OTTAWA, ON, Nov. 22, 2023 /PRNewswire/ -- The global healthcare staffing market size surpassed USD 33,810 million in 2022 and is projected to hit around USD 50,120 million by 2032, expanding at a CAGR of 4.02% from 2023 to 2032.
The global healthcare staffing market size accounted USD 35,170 million in 2023. North America dominated the global market with the largest market share of 59% in 2022.
The U.S. healthcare staffing market size was valued at USD 23,600 million in 2022 and is anticipated to reach around USD 41,170 million by 2032, growing at a CAGR of 5.7% during the forecast period 2023 to 2032.
U.S. Healthcare Staffing Market Revenue, By Type, 2022-2032 (USD Billion)
By Type | 2022 | 2023 | 2032 |
Travel Nurse Staffing | 10.42 | 11.23 | 18.94 |
Per Diem Nurse Staffing | 4.72 | 4.97 | 8.03 |
Locum Tenens Staffing | 3.89 | 4.12 | 7.00 |
Allied Healthcare Staffing | 4.37 | 4.58 | 7.20 |
In 2022, The travel nurse staffing segment dominated the healthcare staffing market with the largest market share of 45% in the U.S. healthcare staffing market. The travel nurse staffing segment This is due to high salaries, travel opportunities, and short-term assignments. In addition, hospitals are being forced to downsize due to soaring medical costs. That is why they choose these services to ensure caregivers are available when their workload increases.
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In 2022, The locum tenens staff segment has captured around 16.50% of market share in the U.S. healthcare staffing market and is expected to register the largest growth during the forecast period. A growing shortage of GPs and specialists and hospitals hiring paramedics during peak seasons to cut costs are the main reasons for the growth of this segment.
In 2022, the allied healthcare staffing segment has held 18.50% of market share in the U.S. healthcare staffing market and is specialized in healthcare employment with an emphasis in allied health and nursing. Allied Healthcare offers first-class enrolment services staffed 24 hours a day. Your facility can improve its recruitment process by utilizing vetted professional Temporary, Temporary Hiring, and Direct Placement services.
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Market Overview
Healthcare staffing is the process of recruiting, hiring, and scheduling healthcare professionals. Healthcare staffing agencies work with healthcare facilities to understand their staffing needs and provide access to qualified professionals. Services offered by healthcare staffing agencies are recruitment, credential review, license verification, skills validation, clinical assessment, tracking continuing education, and technology-on-demand.
The market is segmented based on service type, end-user, and region. Factors such as a surge in demand for Locum Tenens Medical Staffing, increase in wages for physicians, need for better staffing practices, increasing healthcare staffing platforms, rising demand for the jobs, and the aftermath of the pandemic are driving the growth of the market. However, high attrition in nursing and other healthcare roles and lack of remuneration is hampering the growth of the market. Furthermore, increasing investments higher valuations, an increase in the geriatric population, self-servicing workers, streamlined onboarding paperwork, technology to track health and coverage, and efficient timesheet management, Significant increases in the number of government and non-government hospitals, long-term care centres, acute care centres and other types of health institutions are expected to offer ample opportunities in the market.
The healthcare staffing industry has seen significant consolidation in recent years, with private equity, private equity-backed strategies, and public strategies completing acquisitions or investments. Macroeconomic indicators indicate consistent demand for healthcare staffing services, implying further consolidation among industry players.
Growth Factors of Healthcare Staffing Market:
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.
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Scope of Healthcare Staffing Market Scope
Report Highlights | Details |
Growth Rate from 2023 to 2032 | CAGR of 4.02% |
Market Size in 2023 | USD 35,170 Million |
Market Size by 2032 | USD 50,120 Million |
Base Year | 2022 |
Forecast Period | 2023 to 2032 |
Largest Market | North America |
Fastest Growing Market | Asia Pacific |
Key Companies & Market Share Insights
The key market players are implementing some marketing strategies such as partnerships, mergers, and acquisitions in order to expand their service portfolio and geographical presence. For example, in 2018, TeamHealth announced the acquisition of an emergency medical staff provider, Emergency Medicine Consultants (EMC). This acquisition will help the former to add 330 physicians and 80 advanced practice clinicians.
