India Asset Light Hospital Services Market Size, Share & Trends Analysis Report By Services (Telehealth And Virtual Care, Home-based Healthcare), By Business Model (Franchise-based Clinics, Hub-and-Spoke Models), By Ownership, And Segment Forecasts, 2025 - 2030

Market Size & Trends

The India asset light hospital services market size was estimated at USD 95.70 million in 2024 and is expected to grow at a CAGR of 29.74% from 2025 to 2030. The growing demand for accessible and affordable healthcare in India is driven by urbanization, rising health awareness, and the increasing need for both urban and rural services. Asset-light models, which leverage existing infrastructure and minimize capital investment, enable healthcare providers to meet this demand efficiently. For instance, Pristyn Care operates licensed clinics where doctors evaluate patients and perform surgeries at affiliated hospitals, allowing it to expand rapidly without heavy capital investment in infrastructure.

The healthcare sector in India faces challenges related to accessibility, affordability, and quality, with public healthcare overburdened and private options unaffordable for many. An asset-light model powered by technology offers a solution by creating platforms that combine clinical expertise with standardized protocols, ensuring consistent outcomes, transparent pricing, and excellent patient experiences. These platforms expand rapidly while maintaining quality, making smaller, geography-specific healthcare centers feasible. The demand for asset-light hospital services has grown since the pandemic. For instance, myKare Health (Justkare Technologies Pvt. Ltd.) saw a 300% revenue increase since July 2020.

“To address this issue and provide affordable and standardized surgical care & preventive/wellness services, we are committed to creating India's largest asset-light healthcare chain. We have already witnessed a significant demand in this sector and are working toward meeting it.”

In healthcare, asset-light strategies are gaining traction to drive growth and increase collaboration. This model enhances financial flexibility, accelerates adaptation to patient needs, and enables a stronger focus on clinical services and patient care. By leveraging external expertise, providers can improve service delivery, scale operations efficiently, and strengthen partnerships across the ecosystem.

Key Partnerships in the Asset-Light Hospital Sector:

November 2024: Quality Care India & Aster DM Healthcare Merger

• Merged to become one of India’s top three hospital chains.

• Plans to add 3,500 new beds by FY27 through brownfield and greenfield expansion.

• A strategic move to scale operations via partnerships and shared investments.

Traditional insurance companies are also collaborating with healthtech players to improve accessibility, affordability, and integration, driving innovation and growth in India's digital health market.

A few notable health tech and insurance company partnerships:

Moreover, emerging healthcare models in India are transforming care delivery by harnessing digital technology. From self-care platforms to comprehensive post-hospitalization services, these models offer personalized and accessible healthcare solutions, which are expected to create lucrative growth opportunities in the market over the forecast period.

Emerging healthcare models:

Aster DM Healthcare is expanding rapidly with 340 new beds in FY23 and plans to add 1,700 by FY27, including key projects in Trivandrum, Kannur, and Kochi. Focusing on South India and potential M&As, Aster relies on asset-light models like outsourcing operations for growth and cost optimization. The company has added 530 beds in under two years, with Aster Narayanadri Hospital breaking even in its first quarter, and plans to acquire 2-3 more hospitals with 300-400 beds each.

The growing accessibility of healthcare, driven by increased funding and adoption, is boosting the asset-light model's growth. For example, in November 2022, Ayu Health (PLUS HEALTH TECH VENTURES) raised USD 5 million from investors like Fundamentum, Vertex, and Stellaris. The company expanded to Hyderabad, planning to grow its portfolio of 19 hospitals and 1,500 beds. Ayu Health focuses on an asset-light model, aiming to establish a network of top-tier hospitals with transparent pricing, insurance, and standardized treatment protocols.

Indian hospitals face lower occupancy rates compared to their global counterparts, which is expected to create opportunities for asset-light models. According to a report by Bennett, Coleman & Co. Ltd in November 2023, despite a population of 1.42 billion, India experiences a shortage of 2 billion square feet of healthcare space.

Case Study: Manipal Hospitals - Asset-Light Expansion Strategy in India

Aim: Expand healthcare services across India efficiently using an asset-light model, minimizing infrastructure investment while maintaining high standards of clinical care and operational excellence.

• Objectives:

• Establish new hospitals in multiple locations without owning land or buildings.

• Scale operations quickly and cost-effectively.

• Focus resources on medical equipment, staffing, and patient care, rather than infrastructure.

• Partner with reliable third-party infrastructure providers for sustainable growth.

Approach:

• Strategic Partnerships:

  • Collaborated with real estate developers and property owners for new hospital infrastructure.

