Global Oncology Sector Thrives with $424 Million Funding in 2024

By siliconindia  |  Friday, 01 March 2024, 04:59:14 PM IST

Global Oncology Sector Thrives with $424 Million Funding in 2024
A recent report highlights the robust global oncology sector, boasting a cumulative funding of $424 million this year. The Indian landscape, in particular, showcases a compelling narrative of innovation and funding trends, marked by advancements in cutting-edge technologies.
In India, the oncology sector has seen the establishment of 94 companies, with an impressive 55 of them successfully securing funding. Leading the charge is Perfint Healthcare, securing a substantial $40.1 million in total funding, followed closely by Immuneel and Zumutor with $27.4 million and $26.2 million, respectively.
A noteworthy revelation is the dominance of oncology drugs in funding, securing $27.1 million, with significant contributions from key players such as ImmunoACT and Immuneel, as reported by market intelligence firm Tracxn.
Bengaluru emerges as a key player in this sector, leading with the highest number of founded companies, totaling 20.
The report underscores the sector's global prominence, with over 5,500 companies worldwide and approximately 4,000 funded to date. It emphasizes the sector's role in redefining cancer treatment methodologies through advancements in artificial intelligence, robotics, and genomic sequencing.
In 2023, the overall funding for the oncology sector amounted to an impressive $9.2 billion, witnessing the emergence of 12 unicorn companies. Top investors, including Orbimed, EIC Fund, and RA Capital Management, play pivotal roles in driving the sector. Y Combinator, Alexandria, and Proxima Ventures have emerged as top seed investors in the last two years, while Orbimed, Alexandria, and RA Capital Management lead in early-stage investments.
The report paints a vivid picture of the thriving global oncology landscape, with India emerging as a key player in innovation and funding within the sector.

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