The global prostate biopsy devices market is expected to register a revenue CAGR of 5.3% between 2022 and 2032. Increasing prevalence of prostate cancer is one of the major factors driving market revenue growth. According to the American Cancer Society, nearly 161,360 new cases of prostate cancer were diagnosed in 2018 in the United States.
Another major factor driving revenue growth of the prostate biopsy devices market is increasing global geriatric population,that are prone to such chronic diseases. As per United Nations, people aged 60 or above are referred to as elderly population. According to World Health Organization, the global population aged 60 or above is projected to reach 2 billion by 2050. Prostate cancer is more common in older men, with 65% of cases diagnosed in men aged 65 or over.
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Major factor restraining prostate biopsy devices market revenue growth is implementation of stringent regulation for approval of these devices. In addition, easy availability of substitutes is expected to hamper revenue growth of the prostate biopsy devices market to some extent.
The global prostate biopsy devices market has been segmented based on product type, guidance type, end-use, and region.
On the basis of product type, the market is segmented into needles, kits & trays, and others. Among these, the needles segment accounted for a major market share in 2021, and is expected to maintain its dominance during the forecast period. This is attributed to the increasing number of needle-based prostate biopsy procedures being performed globally.
On the basis of guidance type, the market is segmented into ultrasound-guided, MRI-guided, and others. The ultrasound-guided segment is expected to register highest revenue CAGR during the forecast period owing to increasing preference for ultrasound-guided biopsy procedures over other types of procedures. This is also attributed to factors such as wide availability of ultrasound machines, ease of use, and low cost associated with ultrasound-guided prostate biopsies.
On the basis of end use, the market is segmented into hospitals & clinics and diagnostic centers. The hospitals & clinics segment is expected to account for larger revenue share during the forecast period. This is attributed to the increasing number of prostate biopsy procedures being performed in hospitals & clinics.
The diagnostic centers segment is expected to register highest revenue CAGR during the forecast period due to increasing need for diagnostics in order to make appropriate decisions regarding treatment to be given.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America market accounted for major revenue share in the global prostate biopsy devices market in 2021, and is expected to maintain its dominance over the forecast period owing to factors such as high prevalence of prostate cancer and availability of advanced healthcare infrastructure in countries in the region. Europe market is expected to register a significantly fast revenue growth rate during the forecast period due to factors such as increasing number of initiatives by governments of various countries in the region to raise awareness for early diagnosis of prostate cancer and availability of advanced healthcare infrastructure in the region.
Asia Pacific market is expected to register highest revenue growth rate during the forecast period due to large geriatric population base in the region and increasing prevalence of various chronic diseases including prostrate cancer.
The key players operating in the prostate biopsy devices market include Cook Medical, Inc., C. R. Bard, Inc., B. Braun Melsungen AG, Danaher Corporation (Hologic Inc.), Boston Scientific Corporation, CONMED Corporation, and Teleflex Incorporated. These players have been actively involved in various revenue growth strategies such as product launches and approvals, mergers and acquisitions, geographical expansions, and partnerships to maintain their position in this competitive market.
- In 2020, Cook Medical, Inc. received FDA clearance for its Zilver PTX Drug-Eluting Peripheral Stent System. The stent is indicated for the treatment of symptomatic peripheral artery disease in patients with de novo lesions or restenotic lesions in native superficial femoral arteries and/or popliteal arteries with reference vessel diameters of 2.25mm to 5.5mm and lesion lengths up to 140mm.
- In 2023, C. R. Bard, Inc. acquired Rochester Medical Corporation, a manufacturer of intermittent catheters and other urological products. The acquisition helped C. R. Bard to expand its product portfolio in the urology market.
- In 2023, B. Braun Melsungen AG launched the Xperius Stent System for the treatment of urethral stricture disease in Germany. The system is composed of a self-expanding nitinol stent with a polyurethane coating and an inner silicone membrane to provide a barrier against bacteria migration and tissue ingrowth.
Product Type Outlook (Revenue, USD Million; 2023-2032)
- Kits & Trays
Guidance Type Outlook (Revenue, USD Million; 2023-2032)
- Ultrasound-Guided Prostate Biopsy Devices
- MRI-Guided Prostate Biopsy Devices
- CT-Guided Prostate Biopsy Devices
End Use Outlook (Revenue, USD Million; 2023-2032)
- Hospitals & Clinics
- Diagnostic Centers
Regional Outlook (Revenue, USD Million; 2023-2032)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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