Growing a large number of healthcare staff providers and the rising influence of newly established service providers through mergers and acquisitions are projected to propel the market growth in the next few years. For example, in 2017, Novation Companies, Inc. acquired a provider of healthcare Healthcare Staffing, Inc. (HCS). This acquisition is expected to help Novation Companies, Inc. to expand its geographical reach and service portfolio.
Key Market Players
- CHG Management, Inc.
- AMN Healthcare
- Almost Family
- Envision Healthcare Corporation
- inVentiv Health
- TeamHealth
- Maxim Healthcare Services, Inc.
- Cross Country Healthcare, Inc.
Regional Stance
North America dominated the market with the highest revenue of more than 59%. The growth of the market is driven by the demand for healthcare staff, nursing shortages, the rise of telehealth, the impact of COVID-19, increased use of Locum Tenens, Staffing agencies and solutions, workflow diversity and Inclusion, training, and education programs. The Bureau of Labor Statistics estimates that the U.S. faces a shortage of 195,00 nurses by 2031. Moreover, the average growth rate for all occupations is 5% of the job for nursing is 6% between 2021 and 2031. This has increased demand for travel nurses, temporary staffing solutions, and a focus on nurse recruitment and retention strategies in North America.
Moreover, the COVID-19 pandemic also highlighted the importance of healthcare staff, putting immense pressure on health systems and exposing the existing gaps in the workforce.
Service Type Insights
The Allied Healthcare staffing service is growing significantly owing to the increasing demand for specialized services and the lack of skilled workers in various allied health facilities. A wide range of specialists are included in allied healthcare, such as respiratory therapists, physical therapists, medical technologists, and others.
The aging population and improvements in medical technology have led to a demand for specialized healthcare services, leading to market growth. Healthcare facilities receive flexibility from staffing agencies specializing in allied healthcare, enabling them to effectively handle changing patient loads and keep costs under control by using temporary placements. The demand for qualified allied healthcare professionals is expected to grow as the healthcare industry continues to grow.
End Users Insights
The Homecare settings segment is expected to grow faster during the forecast period. The rising acceptance of home-based healthcare services is increasing the demand for a wide range of healthcare professionals to provide care in patient's homes. The growth of the segment is driven by the aging population that prefers in-person care, technological advancements that allow for remote monitoring and telehealth, and the aim of lowering healthcare costs by advancing some services out of regular medical facilities.
Services provided in home care settings include home nursing care, physical therapy, and personal care assistance Staffing in home care settings involves deploying skilled professionals such as home health nurses, therapists, and aides to deliver personalized care directly to patients in their residences.
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Market Dynamics
Drivers: Surge in demand for Locum Tenens Medical Staffing
According to the American Hospital Association, the U.S. healthcare sector is projected to face a shortage of up to 124,000 physicians by 2033. To address this shortfall, healthcare providers are increasingly turning to locum tenens staffing. Rather than waiting until the last minute to address temporary staffing needs, providers are now incorporating them into their hiring plans. This proactive approach has led to improved patient retention rates and cost savings of 20% to 30% for hospitals and other healthcare facilities.
Technology-Driven Healthcare Staffing Approach
To streamline healthcare hiring for the future, it is important to make smart use of technological tools that offer employers greater flexibility. According to the American Hospital Association, 86% of health systems have a responsibility for innovation management, and taking advantage of technology in talent management to improve staffing is a crucial aspect.
Employers with technology-led hiring practices attract a better workforce and build a strong talent pipeline for future vacancies. The use of technology in recruiting has become increasingly popular in recent years, as it helps optimize each step of the recruiting process and make it more efficient. Some of the benefits of using technology in the healthcare sector for recruiting include widening the candidate pool, automating scheduling, and using AI-powered recruitment tools.
