July 24, 2024
Healthcare Staffing Market

Healthcare Staffing Market Is Expected To Be Flourished By Growing Need For Healthcare Professionals

The healthcare staffing market includes agencies and healthcare facilities that provide both temporary and permanent placement of physicians, nurses, and other medical support personnel to healthcare organizations. There has been a huge demand for nurses, therapists, healthcare executives and physicians, especially in hospitals, rehabilitation facilities and private practices. Healthcare staffing helps the industry by providing qualified professionals for short-term or long-term needs. The staffing firms recruit, screen, and place doctors, nurses and other medical professionals at various healthcare facilities. They ensure safe staffing levels and provide credentialing and compliance oversight.

The global healthcare staffing market is estimated to be valued at US$ 39.52 Billion in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Growing Need for Healthcare Professionals (as referred in heading) is one of the major drivers for the healthcare staffing market. There is increased demand for healthcare professionals owing to factors such as rising geriatric population, increasing prevalence of chronic diseases, technological advancements in healthcare facilities and surging demand for affordable healthcare. According to the American Hospital Association, the U.S. is likely to experience a shortage of over 121,300 nurses by 2025 as millions of baby boomers retire. This growing need for healthcare professionals has boosted the demand for staffing agencies to recruit and place qualified medical personnel. Another driver for this market is increasing consolidation in the healthcare industry. As organizations merge and grow in size, they rely more on staffing agencies to fulfill their temporary and permanent workforce needs rather than developing in-house recruiting departments.

Segment Analysis
The healthcare staffing market is dominated by the nurse staffing sub-segment. Nurses form the largest workforce in the healthcare industry and there is always high demand for nurses across various healthcare institutions like hospitals, clinics and homecare facilities. Temporary and contract staffing of nurses allows healthcare organizations to fulfil short term and long term staffing needs in a cost effective manner.

PEST Analysis

Political: Regulations around healthcare staffing vary across countries and regions which can impact market dynamics. Changes in laws governing temporary healthcare staffing will influence market participants.

Economic: Economic growth drives higher healthcare spends which increases demand for healthcare professionals and services. Volatility in economic conditions can temporarily affect staffing needs of healthcare organizations.

Social: Growing geriatric population and prevalence of chronic diseases is increasing workload on healthcare systems. This drives the need for flexibility in staffing through temporary and contract hiring of medical professionals.

Technological: Digital platforms help connect staffing agencies and job seekers more efficiently. Use of analytics improves allocation of healthcare staff as per demand and skill requirements across regions.

Key Takeaways

The Global Healthcare Staffing Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The North America region currently dominates the market owing to high healthcare spends and demand for healthcare professionals in countries like the United States.

Regional analysis: North America holds the largest share of the healthcare staffing market led by the US. Growing geriatric population and increasing prevalence of chronic diseases are driving demand for nurses and other medical professionals in the region. The staffing models allow for flexibility in hiring to meet short term and long term staffing needs in the American healthcare industry.

Key players: Key players operating in the healthcare staffing market are LocumTenens.com, Adecco Group, TeamHealth, Trustaff, Aya Healthcare, Maxim Healthcare Group, CGM Management, Inc., AMN Healthcare, Cross Country Healthcare, Inc., and Envision Healthcare Corporation. These players provide full cycle recruitment solutions as well as temporary and contract staffing services for hospitals, clinics and other healthcare facilities globally.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it