It could also significantly reduce over-diagnosis, researchers say.
Prostate cancer is the most common form of cancer in men, with around 130 new cases diagnosed in the UK every day and more than 10,000 men a year dying as a result of the disease.
However, there is currently no national screening programme for the disease in the UK.
Men suspected of having the disease have a blood test that detects raised levels of the prostate-specific antigen (PSA).
The National Institute of Clinical Excellence (NICE) guidelines also advise that all men with a positive PSA result have an MRI scan prior to biopsy.