Nursing Home Business Plan Template [Updated 2024]

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III. Industry Analysis

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The Nursing Homes industry is expected to grow robustly over the next five years.

The elderly population is expected to continue growing as more of the baby boomer generation reaches retirement age. Thus, the number of adults aged 65 and older is expected to grow at an annualized rate of 3.0%, further supporting demand for industry services. As a result, industry revenue is forecast to rise at an annualized rate of 4.6% to $176 billion during the same period.

As demand rises over the next five years, growth in the number of industry facilities is expected to outpace the number of companies. This slight increase in concentration would enable large companies to offer more complete nursing care services, enabling individual providers to simultaneously offer skilled nursing care, long-term residential care and specialized healthcare services.

Further, consolidation will help operators to manage facility sizes, keep occupancy rates high, and increase the quality of treatment.

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