Limitations with current clinical tools available for diagnosis and prognosis of prostate cancer have resulted in over-diagnosis and costly overtreatment which is impacting on the outcomes and quality of life of men. The biotech industry is investing significant resources into developing more specific biomarkers for prostate cancer detection and patient stratification which would greatly advance the decision-making processes behind prostate cancer management and treatment. In this review we focus on those biomarkers which have been translated into commercial tests available to clinicians. Since these tests aim to fill specific gaps during the decision-making process of prostate cancer management, we have grouped them based on the clinical question they claim to address i.e. improved prostate cancer screening, false negative biopsy dilemma, prognostic tests following a positive biopsy and tests predicting relapse/metastases after surgery. We evaluate each test with respect to its development, platform, clinical validation, biomatrix, regulatory approval status and cost.