USD 21.27 billion
Report ID: SQMIG35C2008 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 65 | Figures: 76
U.S. Healthcare Staffing Market size was valued at USD 21.27 billion in 2021 and is poised to grow from USD 22.5 billion in 2022 to USD 34.7 billion by 2030, growing at a CAGR of 5.66% in the forecast period (2023-2030).
Continuous rise in the number of geriatric population with an increase in life expectancy and lack of skilled nursing staff in the country are major factors expected to drive the growth of the market during the forecast period. For instance, according to the U.S. Census Bureau, numbers of adult aged over 65 years is expected to grow by 80% between 2020 to 2030. People aged over 65 years are more likely to have stay in the hospital and twice is likely to visit physician’s office, as compared to rest of the population.
Moreover, an extensive rise in the number of non-government and government hospitals, acute care centers, long term care centers, and several other medical facilities in the country is projected to boost the demand and growth of the market at a significant growth rate over the forecast period. According to the American Hospital Association, the number of hospitals in the United States was 6,090 in the year 2020. And, setting up new hospital infrastructure requires high employment of trained medical staff, that is likely to have a positive impact on the market growth.
Furthermore, various types of benefits like flexible work hours, high compensation, opportunity to travel, and higher exposer to several medical exposures are key factors due to which demand and preference for various staffing service as a career option is rapidly increasing. According to our findings, average salary of a full-time nurse in the United States ranges from USD 50,000 to USD 60,000, however, some nurses like per diem nurses can get as high as USD 90,000 to USD 100,000.
US Healthcare Staffing Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 21.27 billion
Travel Nurse Staffing
Locum Tenens Staffing
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U.S. Healthcare Staffing Market is segmented on the basis of type, end-user, and region. By type, the market is sub-segmented into travel nurse staffing, allied healthcare staffing, locum tenens staffing market, and per diem nurse staffing. By end-user, the market is sub-segmented into, hospitals, clinics, ambulatory surgical centers, and others. By region, the market is classified into North America, South America, Europe, Asia Pacific, and MEA.
U.S. Healthcare Staffing Market Analysis by Type
By type, the travel nurse staffing segment held the largest market share and accounted for a significant growth rate in 2021. High pay, travel opportunity, higher exposure to medical services, and short-term assignments are the major key factors driving the growth of the segment market. Additionally, for reducing medical expenses, many hospitals are forces to reduce their staff. Therefore, hospitals opt for this type of services to assure that nurses are available whenever the workload increases.
Furthermore, the locum tenens staffing segment is witnessing to fastest CAGR during the forecast period. This is simply attributed to the shortage of primary care physicians and medical specialists and several hospitals are hiring locum tenens in higher demand time for reducing cost. For instance, according to the Staff Care’s 2020 survey of Temporary Physician Staffing report, around 52,000 physicians were working as locum tenens in the country in the United States in 2019. A rapid growth in the number of people opting to work as locum tenens is projected to fuel the market growth in the coming years.
U.S. Healthcare Staffing Market Analysis by End-Use
By end-use, the hospital segment accounted for the largest market share in 2021 and is projected to continue its dominance throughout the forecast period. Growing number of patients admitting in the hospitals coupled with the rising research & development activities to improve and enhance healthcare infrastructure are the key reason anticipated to drive the growth of the segment market over the coming years. Furthermore, rising introduction to new and advanced services with the help of developed technology by key market players are also anticipated to foster the adoption of healthcare staffing services in the country.
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U.S. healthcare staffing market is growing due to the well-developed healthcare infrastructure, high number of geriatric population, and continuously growing favourable government regulations. Moreover, easy availability of medical coverage in various healthcare staffing services coupled with rising focus on options for staffing shortage by healthcare facilities are further projected to drive the growth of the market in the coming years. According to National Health Expenditure Accounts, report released in December 2021, total spent in the United States was around USD 4.1 trillion on healthcare segment in 2020.
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U.S. Healthcare Staffing Market Drivers
Huge number of geriatric population and availability of advanced healthcare infrastructure coupled with the growing development activities by large market players such as acquisition, mergers, collaborations, and new product innovation are major factors expected to drive the growth of the U.S. healthcare staffing market during the forecast period. Additionally, high consumer spending capacity in the country is attracting consumers to opt for advanced healthcare facilities through various hospitals and other medical centers are also fueling the growth and adoption of healthcare staffing services over the coming years.
U.S. Healthcare Staffing Market Restraint
High initial cost required in the development of healthcare staffing services and high implementation cost are few major factors expected to hamper the growth of the U.S. healthcare staffing market over the forecast period. Additionally, lack of skilled workers, limited facilities, and professional expertise are other key factors restraining the expansion of the market.
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The U.S. healthcare staffing market is moderately competitive with the presence of many well-known international and regional market players operating in the country. Key players of the market are highly implementing on several business strategies including new technology development, easy access, partnerships, and collaborations for the expansion of their product portfolio and strengthen their market position ahead of their competitors.
U.S. Healthcare Staffing Market Top Player’s Company Profiles
U.S. Healthcare Staffing Market Recent Developments
Increasing number of acquisitions, mergers, partnerships, and high technological development coupled with rising research & development investment in healthcare infrastructure for the expansion of market growth and providing enhanced services to the consumers are creating lucrative growth opportunities for the market over the coming years. For instance, in February 2022, Cross Country Healthcare Inc, purchased about all the properties of Selected, a cloud-based matching and talent recruiting platform, which matches educators and institutions for ensuring a long-term and customized fit.
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According to our analysis, the U.S. healthcare staffing market is witnessing a strong growth over the forecast period owing to the extensive rise in the innovations, rapid growth in geriatric population, and technology advancements. Furthermore, increasing government efforts on the improvement of staffing sector in the United States is also propelling the growth of the market at a significant growth rate. However, lack of psychosocial support, experienced economic challenges, and staffing shortages are likely to restrain the expansion and growth of the U.S. healthcare staffing market throughout the forecast period.
|Market size value in 2021||USD 21.27 billion|
|Market size value in 2030||USD 22.5 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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For the U.S. 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 U.S. 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.
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