Precedence Research has published a new report titled, “Healthcare Staffing Market (By Service Type: Travel Nurse, Locum Tenens, Per Diem Nurse, Allied Healthcare) – Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 – 2027”.
The study gives an elaboration on the market size, share analysis, demand-supply scenario, production and value chain analysis, key drivers, restraints, emerging trends, pricing structure, opportunities, profit margins, prominent business, and recent technological progress.
According to the study, the global healthcare staffing market size is forecast to reach US$ 48.3 billion by 2027 and is set to register a decelerating CAGR of over 5.1% during the forecast period 2020-2027.
Healthcare staffing is referred to as a firm, services person, partnerships, corporations, and other business entities that is engaged in offering nursing personnel to healthcare agencies or to an individual in order to render temporary nursing services. Healthcare providers are pursuing responses to deal the regulatory upheaval, rising physician shortage, constricted nurse staffing levels and several technology challenges. Healthcare is one of the most regulated sectors, thus, staffing organizations require flawless management and organization to deal several credentialing and compliance necessities required for operating in this industry. Factors such as travel opportunities, flexible schedules, and clinical experience across several locations are influencing locum tenens and travel nurses to opt for a career in the healthcare staffing field. In 2013, World Health Organization (WHO) reported that, there was a shortage of around 7.2 million healthcare staff globally, and is estimated to touch 12.9 million by the end of 2035. These factors are expected to open new avenues for industry growth.
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Growing geriatric population has increased several concerns such as shortage of nurses and other working staff in hospitals and also an increase in demand for healthcare facilities. Thus, temporary healthcare staffing is gaining traction across several hospitals globally due to its cost-effective attribute, thereby expected to witness a positive impact on market growth over the forecast period. Healthcare firms are coming across the diverse challenges such as meeting high revenue rates and increasing patient contentment rates. Approach for searching proficient staff is emerging to address the requirements of a new generation of nurses.
The advent of new technologies is playing a vital role to increase healthcare employment which is anticipated to fuel the healthcare staffing market growth during the projected period. Technological advancement has led to innovations in services including telehealth and informatics which have driven the need for skilled working staff in order hand both technical as well as non-technical operations.
- Locum tenens segment is projected to expand with fastest CAGR over the forecast period due to cost reduction offered by temporary employees hiring and growing physicians’ preference for working as locum tenens.
- In 2019, allied healthcare segment held the largest market share in terms of revenue. It comprises physical therapists, occupational therapists, pharmacists, respiratory therapists, phlebotomists, and medical technologists.
- The major players are adopting several marketing strategies such as collaborations, mergers, and acquisitions to gain maximum market share and expand their geographical presence.
- Hospital leaders are also taking several important initiatives to overcome frontline staff shortage in current pandemic situations which is expected to propel the market growth.
- In 2019, HNI Healthcare, Inc. announced acquisition of Martin Healthcare Group which is private company operated across the Midwest and Florida in order to spread its business across U.S. Midwest region.
- Some of the prominent players operating in this market are AMN Healthcare; Adecco Group; Envision Healthcare Corporation; CHG Management, Inc.; inVentiv Health; Cross Country Healthcare, Inc.; TeamHealth; Almost Family; and Maxim Healthcare Services, Inc.
North America dominated the global healthcare staffing market and accounted for the largest market share, in 2019. Lack of skilled staff as compared to the need, growing geriatric population, and the existence of key market players are major factors responsible for regional market growth. In this region, key players are adopting some strategic initiatives like mergers, acquisitions, and collaborations to expand their geographical reach and services portfolio. Therefore, growing market penetration is expected to surge the regional market growth during the forecast period.
Asia Pacific is expected to grow with the fastest CAGR from 2020 to 2027. This growth is attributed to rising demand for contract staffing, and growing investments by market players along with promising economic outlook. Several benefits of contract staffing such as no liabilities that are generally occurred by permanent staffing have led to an increase in demand for contract staffing in this region.
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Key Players & Strategies
The healthcare staffing market is highly competitive in nature owing to the presence of a large number of market players. Therefore, market players are focusing on adopting several strategies such as mergers & acquisitions, and collaborations in order to sustain in a competitive market. For example, TeamHealth acquired Emergency Medicine Consultants (EMC), an emergency medical staff provider, in 2018. This initiative will help the TeamHealth to add EMC’s 330 physicians and 80 advanced practice clinicians
Some of the prominent players in the healthcare staffing market include:
- CHG Management, Inc.
- AMN Healthcare
- Almost Family
- Envision Healthcare Corporation
- inVentiv Health
- Maxim Healthcare Services, Inc.
- Cross Country Healthcare, Inc.
By Service Type
- Travel Nurse Staffing
- Per Diem Nurse Staffing
- Locum Tenens Staffing
- Allied Healthcare Staffing
By Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
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Carolina is an author who specializes in covering healthcare, chemical, and the automotive industry. Before joining Market Stats News, Carolina covered some of the biggest companies in Silicon Valley for the San Jose Mercury News. She loves all things French and the written word. Articles by Carolina