  • Manipal Hospitals avoids investing in land/buildings, opting for long-term leases or management agreements instead.

• Focused Capital Investment:

  • Invested USD 175.60 million (INR 1,500 crore) in medical infrastructure for four new hospitals (3 in Bangalore, 1 in Raipur).

• Operational Management:

  • Maintained full control over clinical and administrative operations.

  • Ensured consistent quality and service delivery across all hospitals.

• Rapid Deployment:

  • Targeted strategic urban and semi-urban locations with high demand for medical services.

  • Leveraged faster setup timelines by avoiding land acquisition delays.

Observations:

• Significant time and cost savings compared to traditional asset-heavy expansion.

• Quick market entry with lower risk exposure.

• Improved operational efficiency due to clear division of ownership and management responsibilities.

Benefits:

• Cost Efficiency: Reduced capital investment in infrastructure, allowing funds to focus on clinical excellence.

• Faster Expansion: Swift deployment of facilities in high-demand markets.

• Operational Control: Full authority over hospital management ensures consistent care.

• Scalability: Easier to replicate the model in other locations across India.

Conclusion: Manipal Hospitals’ asset-light model is an effective strategy for expanding healthcare services in India. By forming infrastructure partnerships, the organization focuses on providing high-quality care while scaling operations. This approach offers valuable insights for other healthcare providers seeking expansion without heavy capital investment in physical assets.

Market Concentration & Characteristics

The industry is characterized by a high degree of innovation, owing to the rising strategic alliances between market players. For instance, in January 2023, Aster DM Healthcare signed an agreement with Vritika Hospitals and Bharathi Education Trust to operate and manage the G. Madegowda Super Specialty Hospital, which has 100 beds, in Mandya, Karnataka. This partnership is part of the hospital chain's asset-light strategy, which aims to expand its capacity by adding 500 to 700 beds across India.

The industry is characterized by medium merger and acquisition activity, owing to several factors, including the desire to expand the business and to maintain a competitive edge. For instance, in September 2023, Manipal Hospitals, an Indian hospital chain, attained 84% ownership in the Advanced Medical Research Institute (AMRI) to strengthen its foothold in eastern India. AMRI Hospitals, located in Kolkata and owned by the Emami Group, which spans sectors from FMCG to real estate, has more than 1,200 beds, over 800 physicians, and a workforce of more than 5,000 healthcare professionals. This acquisition makes Manipal Hospitals the largest hospital chain in Eastern India, specializing in tertiary and quaternary healthcare services.

While gaining traction, asset-light hospital service models in India don't have specific regulations distinct from those of other healthcare providers. Existing regulations for hospitals, including licensing, quality standards, and operational guidelines, generally apply to these models. However, the asset-light approach may raise specific regulatory considerations regarding data privacy, telemedicine, and partnerships with other healthcare providers.

Market players are expanding their business by entering new geographical regions and launching new tools to strengthen their market position. For instance, in November 2022, Pristyn Care broadened its operations in South India with a focus on smaller towns. This initiative increased the overall count of Pristyncare’s network hospitals to 500 and clinics to 150.

Services Insights

The telehealth and virtual care segment dominated the market with the largest revenue share of 24.54% in 2024. In India, the integration of telehealth and virtual care within asset-light hospital services has emerged as a transformative approach, enabling healthcare providers to extend their reach, enhance service delivery, and optimize resource utilization.

Below are notable examples illustrating how telehealth and virtual care are being implemented in asset-light models,

The primary care services segment is anticipated to grow at a significant CAGR over the forecast period. Primary care facilities, including general practitioners or family doctor clinics and government primary health centers, form the foundation of India's healthcare system, which is the initial point of contact for individuals seeking medical help and provides a wide range of essential healthcare services. Over the last decade, organized private primary care clinics have emerged to meet substantial primary care demands, offering an expanded array of preventive, rehabilitative, palliative, and curative care services. In addition, private sector primary care clinic chains are adopting strategies such as an asset-light model, franchising, and hub-and-spoke configurations to develop a cohesive network of primary care centers alongside efficient referral management systems.

Key examples of the primary care services include:

Business Model Insights

The platform-led aggregators segment dominated the market with a revenue share of 23.43% in 2024. Platform-led aggregators in healthcare leverage technology to connect patients with a network of healthcare providers, optimizing resource utilization without the need for heavy capital investment in infrastructure. These platforms offer services such as teleconsultations, diagnostics, elective surgeries, and wellness programs, operating on an asset-light model by partnering with existing hospitals, clinics, and pharmacies. For example,

Mykare Health:

• Model: Bootstrapped, tech-enabled, full-stack, asset-light healthcare chain.

