Healthcare Staffing Market Size to Reach $50.4 Billion at a CAGR of 6.3% by 2028
Healthcare Staffing Market is projected to reach a value of USD 50.4 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 6.3% over the forecast period.
The Global Healthcare Staffing Market is valued at USD 34.9 Billion in 2021 and the healthcare staffing industry is projected to reach a value of USD 50.4 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 6.3% over the forecast period.
The healthcare staffing market refers to the industry that provides staffing solutions to healthcare facilities such as hospitals, clinics, and nursing homes. This market includes a range of professionals, including nurses, doctors, therapists, and other medical personnel.
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The demand for healthcare staffing services has been increasing due to a variety of factors. One major factor is the aging population, which has led to a higher demand for healthcare services. Additionally, advancements in medical technology have increased the need for specialized medical personnel.
Top Companies in Global Healthcare Staffing Market
- Almost Family (U.S.)
- Adecco Group (Switzerland)
- AMN Healthcare (U.S.)
- CHG Management Inc. (U.S.)
- Cross Country Healthcare Inc. (U.S.)
- Envision Healthcare Corporation (U.S.)
- Maxim Healthcare Services Inc. (U.S.)
- com (U.S.)
- TeamHealth (U.S.)
- Syneos Health Inc. (U.S.)
Healthcare Staffing Market Dynamics:
Healthcare Staffing Market is third-party contractors' placement of health care personnel in health care institutions. Qualified and skilled healthcare personnel may be employed thanks to the Healthcare Staffing Market procedure. It addresses a wide spectrum of healthcare demands through its diversified network of sourcing techniques, clinical experience, and professional employees. The institution guarantees clinician quality, fills staffing shortfalls, and improves hospital consumer perception of healthcare professionals to improve patient happiness. Healthcare Staffing Market is becoming more common in hospitals, clinics, and research facilities.
The global Healthcare Staffing Market industry is predicted to increase rapidly as the world's old population grows. A rise in medical professionals volunteering to work as agency personnel is driving the worldwide Healthcare Staffing Market sector. Employment helps people to attain a better work-life balance while still gaining practical experience in their chosen field. In addition, growth in the number of health care units, an increase in pollutants, and an increase in health care spending are predicted to enhance the global Healthcare Staffing Market.
The benefits and perks of working as a per diem nurse, travel nurse, or locum tenens are one of the major elements driving the business. In addition to their desire to help others, doctors and nurses value flexible work schedules. Temporary staffing options allow medical professionals to choose when to work or accept new tasks. Higher working-hour flexibility and increased exposure to diverse healthcare systems in different regions are projected to boost the number of people selecting allied healthcare, per diem, travel nurse, or locum tenens as a career choice. The number of positions for advanced practice nurses, nurse practitioners, and physician assistants (referred to as "physician extenders") is expected to increase by 45% and 31%, respectively, through 2030, according to the US Bureau of Labor Statistics. Undoubtedly, this group of clinicians will play a key role in finding a way to close the physician shortage that is endangering the healthcare delivery system.
The number of hospitals is increasing as public health spending and healthcare infrastructure improve. New laws are planned to provide relevant employees, notably nurses, the power to serve as patients' primary advocates by establishing health plans to aid improved care. These rules protect and improve people's right to make informed healthcare decisions. Future legislative changes will disperse the centralized power of physicians and specialists, allowing markets to focus on other participants in the health value chain. For instance, in 2021, India passed legislation to control and standardize the training and employment of connected healthcare employees. Government investments in developing countries are anticipated to enhance access to health care through updating their countries' healthcare infrastructure. As a result, the need for healthcare workers is likely to rise. Because of the increased prevalence of chronic diseases such as cancer and diabetes in developing countries, the industry offers great prospects.
Overview on Healthcare Staffing
Healthcare staffing refers to the process of hiring and placing healthcare professionals, such as nurses, physicians, therapists, and other medical personnel, in healthcare facilities such as hospitals, clinics, and nursing homes. Healthcare staffing companies specialize in finding and recruiting qualified healthcare professionals for these facilities on a temporary, contract, or permanent basis.
Healthcare staffing is essential for healthcare facilities to maintain optimal staffing levels and provide quality care to patients. It also provides flexibility for healthcare professionals who may prefer part-time or temporary work arrangements. Healthcare staffing companies offer a range of staffing solutions, including temporary staffing, travel staffing, and permanent placement.
The healthcare staffing industry is a critical part of the healthcare system, especially in times of crisis, such as during the COVID-19 pandemic. During such times, healthcare staffing companies play a crucial role in filling staffing shortfalls and ensuring that healthcare facilities have the necessary personnel to provide care to patients.
However, healthcare staffing faces challenges such as a shortage of healthcare professionals, competition for talent, regulatory changes, technology advancements, and staffing shortfalls during pandemics. Despite these challenges, the healthcare staffing market is expected to continue to grow in the coming years due to the increasing demand for healthcare services and the shortage of healthcare professionals in many regions.
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Healthcare Staffing Market Challenges
Shortage of Healthcare Professionals: One of the major challenges in the healthcare staffing market is the shortage of healthcare professionals. This shortage is due to several factors, such as an aging population, increasing demand for healthcare services, and a lack of training programs for healthcare professionals. As a result, healthcare staffing companies struggle to find qualified candidates to fill open positions, which can lead to higher costs and longer recruitment times.
Competition for Talent: The healthcare staffing market is highly competitive, with many staffing companies vying for the same pool of candidates. This competition for talent can drive up wages and make it more difficult for smaller companies to compete with larger firms.
Regulatory Changes: Changes in healthcare regulations can have a significant impact on the healthcare staffing market. For example, changes to the Affordable Care Act or Medicare reimbursement rates can affect the demand for healthcare services and the need for staffing.
Technology Advancements: Technology is rapidly changing the healthcare industry, and staffing companies need to stay up-to-date with the latest advancements. This includes electronic medical records, telemedicine, and other digital technologies that require specialized training for healthcare professionals.
Staffing Shortfalls During Pandemic: The COVID-19 pandemic has created significant staffing shortfalls in healthcare facilities, as healthcare professionals have been required to work longer hours and in more challenging conditions. This has put additional pressure on healthcare staffing companies to find and recruit qualified candidates to fill these critical positions.
- In May 2022, NurseShifts is a brand-new mobile app and marketplace created for on-demand staffing to assist nurses locate shifts more quickly, according to StaffHealth.com, a top national full-service Healthcare Staffing Market and recruitment business.
- In May 2021, AMN Healthcare announced that it had successfully acquired Synzi, a full-service virtual care management company. In the home health and outpatient industries, Synzi offers platforms for virtual care and remote patient monitoring. With the help of these solutions, businesses may perform virtual visits and communicate with patients and doctors via secure messaging, text, and email.
Healthcare Staffing Market Regional Analysis
North America holds the largest share of the global Healthcare Staffing Market in 2021. The highest proportion held by this region is mostly due to the local presence of significant market participants, an increase in the geriatric population, and an increase in the demand for healthcare professionals by hospitals due to financial difficulties connected with recruiting permanent staff. Due to an increase in the need for contract workers in the area, Asia Pacific is anticipated to experience the quickest CAGR growth throughout the projected period. The fact that contract hire does not come with the obligations associated with permanent employment may be a contributing factor in the growing demand. The European Public Service Union anticipates that there will be a 2 million-person healthcare professional deficit in Europe by the year 2022. Additionally, the European Commission estimates that by 2025, there will be 24,009,000 professionals employed in the healthcare sector, with over half of those professionals anticipated to retire or leave the industry for other reasons. These variables will probably drive the market in the upcoming years.
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