Cardiology, Oncology, Neurology, Gastroenterology & Orthopaedics Drive Over 50% Revenue In NCR Private Hospitals: BNP Paribas Report

New Delhi: Cardiology, oncology, neurology, gastroenterology, and orthopaedics contributed over 50 per cent of revenue in FY25 in private hospitals in the National Capital region (NCR), according to a report. The report by BNP Paribas Research focuses extensively on private hospitals in the NCR (Gurgaon, Delhi, and Noida) to understand the positioning of private hospital chains across micro-markets, patient mobility to the NCR, and other factors that determine a hospital’s success. It showed that the specialties spiked revenue at 8-33 per cent CAGR between FY22 and FY25.

“We believe the success of private hospitals in NCR is determined by revenue contribution from CONGO mix (cardiology, oncology, neurology, gastroenterology, and orthopaedics), which contributed over 50 per cent of revenue in FY25 for listed hospitals,” the report said. “We believe the contribution from NCR from these specialties would be higher than in other regions. Over FY22-25, revenue from these specialties grew at 8-33 per cent CAGR (vs 15-20 per cent overall revenue CAGR over the same period), which highlights companies’ focus on scaling these segments,” it added.

The report found that NCR is considered the home market for most listed hospitals in India. It is due to the significant number of beds in the region and high revenue exposure. Based on the announced expansion, c43 per cent of the upcoming bed capacity for the largest 13 listed hospitals is in North India, mostly NCR. Government institutional setup, availability of critical treatment, and patients’ mobility also determined the market dynamics in Delhi, Gurgaon, and Noida. “Each market has a different market leader. We expect some disruption in Gurgaon as new players are expected to enter.

Noida holds great long-term potential for a substantial patient pool from Uttar Pradesh,” the report said. Yet, Delhi emerged as the most important healthcare market as it’s a preferred destination for patients in North India. It is because Delhi caters to a large volume of patients from nearby states of Uttar Pradesh, Haryana, Rajasthan, and other parts of India. Within Delhi City, South Delhi emerged as the most developed micro-market, with the presence of several institutions, the report said.

North Delhi, although a larger micro-market compared to South Delhi due to large patient inflow from northern districts of Haryana, has been relatively under-penetrated. Notably, the boundaries of the NCR healthcare market have been expanding with new hospitals in Faridabad (a district in Haryana and part of the NCR) and Manesar (a town in Gurgaon and part of the NCR), the report said.

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