BUSINESS OF CANCER

INDIA’S CANCER CARE SECTOR, VALUED AT ₹1.25 LAKH CRORE AND GROWING 10-12% ANNUALLY, IS ATTRACTING SIGNIFICANT PRIVATE INVESTMENT. THE REASON: RISING CANCER INCIDENCE. CAN PHARMACEUTICAL FIRMS, HOSPITAL CHAINS, AND DIAGNOSTIC PLAYERS SCALE UP PROFITABLY WHILE IMPROVING ACCESS?

- NEETU CHANDRA SHARMA

Between 2014 and 2024, about 6% of its patients came from the state. Last year, it was 2%. This shows the spread of cancer care services in Punjab, with new hospitals, district daycare centres, and diagnostic facilities bringing treatment closer to patients' doorstep. The gap between demand and supply is narrowing, not just in Punjab, but across India.

Yet, the larger crisis remains daunting. In 2024, India recorded over 1.6 million new cancer cases and 870,000 deaths, according to the National Cancer Registry Programme and the Indian Council of Medical Research. The lifetime risk is now 11%, which means one in nine Indians is likely to develop cancer. And annual incidence is rising at 6.8%, higher than in China, Brazil, or Indonesia. This mix—soaring incidence, high treatment costs, and limited public infrastructure—has made cancer care one of India's most lucrative healthcare segments.

ONCOLOGY ON OVERDRIVE

India's cancer burden is growing faster than the healthcare system. Estimates suggest the country needs 10,000–15,000 additional daycare beds and at least 25,000 surgical beds. Private hospitals are rushing to fill this gap.

Cancer care contributed 20% to Apollo's revenue in Q1FY26. For Max Healthcare, the number was 25%. Fortis Healthcare's oncology revenue rose 28% and is now 16% of the total. HCG, one of India's largest cancer chains, posted a 19% compound annual growth rate between FY20 and FY24.

Apollo Hospitals operates 26 cancer centres and has invested ₹1,300 crore in its Proton Cancer Centre in Chennai—the only one of its kind in India. In proton therapy, a beam of protons, rather than traditional X-rays, deliver high-energy radiation directly to the tumour.