Fostering a Healthy Future: Healthcare Workforce Growth Projected to Reach USD 81.9 Billion by 2031 with a Sustained 7.6% CAGR, According to EMR
The global Healthcare Staffing Market is projected to reach USD 81.9 billion by 2031, at a CAGR of 7.6%, from USD 42.5 billion in 2022. The healthcare staffing market is expected to continue to grow in the coming years due to the growing elderly population and increased healthcare needs and changing healthcare regulations and compliance.
It includes organizations and online resources that link healthcare facilities with temporary or permanent employees, such as administrative staff, doctors, nurses, and allied health professionals. Ageing populations, more access to healthcare, and strain on the healthcare system from pandemics have all contributed to an increase in the demand for healthcare workforce. In order to maintain continuity of service, this sector gives healthcare companies flexibility in managing variations in patient load and staffing shortages.
Additionally, it offers employment options for healthcare professionals looking for flexible hours or a variety of work environments. The sector has changed as a result of technological breakthroughs and data-driven matching algorithms, which have streamlined the process of linking skilled personnel with healthcare institutions. The staffing industry is still essential for addressing labor shortages and improving healthcare delivery as the healthcare landscape changes.
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In Nov 2023, Epic Staffing Group ("Epic"), a company within The Pritzker Organization, L.L.C.'s portfolio, is pleased to unveil a substantial investment initiative designed to enhance its expansion in the healthcare and life sciences staffing industry. As part of this initiative, Epic has successfully acquired SBG Healthcare, a distinguished physician staffing firm specializing in the placement of advanced practitioners and physicians in the Operating Room and Surgical Suite.
In April 2023, Gale Healthcare Solutions, a prominent on-demand digital staffing platform offering additional staff for post-acute healthcare providers, has revealed a recent collaboration with Smartlinx, Inc. This partnership aims to extend Gale's services to a broader range of communities nationwide.
Distinguished as the inaugural digital platform to supply per diem nurses in the post-acute sector and to introduce same-day pay for supplemental staff, Gale boasts one of the fastest-growing networks of temporary nursing professionals in the industry. This expansion is geared towards assisting healthcare providers in efficiently addressing their workforce management requirements.
Segment Analysis and Market Dynamics
Based on service type, the global healthcare staffing market is divided into travel nurse, per diem nurse, locum tenens, allied healthcare. The per diem nurse category dominates the market with the largest revenue share. Per diem nurses work on an as-needed basis, providing flexibility for both the healthcare facility and the nurse. These professionals often work on short notice, filling in for absences or during peak periods
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The clinics segment is the largest segment of the healthcare staffing market, based end user. Both large and small healthcare clinics, including urgent care centers, outpatient facilities, specialty clinics, and community health centers, rely on staffing agencies to meet their personnel needs. Clinics often require healthcare professionals on a temporary basis to cover unexpected absences, manage busy periods, or expand services without committing to permanent hires. Hospitals are major consumers of healthcare staffing services. They require a diverse range of professionals, including doctors, nurses, allied healthcare workers, administrative staff, and specialized technicians.
Staffing agencies provide temporary or permanent staff to hospitals to address fluctuating patient volumes, fill vacancies, or manage specialized care units. The staffing needs of hospitals can vary greatly based on location, size, and specialization. Long-term care facilities, nursing homes, assisted living facilities, and rehabilitation centers cater to patients requiring extended care or specialized rehabilitation services. These facilities often require a steady workforce to ensure continuous care for residents. Staffing agencies assist in providing skilled healthcare professionals, including nurses, therapists, and aides, to support the specific needs of these facilities.
Regional Analysis
The healthcare staffing market in Asia Pacific is expected to lead globally. An increasing number of people in this region need high-quality healthcare services as their economies grow and become more urbanized. Growing populations and aging populations in nations like South Korea and Japan increase the demand for qualified healthcare workers in a variety of specializations. Additionally, the region's quick development of digital infrastructure and technical breakthroughs has sparked creative healthcare solutions that have an impact on the staffing market. The delivery of healthcare is changing as a result of telemedicine, AI-driven healthcare services, and digital health platforms. This is opening up chances for specialized workforce in these new industries. The government's measures to improve the quality and accessibility of healthcare also contribute to the need for healthcare workers.
Furthermore, in order to assure readiness for upcoming healthcare difficulties, the COVID-19 pandemic highlighted the significance of having a strong healthcare workforce, leading to increasing expenditures in healthcare infrastructure and staffing. The market is growing as a result of public-private sector collaborations and the expansion of global staffing agencies in the area. The Asia Pacific healthcare staffing market is expected to dominate internationally due to factors such as the growing need for healthcare services, innovative technology, and supporting policy frameworks. This presents a plethora of opportunities for staffing firms as well as healthcare workers.
The report “Healthcare Staffing Market Size, Share & Trends Analysis Report by Service Type (Travel Nurse, Per Diem Nurse, Locum Tenens, Allied Healthcare), by End-user (Hospitals, Clinics, Clients, Others), and by Region (North America, Europe, APAC, MEA, and CSA), and Segment Forecasts, 2023 – 2031” is available now to Econ Market Research customers and can also be purchased directly from: https://www.econmarketresearch.com/
Further key findings from the report suggest:
·??????? The global healthcare staffing market is predicted to register a compound annual growth rate (CAGR) of 7.6% over the projected period of 2023-2031.
·??????? Asia Pacific will be the leading region of the global healthcare staffing market during the forecast period of 2023-2031.
·??????? The major key players in the global healthcare staffing market are: AMN Healthcare Services Inc., Envision Healthcare Corporation, Maxim Healthcare Group, teamhealth, Adecco Group, Aya Healthcare, locumtenens.com , trustaff, CHG Management, Inc, Cross Country Healthcare, Inc.
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Econ Market Research has segmented the global healthcare staffing market based on service type, end-user, and region:
Healthcare Staffing Market by Service Type (Revenue, USD Billion, 2023-2031)
·??????? Travel Nurse
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·??????? Per Diem Nurse
·??????? Locum Tenens
·??????? Allied Healthcare
Healthcare Staffing Market by End-user (Revenue, USD Billion, 2023-2031)
·??????? Hospitals
·??????? Clinics
·??????? Clients
·??????? Others
Healthcare Staffing Market Regional Analysis (Revenue, USD Billion, 2023-2031)
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