Increasing Wages
Physician salaries in the U.S. are consistently rising, while many other healthcare salaries remain unchanged. Following a decline in 2020 at the onset of the pandemic, compensation has slowly rebounded over the past year. The annual Physician Salary report indicates a 1% pay increase for critical care doctors, with other specialty physicians experiencing increases of up to 13% in 2021. In contrast, physician assistants have seen more substantial increases in the healthcare sector.
According to the Hospice salary & benefits reports, the U.S. average hourly rate for Certified Nursing Assistants (CNAs) increased by 9.09%. As medical facilities actively seek nursing and medical personnel, this trend is likely to continue. Hospitals and healthcare businesses are anticipated to raise wages as a means of attracting and retaining top talent.
Rising Demand for Jobs
The demand for healthcare staffing jobs in the U.S. is expected to rise due to several factors. The COVID-19 pandemic has increased the need for healthcare staff, creating imbalances in labor supply and demand. There is a sustained demand for healthcare professionals in various settings due to ongoing care requirements for chronic diseases.
Additionally, the demand for healthcare services is propelled by population growth, aging demographics, and advancements in technology. Increased access to healthcare and the expansion of insurance coverage also contribute to the ongoing need for healthcare professionals.
Restraints:
High Attrition in Nursing and Other Healthcare roles
The healthcare sector is facing significant employee attrition rates, which are mostly caused by retirement, burnout, and high turnover. Particularly affected is the nursing profession, which has seen numerous departures as a result of increased workloads, emotional exhaustion, and workplace stress. In similar ways, shortages in the workforce and high attrition rates affect other healthcare roles, such as physicians and allied healthcare professionals.
A recent survey of more than 18,000 nurses conducted by AMN Healthcare Services Inc. revealed that 30% of respondents are considering leaving their careers, a 7 percent increase from 2021 when the pandemic-induced wave of resignations started. The survey also indicated only 36% of nurses intend to remain in the sector but may switch workplaces.
Opportunities
Advanced technology for health and coverage tracking
The most significant healthcare staffing companies spend money on apps and software to effectively handle and distribute critical data. Maintaining a lead in technology adoption indicates that agencies deliver advanced offerings in an efficient way, fulfilling client's urgent needs and gaining a competitive advantage in the marketplace. The agency growth is increased by the primary focus of automation for workflow improvement, which lowers errors, improves communication, and reduces operational efficiency.
Self-servicing options
The growth of self-servicing options, where employees independently manage their information through user-friendly software, is one significant trend. In addition to minimizing human data entry errors, this gives healthcare workers more control over their profiles and reduces their dependency on HR for regular updates. Additionally, there is a growing trend toward more efficient onboarding procedures, such as the use of paperless solutions. Agencies use digitalization to improve application procedures, offering healthcare personnel quick access to assignments and important data and, in the end, improving the applicant experience in general.
Recent Developments
- In June 2023, Jackson Healthcare acquired LRS Healthcare, a healthcare staffing firm based in Omaha, Nebraska.
- In Oct 2023, AMN Healthcare Services Inc., one of the largest US healthcare staffing firms, announced the acquisition of healthcare staffing and locum tenens provider MSDR.
- In Aug 2023, Health Carousel Locum Tenens announced rebranding to Caliber Healthcare Solutions. Caliber was formerly part of Cincinnati-based healthcare staffing provider Health Carousel LLC.
- In Oct 2023, Futuris Co. announced its acquisition of the specialized healthcare staffing business of Recruiter.com.
- In Nov 2023, Epic Staffing Group acquired SBG Healthcare, a leader in locum tenens staffing. The company has also added Chicago Telerad to its portfolio.
By Service Type
- Travel Nurse Staffing
- Per Diem Nurse Staffing
- Locum Tenens Staffing
- Allied Healthcare Staffing
By End User
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Home Care Settings
- Private Sector
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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