USD 36.2 billion
Report ID:
SQMIG35D2048 |
Region:
Global |
Published Date: February, 2024
Pages:
241
|
Tables:
65 |
Figures:
75
Healthcare Staffing Market size was valued at USD 36.2 billion in 2021 and is poised to grow from USD 36.9 billion in 2022 to USD 62.8 billion by 2030, growing at a CAGR of 6.93% in the forecast period (2023-2030).
Healthcare staffing involves the supply or recruitment of trained and skilled healthcare workers. These specialists are needed in hospitals and clinics, pharmaceutical businesses, and government agencies. Rising healthcare costs and an aging population are projected to be the primary market drivers for the global healthcare business, increasing the need for medical staffing. Also, the expected shortage of skilled medical professionals in the future gives the worldwide healthcare staffing market the potential to further expansion.
The major factors driving the market are the advantages and benefits of working as a per diem nurse, travel nurse, or locum tenens. In addition to their desire to help others, doctors and nurses value flexible work schedules. Temporary staffing options allow medical professionals to choose when they want to work or take on new tasks. Higher flexibility of working hours and increased exposure to different healthcare systems in different regions are factors that are expected to increase the number of people choosing allied healthcare, per diem, travel nurse, or locum tenens can choose as a career option.
A significant increase in the number of government and non-government hospitals, long-term care facilities, acute care centres, and other types of healthcare institutions is expected to fuel market growth. Improvements in healthcare infrastructure and increasing investment in public health are increasing the number of hospitals. The new regulations are expected to enable concerned staff, especially nurses, to act as the primary constituent of patients by creating health plans for improved care. However, the lack of skilled and qualified medical professionals is a major factor hampering the growth of the healthcare staffing market.
US Healthcare Staffing Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 36.2 billion
Largest Segment
Locum Tenens Staffing
Fastest Growth
Locum Tenens Staffing
Growth Rate
6.93% CAGR
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Global healthcare staffing market is segmented on the basis of service type, end user and region. On the basis of service type, global healthcare staffing market is segmented into travel nurse staffing, per diem nurse staffing, locum tenens staffing and allied healthcare staffing. On the basis of end user, global healthcare staffing market is segmented into hospitals, pharma, clients, and government agencies. On the basis of region, global healthcare staffing market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Healthcare Staffing Market Analysis by Service Type
On the basis of service type, global healthcare staffing market is segmented into travel nurse staffing, per diem nurse staffing, locum tenens staffing and allied healthcare staffing. The travel nurse staffing segment dominated the market in 2022 with a revenue share of more than 34.3% and is expected to grow at a significant CAGR during the forecast period. The rapid growth of the travel nurse staffing segment is due to faster service, lower costs and a shortage of nurses.
Locum tenens staffing is expected to have the fastest growth rate during the forecast period. Employer cost-effectiveness and physician demand for locum tenens wages are two factors driving the market growth. Because it is more cost-effective, hospitals, institutions, and clinics choose locum tenens during peak seasons and when permanent physicians are on vacation.
Healthcare Staffing Market Analysis by End User
On the basis of end user, global healthcare staffing market is segmented into hospitals, pharma, clients, and government agencies. In 2022, the hospital segment dominated the market with a share of 29%. Most hospitals and healthcare institutions currently structure their workforce according to strict government guidelines. Large businesses are increasing staffing levels to fulfil the increased demand for healthcare due to patient-centric laws and regulations.
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On the basis of region, global healthcare staffing market is divided into North America, Europe, Asia Pacific and MEA. North America dominated the market with a 47% revenue share. The region accounts for the majority of the market due to the local presence of key market players, growth in the aging population, and increased demand for healthcare professionals by hospitals due to financial problems associated with hiring permanent professionals. People over the age of 65 are twice visiting a doctor's office and are three times as likely to stay in a hospital as compared to the general population. The aging population is predicted to have a major impact on healthcare delivery as they are more likely to suffer from chronic diseases and lifestyle-related disorders.
The Asia Pacific is expected to grow at a significant CAGR during the forecast period. This is due to the increase in demand for contract labour in the region. The fact that contract hires do not involve permanent employment obligations may contribute to increased demand. Recruiters get greater access to a wider pool of prospects and the hiring process is quick.
Europe has experienced a severe shortage of healthcare workers in recent years. The Omicron waves of 2021 worsened the situation. According to estimates by the European Public Service Union, Europe will need 2 million healthcare workers by January 2022. Additionally, the European Commission predicts that by 2025, 24,200,456 professionals will work in the healthcare industry, more than half of whom are expected to leave or retire for various reasons.
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Healthcare Staffing Market Driver
Besides a strong desire to help others, doctors and nurses place a high priority on having a flexible work schedule. With the selection of temporary employees, medical professionals can choose when they are available for work or ready to accept a new assignment. Factors such as greater work flexibility and exposure to different healthcare systems in multiple locations expect more people to seek careers in allied healthcare, travel nursing, per diem, or locum tenens. This factor drives the healthcare staffing market.
The growing number of non-government and government hospitals, long-term care facilities, acute care facilities, and other healthcare systems is expected to significantly accelerate market growth in the coming years.
Healthcare Staffing Market Restraint
Lack of skilled and qualified medical professionals is a major factor hampering the growth of the healthcare staffing market.
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Global healthcare staffing market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global healthcare staffing market.
Healthcare Staffing Market Top Player's Company Profiles
Healthcare Staffing Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our global healthcare staffing market analysis, by region, North America dominated the market with a 47% revenue share. The region accounts for the majority of the market due to the local presence of key market players, growth in the aging population, and increased demand for healthcare professionals by hospitals due to financial problems associated with hiring permanent professionals. Market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global healthcare staffing market. For example, in July 2021, Jackson Healthcare, an Atlanta-based healthcare staffing agency, announced the merger of the Kirby Bates Associates and Tyler & Co. brands. However, the lack of skilled and qualified medical professionals is a major factor hampering the growth of the healthcare staffing market.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 36.2 billion |
Market size value in 2031 | USD 62.8 billion |
Growth Rate | 6.93% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Healthcare Staffing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Healthcare Staffing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Healthcare Staffing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Healthcare Staffing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Product ID: SQMIG35D2048