Researchers from University College London (UCL) in the UK estimate that adding the extra test could help 27 per cent men avoid an unnecessary biopsy and reduce the number of men who are over-diagnosed - diagnosed with a cancer that does not go on to cause any harm during their lifetime - by five per cent.
Typically, men undergo a biopsy of their prostate if they experience symptoms of prostate cancer or have a prostate specific antigen (PSA) test showing high levels of the PSA protein in their blood.
However, the PSA test is not always accurate, which means that many men undergo unnecessary biopsies.
"Prostate cancer has aggressive and harmless forms. Our current biopsy test can be inaccurate because the tissue samples are taken at random," said Hashim Ahmed from UCL.
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"This means it cannot confirm whether a cancer is aggressive or not and can miss aggressive cancers that are actually there.
"Because of this some men with no cancer or harmless cancers are sometimes given the wrong diagnosis and are then treated even though this offers no survival benefit and can often cause side effects," said Ahmed.
In the new study, 576 men with suspected prostate cancer were given an MP-MRI scan followed by two types of biopsy in 11 National Health Service (NHS) hospitals in the UK.
Firstly, they underwent a template prostate mapping (TPM) biopsy, which was used as a control to compare the accuracy of the MP-MRI and standard biopsy against.
The second biopsy was the standard transrectal ultrasound-guided (TRUS) biopsy - the most commonly used biopsy for diagnosing prostate cancer.
Of these, the MP-MRI scan correctly diagnosed almost all of the aggressive cancers (93 per cent), whereas the TRUS biopsy correctly diagnosed only half (48 per cent).
Further, for men who had a negative MP-MRI scan, nine out of 10 (89 per cent) had either no cancer or a harmless cancer.
Because of this, the researchers suggest that MP-MRI could be used before TRUS biopsy to identify those who have harmless cancers and do not need a biopsy immediately.