Newark, June 20, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 40.5 billion healthcare staffing market will reach USD 87.4 billion by 2032. One of the main factors influencing the business is the benefits of working as a travel nurse, per diem nurse, or locum tenens nurse. In addition to having a strong desire to help others, medical professionals appreciate flexibility in their work hours highly. Thanks to temporary staffing choices, medical professionals can choose when they are available for work or ready to accept new assignments. As working hours become more flexible and people are exposed to more healthcare systems around the world, it is projected that the number of people choosing allied healthcare, per diem, travel nursing, or locum tenens as a career would increase.
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North America to account for the largest market size during the forecast period.
North America is expected to have the most significant healthcare staffing market share due to the ageing population's increased prevalence of physical and medical conditions. The market expansion in North America is anticipated to be driven by the rising geriatric population, improved healthcare infrastructure, efficient government regulation, and a high need for healthcare workers. For instance, nearly 500,000 nurses will retire in the coming years, according to the Bureau of Labour Statistics (BLS). A shortage of 21,000 to 55,200 primary care physicians is also anticipated by the Association of American Medical Colleges by the year 2032.
The travel nurse staffing segment dominated the market with the most significant revenue of USD 14.94 billion.
The travel nurse staffing segment dominated the market with the most significant market revenue of USD 14.94 billion. The segment is growing as more people become aware of temporary labour's advantages and the perks connected with particular jobs. The travel nurse segment dominated the market regarding revenue share in 2021 as hospitals were obliged to cut their workforce in response to growing healthcare expenditures. Therefore, healthcare service providers are turning to "staffing" groups to ensure that nurses are available when workloads increase.
The hospital segment dominated the market with the most significant revenue of USD 15.79 billion.
The hospital segment dominated the market with the most significant market revenue of USD 15.79 billion. Clinical outcomes and the lack of qualified staff members impact patient care. According to the U.S. Bureau of Labour Statistics, there will be a need for about 275,000 more nurses between 2020 and 2030 as medical staffing needs are predicted to increase. From 2016 to 2026, employment prospects for nurses are anticipated to grow more quickly than those for all other occupations (9%).
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Market Dynamics:
Drivers: Increasing Health Financing
The number of hospitals has increased as a result of better healthcare infrastructure and more public health funding. It is predicted that new legislation would provide connected professionals, particularly nurses, the authority to act as the patients' top defenders by launching health initiatives to encourage improved care. These policies support and advance the right of individuals to make knowledgeable healthcare decisions. Future regulatory adjustments will disperse the concentration of power held by physicians and other specialists, allowing markets to concentrate on other participants in the health value chain. For instance, India established a law in 2021 to control and standardize the education and employment of relevant healthcare employees.
Restraint: Lack of Remuneration
Many healthcare workers believe they are being underpaid, especially in light of the time commitment required of them. The Bureau of Labour Statistics has shown a constant rise in salary over time, although many workers do not think these amounts are higher. According to PayScale, other medical assistants can make between $12 and $21 per hour, while nurses can make up to $43 per hour. This frequently leads to unfair remuneration given the demands of the occupation. Therefore, the professionals' low pay may constrain the healthcare staffing industry's expansion.
Opportunity: Government Investments
Government investments in developing countries are anticipated to increase access to healthcare services by modernizing those countries' healthcare systems. As a result, there will undoubtedly be a greater need for healthcare personnel. The market has many prospects because chronic diseases like cancer and diabetes are becoming more common in developing countries.
Challenge: Lack of Specific Facilities
The market is expected to experience limitations throughout the forecast period due to a shortage of facilities, competent healthcare professionals, and the specific knowledge provided by healthcare staffing service providers.
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Some of the major players operating in the healthcare staffing market are:
● Envision Healthcare Corporation
● AMN Healthcare
● CHG Management, Inc
● Maxim Healthcare Group
● Cross Country Healthcare, Inc.
● Aya Healthcare
● Trustaff
● TeamHealth
Key Segments cover in the market:
By Service:
● Travel Nurse Staffing
● Locum Tenens Staffing
● Per Diem Nurse Staffing
● Allied Healthcare Staffing
By End-User:
● Hospitals
● Clinics
● Ambulatory Facilities
● Others
About the report:
The global healthcare staffing market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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