The Lung cancer Market is growing mainly due to the changing lifestyle, and environmental pollution.
According to a recent study report published by the Market Research Future, The lung cancer market is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
Lung cancer is a malignant lung tumor characterized by uncontrolled cell growth in lung tissue with symptoms such as coughing, weight loss, and fatigue and chest pain. The two types of lung cancers are small-cell lung cancer (SCLC) and non-small-cell lung cancer (NSCLC). The NSCLC type accounts for almost 80% of the total lung cancers.
According to American Society of Clinical Oncology (ASCO) the 5-year survival rate for stage I NSCLC is about 47% which falls drastically to 10% for stage III. The 5-year survival rate for stage IV NSCLC is just around 1%.
Lung Cancer Market – Competitive Analysis
The lung cancer market is currently dominated by various players. Lung cancer has become one of the nost common causes of cancer death worldwide. So, in recent years various existing and new marketers are continuously coming up with innovative products to control this condition.
Pfizer is another US-based renowned biopharmaceutical organization. In July 2016, Pfizer and Western Oncolytics announce an immuno-oncology research collaboration. This collaboration has the aim to investigate novel oncolytic virus technology. Under terms of the agreement, Pfizer and Western Oncolytics will collaborate on preclinical, clinical development of WO-12 through Phase I trials. Financial terms of agreement are not disclosed.