The acute myeloid leukemia (AML) treatment market is estimated to garner a notable revenue by growing at a significant CAGR over the forecast period, i.e., 2021-2029. The growth of the market can be attributed to the growing concerns for the increasing cancer mortality rate and the rising prevalence of acute myeloid leukemia around the world. As per the statistics of World Health Organization, cancer is the second leading cause of death, and is responsible for about one out of every six deaths globally. Moreover, according to the statistics by the National Cancer Institute (NCI) of the U.S. Department of Health and Human Services, AML contributes to 1.8% of all cancer deaths in the United States. Furthermore, high occurrence of cancer cases and low survival rate is estimated to generate ample opportunities for the growth of the global AML treatment market by the end of 2029. In the other statistics by the NCI, the survival rate for adults with AML is 28%. Moreover, more than 19,500 new cases of AML occur every year in the United States. Additionally, around 64,512 people in the U.S. were living with AML, as of 2017.
The market is segmented by disease type into promyelocytic, myeloblastic, myelomonocytic, monocytic and others. Based on treatment type, the market is further segmented into chemotherapy, stem cell transplantation, anticancer drugs, and others. Out of these, the chemotherapy segment holds the largest market share in 2021 on the back of its popularity as cancer treatment. However, the stem cell transplantation segment is estimated to emerge with a promising CAGR during the forecast period, on the back of ongoing research and medical advancements regarding stem cell transplants. Alternatively, the anticancer drugs segment, which includes specific drugs for the treatment of AML, such as arsenic trioxide or trans-retinoic acid, targets specific mutations of leukemia cells in rare cases, and is projected to hold a significant revenue share by the end of 2029.
Regionally, the global AML treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Among the market in these regions, the market in North America is anticipated to account for the largest share by the end of 2029 in the global acute myeloid leukemia treatment market. Increased government funding in R&D activities, a well-developed public healthcare sector and elevated disposable income of the people in the region are the major factors expected to drive the market growth during the forecast period. According to the data by the World Health Organization (WHO), as of 2018, 16.416 % of the GDP is spent on health sector in North America. Moreover, people-friendly medical reimbursement policies are also estimated to boost the market growth in North America. The market in Europe, on the other hand, is estimated to be a promising market owing to the high healthcare expenditure in the region. Moreover, the growth of the market is encouraged by the availability of a large geriatric population in the region. As of 2019, over 20% of the total population in Southern Europe was aged 65 years and above.
Moreover, the market share of Asia Pacific is expected to grow notably during the forecast period due to the enormous unmet potential present in the healthcare sector of the region. The rapid economic development combined with a growing demand for advanced healthcare system is likely to encourage considerable growth for the APAC region.
The global AML treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global AML treatment market includes the following segments:
The major industry leaders in the global acute myeloid leukemia (AML) treatment market are Novartis AG, Pfizer Inc. and Johnson & Johnson Services Inc. who are manufacturing FDA-approved AML treatment drugs. Other than these, many manufacturers such as Cyclacel Pharmaceuticals, Inc., Bristol Myers Squibb, Sanofi-aventis Groupe, and Eisai Co. Ltd. are involved in the research and development of AML treatment drug, with their drugs undergoing the different phases of clinical trials. Additionally, the market is estimated to witness increased competition among the key players in the upcoming years owing to the increased investment in R&D and for the interest of several new players to enter the market.
FREQUENTLY ASKED QUESTIONS
Rising prevalence of AML and increasing cancer mortality rate are the major factors driving the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.
High cost of treatment and lengthy approval process for the treatment drug along with the multiple side effects of treatment are estimated to hamper the market growth.
The major players in the market are Pfizer, Novartis AG, Johnson & Johnson Services Inc., along with Cyclacel Pharmaceuticals Inc., Bristol Myers Squibb, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by disease type, treatment, end-user and by region.
The chemotherapy segment is anticipated to hold the largest market size as it is the most common and popular treatment for cancer and is estimated grow at a significant CAGR over the forecast period and display significant growth opportunities.
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