May 29, 2024

The U.S. Healthcare Staffing Market Is Driven By Increasing Demand For Skilled Healthcare Professionals

The U.S. healthcare staffing market provides solutions for bridging the gap between the rising demand for healthcare workers and limited resources faced by healthcare facilities. Healthcare staffing agencies recruit and place qualified healthcare professionals including nurses, therapists, physicians, and other allied health personnel to meet the staffing needs of hospitals, nursing homes, home healthcare agencies, and other healthcare settings. With the aging population and increasing prevalence of chronic diseases, there is growing demand for quality healthcare services. However, many healthcare organizations face challenges in recruiting and retaining skilled workers due to low wages, shortage of nurses, and retirement of the baby boomer generation. Healthcare staffing helps address these challenges by sourcing verified and competent professionals on a temporary or permanent basis.

The global U.S. Healthcare Staffing Market is estimated to be valued at US$ 24.58 Mn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends
Growing preference for telehealth amid COVID-19 pandemic: The COVID-19 pandemic has accelerated the adoption of telehealth solutions. Many healthcare facilities shifted to telehealth models to cater to non-critical patients while maintaining social distancing norms. This has reduced burden on hospitals and allowed healthcare staffing agencies to re-allocate resources to emergency healthcare needs. Expanding scope of allied healthcare professionals: With increasing emphasis on preventive care and management of chronic conditions, there is rising demand for various allied healthcare professionals like medical assistants, paramedics, physical/occupational therapists, home health aides, etc. Healthcare staffing agencies are adding these roles to their portfolios and catering to the diverse staffing requirements of healthcare organizations.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the healthcare staffing market requires significant investment to acquire necessary licenses and approvals to enter the market.

Bargaining power of buyers: The bargaining power of buyers is high as many healthcare organizations prefer dealing with a few large vendors for staffing needs in order to benefit from economies of scale.

Bargaining power of suppliers: The bargaining power of suppliers is moderate since there are several staffing agencies that can provide skilled workforce for healthcare facilities.

Threat of new substitutes: The threat of new substitutes is low as there are limited substitute options for healthcare staffing services.

Competitive rivalry: The competitive rivalry is high considering the presence of many established players competing for market share.

Key Takeaways

The global U.S. Healthcare Staffing Market size is expected to witness high growth over the forecast period of 2024 to 2031. The global U.S. Healthcare Staffing Market is estimated to be valued at US$ 24.58 Mn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031.

Regional analysis:

The Western region dominates the U.S. healthcare staffing market with the highest market share. This is attributed to the presence of established healthcare facilities and higher hiring needs in this region.

Key players:

Key players operating in the U.S. Healthcare Staffing Market are Solvay SA, Nippon Chemical Industrial Co., Ltd., Hubei Xingfa Chemicals Group Co., Ltd., Sigma-Aldrich (Merck KGaA), LANXESS AG, Jiangxi Fuerxin Pharmaceutical & Chemical Co., Ltd., Nantong Xinbang Chemical Technology Chemical Co., Ltd., Triveni Chemicals, HBCChem, Inc., TCI Chemicals (Tokyo Chemical Industry Co., Ltd.), American Elements, Shanghai Worldyang Chemical Co., Ltd., Alfa Aesar (Thermo Fisher Scientific Inc.), Finetech Industry Limited, Shanxi Lanhua Sci-Tech Venture Co., Ltd. These players are focusing on inorganic growth strategies such as acquisitions and partnerships to gain market share.

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