Global Prostate Biopsy Market to Grow at a CAGR of 13% Through 2021, Says Technavio

Technavio has published a new report on the global prostate biopsy market from 2017-2021. (Graphic: Business Wire)

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LONDON--()--According to the latest market study released by Technavio, the global prostate biopsy market is expected to grow at a CAGR of close to 13% during the forecast period.

This research report titled ‘Global Prostate Biopsy Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.

According to Barath Palada, a lead analyst at Technavio for medical devices research,Prostate cancer is one of the most common forms of non-cutaneous cancer. The National Cancer Institute, a branch of the National Institute of Health, estimated that doctors in the US diagnosed about 233,000 new cases of prostate cancer in 2014. The increased prevalence of prostate cancer has increased the demand for prostate biopsies.”

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The market research analysis categorizes the global prostate biopsy market into three major end-user segments. They are:

  • Hospitals
  • Ambulatory surgical center
  • Diagnostic centers

Hospitals

Hospitals such as multi-specialty hospitals and hospital groups work under government sponsorship or through private entities. These hospitals have more than 500 hospitals beds and offer many inpatient and outpatient services. They procure medical products and consumables on bulk and engage closely with many suppliers, reimbursement authorities, and government organizations. They also have the state-of-the-art medical infrastructure to cater to the needs of people.

In these hospitals, diagnosis and monitoring of chronic diseases are conducted in outpatient settings. The surgeries are conducted in surgical rooms with special operating rooms. Prostate biopsy systems are largely performed in such hospitals. The capital investment for prostate biopsies in such institutions is mainly for ultrasound and MRI image guiding machines that are used in these hospitals as supportive devices for performing prostate cancer diagnosis.

Ambulatory surgical center (ASCs)

ASCs are modern healthcare facilities that are focused on providing same-day surgical assistance, including diagnostic and preventive procedures. These centers have transformed the outpatient experience for millions of individuals in the US by providing convenient facilities, as an alternative to hospital-based outpatient procedures. These centers are engaged in maintaining a strong track record of quality care and positive patient outcomes. Urologists perform prostate needle-based biopsies to remove prostate tissue from a prostate gland under general anesthesia.

“The number of prostate needle biopsies performed in ASCs is growing at a significant rate compared to hospitals especially in developed countries,” says Barath.

Diagnostic centers

The volume of prostate cancer diagnosis is more in diagnostic centers compared to hospitals. They can be large, medium, or small-sized diagnostic centers based on the volume of analysis or imaging performed. Large-sized diagnostic centers are linked with many hospitals and provide cost-effective diagnostic results to improve patient care. These centers conduct tests using advanced equipment and electronically transmit the results to the hospital, which helps reduce medical expenses and minimize the duration of result delivery. These diagnostic centers have skilled resources who can perform prostate biopsies.

Small-sized diagnostic centers perform a limited volume of tests compared to large and medium-sized diagnostic centers. These centers perform one test at a time in laboratory settings, as they have limited equipment and workforce. For ensuring test accuracy, samples are calibrated through standard reference materials in clinical laboratories.

The top vendors highlighted by Technavio’s healthcare and life sciences market research analysts in this report are:

  • C.R. Bard
  • Cook Medical
  • Endomed Systems
  • SOMATEX Medical Technologies
  • Biomedical

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

According to the latest market study released by Technavio, the global prostate biopsy market is expected to grow at a CAGR of close to 13% during the forecast period.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com