing technology, these joint initiatives broaden the application of cutting-edge diagnostic tools and provide a cooperative yet competitive market environment that benefits patients everywhere.

Following the successful evaluation of a blood-based genomic profiling test in prostate cancer, MBdx and AstraZeneca extended their collaboration agreement in June 2023 to support the shift from tissue to liquid biopsy. With the help of the PROSPER 2.0 project's AlphaLiquid HRR test, patients with metastatic castration-resistant prostate cancer (mCRPC) now have a plethora of options.