• Specialization: Elective surgeries and wellness care, catering to both domestic and international patients.

• Expansion:

  Operates four facilities in Chennai, with plans to expand across southern India.

The franchise-based clinic segment is expected to grow at the fastest CAGR due to its asset-light model, allowing hospital chains to expand quickly without heavy investment in infrastructure. In this model, franchisors provide branding and operational support, while franchisees manage daily operations. For instance, in March 2022, Shalby Hospitals launched Orthopaedic Centres of Excellence (SOCE) through franchising, aiming to establish 50 centers in 2-3 years by leveraging local entrepreneurs’ investments in real estate, while Shalby provides operational expertise and brand recognition.

Ownership Insights

The aggregator platforms segment dominated the market with a revenue share of 30.48% in 2024. Consumers demand convenient, affordable, and accessible healthcare. Aggregator platforms such as Practo, 1MG, and Zoctr respond by offering teleconsultations, elective surgery bookings, home diagnostics, and medication delivery through a single interface. For example, Ampcome is an innovative healthcare aggregation platform based in India that transforms healthcare accessibility and affordability. The platform provides services across more than 20 specialties, partners with over 100 medical facilities, collaborates with over 2,000 pharmacies, and links more than 100 doctors, all to cater to a rapidly expanding community of over 20,000 customers.

The start-up and venture-backed chains segment is expected to grow rapidly, driven by the rising demand for affordable, accessible healthcare in Tier 2 and Tier 3 cities. The asset-light strategy allows quick, cost-effective market entry, fueling expansion and innovation. For instance, Mykare Health focuses on elective surgeries in areas such as orthopedics, proctology, and cosmetic surgery, offering zero-cost EMI options and operational assistance. The company operates on a hyperlocal scale in South India's Tier 1 and Tier 2 cities, collaborating with partners for revenue sharing. In June 2023, Mykare Health raised USD 2.01 million from investors, including Avaana Seed, OnDeck ODX, and angel investors, including Arjun Vaidya and Nitish Mittersain.

Key India Asset Light Hospital Services Company Insights

Key players operating in the India asset light hospital services market are undertaking various initiatives to strengthen their presence and increase the reach of their products and services. Strategies such as expansion activities and partnerships are key in propelling the market growth.

Recent Developments

• In October 2024, A4 Hospitals, a comprehensive women's healthcare network in Tamil Nadu, obtained growth funding from 360 ONE Asset Management's Healthcare Opportunities Fund. This capital infusion is expected to allow the hospital chain to broaden its reach, improve its range of services, and strengthen its position in the healthcare industry.

• In June 2024, Fortis Healthcare announced to increase its capacity by adding 700 beds in FY25, focusing on brownfield expansion. The company has sold off two underperforming units in Chennai to improve profitability. This growth strategy aligns with an asset-light approach, prioritizing operational improvements over substantial capital expenditures for infrastructure development.

• In August 2023, Pristyncare announced its expansion in Bangladesh, allocating Rs 100 crore for a 2-year expansion plan. The strategy involves establishing five patient care centers in Dhaka and Chattogram (Chittagong) by March 2024.

• In November 2022, Pristyn Care broadened its operations in South India with a focus on smaller towns. This initiative increased the overall count of Pristyncare’s network hospitals to 500 and clinics to 150.

India Asset Light Hospital Services Market Report Scope

India Asset Light Hospital Services Market Report Segmentation

This report forecasts revenue growth at the country level and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the India asset light hospital services market report based on services, business model, and ownership:

• Services Outlook (Revenue, USD Million, 2018 - 2030)

  • Telehealth and Virtual Care

    • Online consultation platforms

    • Digital diagnostics

    • Remote monitoring

  • Home-based Healthcare

  • Primary Care Services

    • General OPD clinics

    • Preventive health check-ups

    • Family medicine

  • Daycare Surgical Services

  • Specialty & Super-specialty Services

    • Oncology clinics

    • Dialysis centers

    • Fertility centers

    • Orthopedic day-care clinics

• Business Model Outlook (Revenue, USD Million, 2018 - 2030)

  • Franchise-based Clinics

  • Hub-and-Spoke Models

  • Outsourced Operations (O&M contracts)

  • Joint Ventures/PPP Models

  • Platform-led Aggregators

• Ownership Outlook (Revenue, USD Million, 2018 - 2030)

  • Start-up and Venture-backed Chains (e.g., Pristyn Care, HealthPlix)

  • Hospital-backed Asset-light Expansions (e.g., Apollo Clinics, Fortis OPDs)

  • Standalone Physician-run Clinics

  • Aggregator Platforms (e.g., Practo, 1MG for diagnostics and OPD bookings)