Healthcare Staffing Market size to grow at CAGR 5.2%, market value to reach around USD 45.2 Billion by 2026
Acumen Research and Consulting
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As per research conducted by?Acumen research and consulting, the global Healthcare Staffing Market size to grow at?CAGR 5.2%, market value to reach around USD 45.2 Billion by 2026.?
?Dynamics of Healthcare Staffing Market
Healthcare staffing agencies are recruitment companies that offer a wide range of healthcare personnel, from nurses and physicians to physicians and related pharmacists. Healthcare organizations often need short- and long-term recruitment support due to funding gaps and skills shortages. Locum tenens, traveling nurses, day nurses and allied health professionals are the core staff required by hospitals and other healthcare facilities. High demand for these professionals due to population aging and skills shortage are the driving factors of the market. According to the latest report from CNN, the US.S. will need to hire about 2.3 million new doctors, nurses and care assistants by 2025 to care for its aging population. This shortage is even greater in rural or remote areas. That's why the health centers hire staff who get help from locum tenens or travel nurses as needed. The ability to travel, flexible work schedules, short term assignments and experience in different locations attract health workers to work as a traveling nurse or on a temporary basis. The growing preference of healthcare workers for temporary work is expected to further drive the market growth. Strong demand from all healthcare professionals worldwide is expected to drive the growth of the market due to aging population and increase of patients with chronic diseases as well as shortage of skilled professionals. For example, according to the World Health Organization, there was a shortage of 7.2 million health workers worldwide in 2013 and it is projected that there will be 12.9 million by 2035.?
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Entry of new players, M&A of existing layers to expand and investments by companies in healthcare staffing agencies are the key factors to boost the growth of the market. However, strict employment policies for staff welfare and advances in biomedical technology are the major restraining factors of the global healthcare workforce market.
Based on service, the global healthcare workforce market is segmented into stand-ins, day care nurses, home care nurses, and allied health care. In 2018, the Allied Health Care segment represented the largest segment of the market. However, the locum tenens segments expected the fastest growth over forecast timeframe. The allied healthcare segment consists of physical therapists, occupational therapists, pharmacists, and respiratory therapists. The growing demand for these professionals due to the growing geriatric population and patients with chronic diseases as well as the lack of skilled healthcare providers are the key factors behind the segment's dominance in the market. Additionally, several Allied professionals choose contract work due to the flexibility of the job and the opportunity to work with multiple organizations. According to the JOLTS survey in the USA.S., a large gap between vacancies and fillings in the health sector was identified. For example, as of January, 2016, there were approximately 1,046,000 vacancies in the healthcare sector and 519,000 new positions, representing approximately half a million unfilled positions. Since 2014, the gap has been widening.?
Healthcare Staffing Regional Market Analysis
The North American region accounted for the largest share of the global healthcare workforce market in 2018 due to a shortage of skilled workers relative to demand, falling costs for hospitals and healthcare providers, and consumers' preference to work independently. The presence of large service providers in the region is another key factor for market dominance. Strategic initiatives such as mergers and collaborations by these players continue to drive the growth of the market. ?
For example, in June 2019, AMN Healthcare acquired Advanced Medical Personnel Services, Inc., a nursing staffing and related agency serving clinics, hospitals, skilled nursing facilities, schools and home health centers. With this acquisition, AMN Healthcare expands its allied professionals and nursing staff as well as the number of customers. Asia Pacific is expected to grow the fastest during the forecast period. This is due to an increased awareness of the benefits that come with hiring ?
people. Contract staff do not come with responsibilities normally associated with permanent staff, there is a larger pool to choose from and the hiring process is quicker. India, China, Singapore, Australia and Japan are the key markets in Asia Pacific.?
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