India’s top hospital chains, including Max Healthcare, Apollo Hospitals, and Fortis Healthcare, are experiencing a significant shift in their revenue mix, with oncology emerging as the fastest-growing and most profitable specialty. Oncology, once a niche segment, is now a central part of their strategic plans, driven by rising cancer incidence, improved diagnostics, and high-complexity treatments that command premium pricing.
At Max Healthcare, oncology contributes nearly 25% of inpatient revenue, making it the largest therapeutic segment. Fortis Healthcare reported a 28% year-on-year growth in oncology revenue in Q1 FY26, with the segment accounting for 16.4% of total hospital income. Apollo Hospitals, which pioneered proton therapy in India, sees oncology as both a clinical and commercial imperative, operating 13 Comprehensive Cancer Centres across 12 cities.
The growth in oncology is underpinned by factors such as rising cancer incidence, improved screening, insurance penetration, and the inherently high revenue per patient. Cancer care typically involves multidisciplinary teams, advanced diagnostics, and long treatment cycles, making it a high-margin specialty. According to the National Cancer Registry Programme Report 2020, the number of cancer cases in 2020 was estimated to be 13.9 lakhs, and it is projected to increase to 15.7 lakhs by 2025.
Hospitals are investing heavily in infrastructure, including expensive radiation therapy, robotic surgery machines, and advanced diagnostics. The demand for oncology services is strong, with LINAC utilization rising to 69% at HCG, reflecting the growing need for cancer care. As insurance penetration improves, more patients can afford advanced oncology procedures, further fueling demand.
The convergence of clinical need and commercial opportunity is making oncology the centerpiece of growth strategies for India’s leading hospital chains. With its high revenue potential and growing demand, oncology is expected to continue driving growth for these hospitals in the coming years. As Abhay Soi, Chairman and MD of Max Healthcare, said, “Oncology clearly is growing faster for us,” and hospitals are making significant investments in radiation oncology infrastructure to meet the growing demand.