India’s $16 billion single-specialty healthcare market accounts for nearly 20% of the country’s hospital revenue. Single-specialty, physical-first models have attracted over $2.7 billion in funding over the last two decades, which helped them organize ~20% of this $16bn market. These models not only delivered stronger returns on equity but also addressed key patient pain points, i.e,. cost and convenience, without compromising on trust.
We believe there is still room to build scaled chains in eye care, IVF, oncology, dental, and other specialties that have performed well over the past two decades. At the same time, a new set of specialties is emerging outside hospital settings. Founders building today must take into account the shift in patient expectations and behavior, as well as advancements in healthcare delivery that now enable greater personalization and precision.
In this report, we break down how India’s single-specialty healthcare market is evolving, looking at the scale of the opportunity, funding trends, the common playbook across categories, and the rise of emerging specialties.
Of the $2.7 billion in funding in single specialty over the last 2 decades, eye care has attracted the most funding, with nearly $1 billion raised, driven by scalable formats and protocolized care models led by players like Dr. Agarwals and ASG. Oncology and IVF have followed. Interestingly, dental and dermatology, though relatively lower in total funding, are becoming ripe for brand-led chains.
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Over the past decade, single-specialty care has followed a clear playbook: center-led operations, procedure-driven revenue, and a sharp focus on unit economics. What sets scalable businesses apart is how well they tailor this model to each specialty. Factors such as the level of market fragmentation, alignment of capex with revenue potential, patient and payer dynamics, and the ability to productize care through protocols and measurable outcomes all play a role. These nuances influence both financial performance and the ability to build a lasting brand. We believe there are still multiple white spaces within established specialties for new players to emerge: from premium offerings to full-stack platforms delivering both preventive and curative care. Companies that can meet evolving patient expectations, reduce reliance on individual doctors, and build strong brands in segments like dental, IVF, and eye care are likely to scale faster.
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Patients today expect more than just treatment; they expect clarity, convenience, and a seamless end-to-end journey. This shift in health-seeking behavior calls for fresh thinking from newer players. The next wave of companies will need to move beyond clinical delivery and build complete care experiences. Offering full-stack services helps build trust, improve outcomes, and deepen engagement.
Delivering full-stack care effectively at scale requires strong technology investments across both the front end and back end. These systems are essential to track outcomes, standardize protocols, and enable personalization. The underlying tech and data layers also support clear communication and expectation-setting with patients and caregivers, which drives adherence.
As models expand into lower-ARPU specialties, retention and lifetime value become critical—along with the ability to unlock adjacent revenue streams. The next wave of winners will need to build systems, not just centers.
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While the past two decades saw capital flow into proven physical-first models like eye care, dental, and oncology, a new set of specialties is now gaining traction with hybrid or phygital approaches. Transition care, mental health, aesthetics, pediatric neurology, and OPD-led formats are drawing early funding as they meet evolving patient expectations around access, convenience, and ongoing support. These models are tapping into clear market gaps, where care delivery is either fragmented, unorganized, or simply underserved, creating room for structured players to lead.
We are actively investing in the next wave of single-specialty care and have already backed a few category-defining companies. If you are building in this space, we would be glad to connect.
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