Prostate Biopsy MarketIncreasing Research And Development Activities Is Set To Further Enhance The Overall Market Demand For Prostate Biopsy Market
Prostate Biopsy Market size is estimated to reach $6,650 million by 2026, after growing at a CAGR of 11% during the forecast period 2021-2026. Prostate biopsy is used for the treatment of prostate cancer which is ideal to collect sample tissue from prostate to identify cancer. The prostate specific antigen test (PSA Test) is used in screening prostate cancer and helps to determine the necessity for prostate biopsy. With the help of biopsy procedure, small sample of prostate are removed to verify the presence of cancer. A prostate biopsy uses transrectal ultrasound which is used to investigate prostate cancer. During surgery, prostate gland tissue is taken out with a biopsy needle through prostate biopsy in order to test the presence of cancer. Growing incidence of prostate cancer and rising technological development is the major factor driving the growth of this market. Furthermore, increasing research and development activities is set to further enhance the overall market demand for Prostate Biopsy Market for the period 2021-2026.
Prostate Biopsy Segment Analysis – By Type
The global Prostate Biopsy Market based on Type can be further segmented into Prostate Needle Biopsy, and Prostate Liquid Biopsy. The Prostate Needle Biopsy segment is the major segment generating revenue in 2020, owing to accurate sampling of prostatic tissue that are considered at high risk for prostatic cancer. The Prostate Liquid Biopsy segment is estimated to register the fastest CAGR of 5.9% for the period 2021-2026. This is owing to easy procedure, low cost and fast and helps to overcome cancer by providing a more systemic view of cancer that increases the use of PSA test through prostate biopsy and are increasing the growth of this segment.
Prostate Biopsy Segment Analysis – By End-Use Industry
The global Prostate Biopsy Market based on End-Use Industry can be further segmented into, Hospitals, Ambulatory Surgical Centers, and Others. The Hospitals segment registers for the Prostate Biopsy highest market share in 2020. This is mainly owing to increasing availability of large number of beds that provides quick services, proper treatment and availability of skilled professional and the availability of transrectal ultrasound increases the demand of treatment in hospitals and are increasing the growth of this segment. The ambulatory surgical centers segment is estimated to register the fastest CAGR of 5.1% over 2021-2026. This is mainly owing to availability of providing healthcare facilities that are focused on providing same-day surgical assistance, including diagnostic and preventive procedures and are increasing the growth of this market.
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Prostate Biopsy Segment Analysis – By Geography
North America dominated the Prostate Biopsy Market with major share of 40% in 2020. This is owing to availability of advanced biopsy devices and awareness among the people about disease. According to American Cancer Society, about 191,930 men in U.S. are diagnosed with prostate cancer that increases the treatment of prostate biopsy and are increasing the growth of this market.
However, Asia-Pacific is estimated to outpace all the regions by clocking the highest CAGR of 8% during the forecast period 2021-2026 owing to rising geriatric population and increasing development in healthcare facilities.
Prostate Biopsy Market Drivers
Growing Incidence of Prostate Cancer
Increasing incidence of prostate cancer and increasing demand for prostate biopsy treatment increases the growth of the Prostate Biopsy Market. According to World Health Organization, about 70% of death occur from cancer and about 1.41 million people have prostate cancer that increasing the growth of the Prostate Biopsy Market over 2021-2026.
Rising Technological Development
Increasing advancement in the treatment of prostate cancer and rising advancement in technology is increasing the growth of the Prostate Biopsy Market. Moreover, increasing cancer therapies such as radiation, chemotherapy, hormone therapy helps to prevent from cancer that increases the growth of Prostate Biopsy Market over 2021-2026.
COVID-19 pandemic had greatly affected the Prostate Biopsy Market. Owing to pandemic, the risk of SARS-CoV-2 infection increases for the prostate cancer patients and the treatments are planned remotely which make delays for some patients for the treatment that are negatively affected the growth of this market.
Prostate Biopsy Market Challenges
High Cost Associated with Prostate Biopsy
The factors that is set to impede the growth of the Prostate Biopsy Market are the high cost of biopsy treatment. Moreover, lack of skilled professional for the treatment of prostate biopsy is set to create hurdles for the Prostate Biopsy Market.
Prostate Biopsy Market Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Prostate Biopsy Market. Prostate Biopsy top 10 companies include, 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., and Thermo Fisher Scientific Inc.
In December 2019, Koninklijke Philips N.V. has collaboration with Paige in order to develop the diagnosis of cancer disease and helps in development for the treatment of prostate cancer.
Geographically, in 2020, North America dominated the Prostate Biopsy Market owing to availability of advanced biopsy devices and awareness among the people about disease.
Growing incidence of prostate cancer and rising technological development are likely to aid in the market growth of the Prostate Biopsy.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Prostate Biopsy Market report.
High cost associated with prostate biopsy is set to create hurdles for the Prostate Biopsy Market.
Related Reports :
A. Prostate Cancer Diagnostic Market
B. Prostate Specific Antigen Testing (PSA) Testing Market
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