This week we visualise how consolidated nursing home markets are across Europe, based on HBI’s Intelligence Centre report.

For-profit health care operators typically get most of their growth from using M&A to consolidate their sector – especially in Germany, where everyone wants to grow fast.

So how consolidated is the sector? The map below illustrates the for-profit market share of the top three operators. This shows very clearly that in most markets the leading companies can double or triple sales before hitting competition issues, while in Sweden, France and Belgium.

Major players can continue to grow even if M&A opportunities are more limited. Investing in the renovation of nursing home real-estate, then upping prices and increasing revenues is common across France.

In less mature markets, like Spain, where there are fewer good assets to consolidate, operators are revving up greenfield, and where possible, buying and renovating real estate from the not-for-profit sector. But this is also seen in mature neighbours France and Switzerland.

Subscribe to our Intelligence Centre to read the full report.