Single specialties carving their own path in Indian healthcare

Overall, single-specialty hospitals demonstrate strong advantages over multi-specialty hospitals across several key dimensions. Their focused investment in targeted equipment, optimized unit economics, and streamlined SOPs enable lower capex and opex, higher scalability, and better control over quality. Strong brand equity in specific specialties, deeper doctor expertise, reduced risk of cross-infection, closer proximity to patients, and a more customized patient experience further enhance their appeal. While affordability remains broadly comparable to multi-specialty hospitals, single-specialty centers differentiate themselves through efficiency, specialization, and superior patient-centric care.

Single-specialty hospitals are witnessing increasing investment momentum, supported by favorable macro tailwinds, attractive unit economics, and a strong ability to operate independently, which has also driven high M&A interest from private equity investors. As several single specialties mature, robust business fundamentals and supportive public markets are expected to lead to more public listings, with the market capitalization of listed single-specialty hospitals estimated to reach ~INR 150K crore (USD 18 bn) by FY30, up from ~INR 33K crore (USD 4 bn) as of March 2025. This growth is expected to mirror the market-cap expansion seen in multi-specialty hospitals over the last decade. Going forward, single-specialty hospitals are likely to continue gaining market share from multi-specialty hospitals and standalone doctor practices, driven by strong branded consumer propositions, superior patient experience, higher accessibility, and faster technology adoption, alongside significant expansion opportunities in Tier-2 and smaller cities beyond the current metro and Tier-1 focus.

1. IVF 
We anticipate that a growing reproductive-age population, rising infertility rates, increasing awareness, and advancements in technology will drive demand for Indian IVF chains, with the fertility market projected to reach INR 12K–14K crore by 2028 alongside improving industry-wide success rates.

2. Eyecare 
An increasing geriatric population, rising lifestyle diseases, and higher screen time—leading to greater myopia incidence among teenagers—along with growing discretionary spending on procedures such as LASIK, are expected to drive the eyecare services market to INR 55K crore by 2028.

3. Mother & Child 
We believe that a growing population in the reproductive age group, coupled with increasing institutional deliveries, will drive volumes for Indian maternity chains, with the market size expected to reach INR 41K+ crore by FY28, while the pediatric care market is growing at a faster rate of ~14%.

4. Dialysis 
An increasing geriatric population and the rising prevalence of diabetes and hypertension are expected to drive volumes for Indian dialysis chains, with dialysis procedures projected to grow at ~10% volume CAGR by 2028, while hemodialysis remains the primary mode as other forms continue to face feasibility and adoption hurdles.

5. Oncology
We estimate the Cancer Care market will continue growing at a 13%–14% CAGR over the next 4–5 years, reaching INR 42K–44K crore by 2028, driven by increasing life expectancy and a higher incidence of lifestyle-related issues.
 

1. Dental 
Increasing affordability, rising oral and smile/beauty awareness, and the emergence of new technologies like clear aligners will drive volumes for Indian dental chains, with the market size expected to reach INR 80K+ crore by 2028, growing at a 14% CAGR, including INR 3K+ crore from the aligners segment.

2. Urology – Nephrology
Increasing geriatric population, rising prevalence of lifestyle diseases, and higher recurrence risk will drive demand for Indian urology chains, with urology procedures expected to grow at ~9% volume CAGR by 2028.

3. Skin & Hair Care 
Increasing lifestyle issues among the young population, rising female workforce participation, growing affordability, and higher discretionary spending are expected to drive demand for Indian skin and hair care chains, with the market anticipated to grow at ~17% CAGR until 2028.