The US Acute Myeloid Leukemia Market is poised for a steered growth due to advancement in treatment approaches, increases healthcare costs and expenditure, growing investments in Research and Development, and a constant growth in population.
Story Outline
- Advancement in treatment approaches such as targeted therapies, checkpoint inhibitors, personalized medicines, and immunotherapies, help to enhance treatment efficiency along with minimizing the side effects of the particular treatment and drives market growth.
- Rise in healthcare cost and expenditure led to a rise in number of medical insurers which decreases financial barriers and provides cost-effective treatments to AML patients.
- Increased investments in research and development leading to new and innovative product launches and advanced treatment options, which increases consumer satisfaction hence leading to market growth.
- Increased population growth in US led to an increased number of Acute Myeloid Leukemia cases, resulting in higher demand for treatment options, diagnostics services, and supportive care.
US Acute Myeloid Leukemia Market is expected to grow at a CAGR of 10.5% in the forecast period (2022-2028) is being driven by advancements in treatment approaches, increases healthcare costs and expenditure, growing investments in Research and Development, and a constant growth in population. This article will provide information about the growth drivers of the US Acute Myeloid Leukemia market in detail.
1.Advancement in treatment approaches leading to high patient satisfaction, survival and remission rates.
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Acute Myeloid leukemia is one of the most common types of Leukemia in adults. Acute Myeloid Leukemia represents 1% of all the new cancer diagnoses found annually in US and has a five-year survival rate of around 29%.
The rising cases of Acute Myeloid Leukemia in US is expected to drive growth in US Acute Myeloid Leukemia Market. According to the American Society of Clinical Oncology in 2021, around 20,250 people (11,230 men and 9,010 women) were diagnosed with Acute Myeloid Leukemia. The American Cancer Society estimates 59,600 new cases and around 23,709 deaths from leukemia of all kinds in 2023.
Advancements in treatment approaches are really important to the US Acute Myeloid Leukemia Market. The innovations such as targeted therapies, checkpoint inhibitors, personalized medicines, and immunotherapies, help to enhance treatment efficiency along with minimizing the side effects of the particular treatment.
By personalizing therapies to patients' molecular and genetic profiles, it is seen that treatment outcomes improve, leading to high patient satisfaction, survival, and remission rates.
With the help of these technologically advanced treatments around 60%-80% of adults of age 60 years or younger and around 50% -65% of those who are above the age of 60 achieved complete remission after receiving the treatments.
The positive impact of these outcomes motivates physicians to utilize these advancements to the utmost. This in return attracts more investment in the US Acute Myeloid Leukemia market.
2.Increasing number of medical insurers providing affordable treatment options to patients, driving the growth of US Acute Myeloid Leukemia market.
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The rise in healthcare expenditure in US is majorly contributing to US Acute Myeloid leukemia Market of US. As the spending on healthcare increases the diagnosed patients get easy and greater access to advanced diagnostics tools, specialized treatments, targeted treatments, and therapies.
There is seen a sudden rise in healthcare expenditure because of the rise in cost of healthcare facilities in US. The record from 2001-2022 shows that the cost of healthcare and medical services has grown at a Consumer Price Index (CPI) of around 3.6% and the CPI of goods and services has grown around 2.6%.
This shows that the cost of healthcare and medical amenities increases at a faster rate as compared to the cost of other goods and services.
US has highest healthcare costs in the world, with an average of around $12800 per person. As noted in 2021, around 300 million people i.e., over 91% of the population of US have access to health insurance with an assortment of both public and private sector insurers.
More people with medical insurance means improved access to healthcare services without being burdened by the full cost of treatments like Acute Myeloid Leukemia.
This will also lead to an increase in clinical trials and will help advance research and development bloom leading to improved treatment adherence and growth of the Acute Myeloid Leukemia market in US.
3.Does investment in research and development enough to drive market growth?
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With a large number of companies involved in the Research & Development process and new product launches, the US Acute myeloid Leukemia Market is expected to drive growth in the forecast period 2022-2028). By investing in R&D, major pharmaceutical companies and research institutions constantly strive to discover new therapy agents, effective treatment approaches, and novel drug compounds for AML patients.
Researching industry accounts for around 70% of US medical and health investment in R&D in 2020. Federal government investments account for nearly one quarter (25%) and the National Institute of Health (NIH) alone accounts for around 20% of all such investments in 2020, out of all medical and health R&D.At this level, NIH stands as the second largest funder in terms of investment in medical and health research after the biopharmaceutical industry.
The new product launches, for instance, in December 2017, Pfizer announced that the Food and Drug Administration (FDA) of US approved Bosutinib for the treatment of patients with chronic myelogenous leukemia (CML).
Similarly, in January 2020 Bristol Myers Squibb received the US FDA’S approval for Onureg for the treatment of adult patients with AML. Moreover, Novartis AG is developing a combination drug (MBG453, Venetoclax, Azacitidine) for the treatment of Acute Myeloid Leukemia, which is in phase 2 of clinical trials. Such positive initiatives for product launches and developments are supporting the growth of the US Acute Myeloid Leukemia Market.
4.Population growth leading to increased AML diagnosis, thus giving rise to the demand for treatment options, diagnosis services, etc., benefitting market growth.
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Acute Myeloid Leukemia is noted as one of the most common types of Leukemia, and its diagnostics are rising globally at a fast rate. Talking about US the constant rise in population in the region is one of the most common reasons of increasing Leukemia cases, which can drive growth of US Acute Myeloid Leukemia Market of US at an expected CAGR of 10.05% in the forecast period (2022-2028).
According to the data the population of US as of 2022, was approx. 336 million; and approx. 330 million in 2021. The population growth rate of US in 2022 was around 0.38% as compared to growth rate in 2021 at around 0.30%. as of 2023, the current growth rate is 0.50%.
As the population of US is rising constantly, the number of Acute Myeloid Leukemia cases are also rising, which results in increased demand for better treatment options, advanced diagnostics services, and supportive care.
The huge pool of patient growth not only led to increase the demand of already existing treatments but also implements the use of research and development to discover more effective therapies.
This demographic shift demands urgency, accessible and advanced treatment options which ultimately bolster market growth creating a multifaceted demand for Acute Myeloid Leukemia related services, which drives market growth and initiates advancements in research and treatment.
Conclusion
The US Acute Myeloid Leukemia (AML) market is poised for substantial growth driven by multiple factors. Advancements in treatment approaches, such as targeted therapies and immunotherapies, are enhancing treatment efficiency while minimizing side effects, leading to higher patient satisfaction and improved outcomes.
Increased investments in research and development are resulting in innovative product launches and advanced treatment options, further boosting market expansion.
Additionally, the constant growth in the US population is driving higher Acute Myeloid Leukemia diagnoses, creating a strong demand for improved treatment options and diagnostics services. Overall, these dynamics are projected to propel the US AML market towards reaching an impressive 1 billion US dollars by 2028.
