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The prostate biopsy procedure is performed by urologists. In this procedure, a prostate tissue sample is collected from the walnut-shaped prostate gland to check the presence of abnormal cells in the gland or to detect cancer. Doctors usually prescribe this procedure only after performing initial tests which include a prostate-specific antigen blood test or digital rectal exam. It is mostly seen in men aged 50 years and above. Moreover, an increase in benign prostatic hyperplasia influences the increase of prostate gland disorders.
Rise in prevalence of prostate cancer, increase in number diagnostic centers, early detection of prostate cancer are the factors that are positively influencing the growth of the prostate biopsy needle market. According to World Cancer report, cancer cases will be increasing by 50% to 15 million new cases by 2020 which is also anticipated to positively influence the market growth. Additionally, some of the factors such as a reduction in morbidity, decreased cost, low contamination, and greater convenience is also boosting the growth of the prostate biopsy needle market in the near future.
Key Market Driver -
Increase in prevalence of prostate cancer
Key Market Restraint -
Stringent regulation and availability of alternative procedural treatments
Furthermore, technological developments in the treatment of prostate cancer is triggering the growth of the market. In addition to this, early diagnosis of prostate disorder, minimally invasive procedures, and fast treatment is emerging as a potential opportunity for growth of the market. For instance, imaging technology, needle-based biopsy guns, and biopsy guided systems are also propelling the market growth. Moreover, the government initiatives for research and development activities towards awareness of cancer treatment is also influencing the growth of the market.
However, stringent regulations, lack of technology penetration in emerging markets, the dearth of skilled professionals, and availability of alternative procedures are hampering the growth of the market.
The major companies in the global prostate biopsy needle market report include Protek Medical Products Inc., Olympus Corporation, PURE Medical Device, Cook, Coloplast Group, Medtronic, and Boston Scientific Corporation.
Geographically, the prostate biopsy needle market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is dominating the market owing to the rise in the prevalence of prostate cancer, a rise in healthcare expenditure, and early adoption of technology.
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Europe is the second-largest contributor in the market owing to the rise in healthcare technological advancements and increased per capita expenditure. Asia Pacific is anticipated to witness lucrative growth owing to the rise in geriatric population, increase in healthcare awareness, and government initiatives related to cancer treatments, increases in cancer research and development activities. Middle East and Africa are also expecting to experience lucrative growth owing to rise healthcare awareness.
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