The oncology sector is at the forefront of redefining cancer treatment methodologies through advancements in AI, robotics and genome sequencing. While progress has been made, there remains untapped potential, emphasising the persistent need for simplified treatments and curative breakthroughs, according to a report by Tracxn.

In 2021, the oncology space reached a zenith in VC funding, soaring to nearly $23.5 billion globally. However, subsequent years witnessed a downward trend, notably in 2023, marking the least funded year in the past five years.

In the dynamic landscape of the oncology sector in India, the latest analysis unveils a compelling narrative of innovation, funding trends, and global impact. Perfint Healthcare has emerged as a frontrunner, securing $40.1 million in total funding, leading a trail that includes Immuneel and Zumutor with $27.4 million and $26.2 million, respectively, according to the report.

The report noted that the groundbreaking revelation is the dominance of the oncology drugs, securing $27.1 million, with noteworthy contributions from key players like ImmunoACT and Immuneel. While Bengaluru takes the lead with the highest number of founded companies (20), the overall funding activity is experiencing a yearly decline, signalling a potential shift in focus.

The sector includes over 5,500 start-ups worldwide, and in India, 94 companies have been established so far, with 55 of them successfully securing funding. The investment landscape mirrors a fluctuating journey, peaking in 2019 and showcasing Bengaluru’s prominence with $85.7 million in total funding to date. Recent notable funding rounds for Cellogen Therapeutics and ImmunoACT underlines the ongoing investor interest and confidence in the sector.

India has experienced just one acquisition involving Cipla so far. To date, India has seen only two initial public offerings (IPOs), in contrast to the 613 IPOs that have occurred worldwide.

Despite the challenges, the oncology sector continues to evolve, with innovative solutions leveraging AI, robotics and genome sequencing. As we navigate the complexities of cancer research and treatment, the innovative spirit and global collaboration within the oncology sector continue to drive advancements, offering hope for a brighter future in the fight against cancer, the report said.