Burlingame, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The Temporary Healthcare Staffing Market was valued at $58.80 Bn in 2024 and is expected to exhibit a CAGR of 4.5% during the forecast period 2024-2031. as highlighted in a new report published by Coherent Market Insights.
The growth of the temporary healthcare staffing market is driven by the growing shortage of skilled medical professionals coupled with the cost-efficiency associated with temporary healthcare staffing. According to the U.S. Health Resources and Services Administration report, the U.S. will experience a shortage of between 54,100 and 139,000 physicians by 2033. Meanwhile, temporary staffing allows healthcare facilities to scale up operations as per fluctuating the demand without incurring large payroll costs. This has boosted the adoption of temporary staffing solutions in recent years. Furthermore, temporary staffing enables healthcare organizations to cover gaps due to vacations, maternity leaves, and open positions, thereby ensuring continuity of operations.
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Market Drivers:
Increasing adoption of organic growth strategies such as collaborations is expected to drive the global temporary healthcare staffing market growth over the forecast period. For instance, on August 1, 2023, ShiftMed, a healthcare community, announced the collaboration with Huron to help healthcare organizations manage the challenges they face in acquiring and managing skilled HCPs. The collaboration will create opportunities for healthcare organizations to optimize staffing, create sustainable workforce models, and achieve operational excellence.
Temporary Healthcare Staffing Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $58.80 billion |
| Estimated Value by 2031 | $80.10 billion |
| Growth Rate | Poised to grow at a CAGR of 4.5% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Restraints & Challenges | • Healthcare reimbursement changes • Rising costs of temporary healthcare |
| Growth Drivers | • Increasing acquisitions by key market players • Shortage of permanent healthcare staff |
Market Opportunities:
Increasing adoption of inorganic growth strategies such as launch of healthcare staffing firms by key market players is expected to drive the global temporary healthcare staffing market. For instance, on April 25, 2023, IMN Enterprises, healthcare staffing company, announced that they had launched Healthcare Staffing Firm MedAdventures, a customized workforce and staffing solutions provider for healthcare and medical facilities. MedAdventures helps to expand and strengthen n-house healthcare workforces by filling vacancies through allied and nurse healthcare staffing, Temporary and temp-to-perm staffing
Moreover, Developing markets expansion presents a huge opportunity for growth in the global temporary healthcare staffing market. countries in developing regions such as Asia Pacific, South America, Middle East and Africa are increasingly investing in improving access to quality healthcare services for their rising populations. This influx of investments into healthcare infrastructure and services is expected to drive the demand for temporary healthcare staffing substantially over the forecast period.
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Key Developments:
On January 17, 2024, Aya Healthcare, the healthcare talent software and staffing company, announced the acquisition of ID Medical, a leading workforce solutions provider in the U.K. As part of the acquisition, ID Medical will make Aya Healthcare’s market-leading technology available to the NHS and U.K.-based clinicians. The companies plan to share best practices from each market with their respective clients.
On January 4, 2024, Favorite Healthcare Staffing, announced that they had signed a deal for a US$ 30 million increase from the city of Chicago to provide staffing of the city’s temporary migrant shelters.
In May 2022, StaffHealth.com, healthcare staffing and recruitment agency, announced that they had launched NurseShifts, a new mobile app and marketplace designed for on-demand staffing to help nurses find shifts, faster. The app acts as a mobile marketplace for nurses to easily connect and communicate with recruiters and healthcare facilities
In December 2021, UPMC, hospital in U.S., announced that they had launched, UPMC Travel Staffing, a new in-house travel staffing agency as a solution to the nationwide nursing shortage and to attract and retain highly skilled nurses and surgical technologists to its workforce.
Market Restraints:
Stringent regulations and policies pose a significant challenge for the growth of the global temporary healthcare staffing market. Various countries have implemented strict norms and compliances to regulate the staffing of healthcare professionals on a temporary basis. This is mainly done to ensure patient safety and quality of care. Some of the common regulatory frameworks mandate licensure verification, credential and background checks of temporary staff. There are also policies regarding mandatory training requirements, liability coverage and employment contracts. Following these takes significant time and effort from the staffing agencies. Extensive paperwork and administrative tasks need to be completed to demonstrate compliance with each rule and regulation. This adds to the cost of operations and makes the process of onboarding temps more complicated.
Read complete market research report, "Temporary Healthcare Staffing Market, By Type, By End User, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Key Market Takeaways:
The global temporary healthcare staffing market is expected to exhibit a CAGR of 4.5% during the forecast period. For instance, on June 28, 2023, Jogan Inc., a healthcare staffing company, announced a partnership with The Gypsy Nurse, an online travel nursing resource, to post open positions to traveling nurses and share helpful tips with providers.
Among region, North America is expected to be the dominant region in the global temporary healthcare staffing market due to increasing investments in healthcare staffing by key market players. For instance, on July 14, 2023, Sier Capital Partners, a private equity investment firm and several partner organizations made a strategic investment in Nurses 24/7, a leading provider of healthcare staffing services in the U.S. In the post-COVID environment, there have been continued shortages of key healthcare professionals, and high attrition rates in the field. Nurses 24/7 makes sure registered nurses are placed in the right environment to match their particular expertise.
Major players operating in the global temporary healthcare staffing market include SOLIANT HEALTH, Envision Healthcare, Maxim Healthcare Services, CHG Management, Inc., Cross Country Healthcare, TeamHealth, Jackson Healthcare, LocumTenens, Trustaff, Aya Healthcare, Vibra Healthcare, Ample Healthcare, Acacium Group, SnapNurse, AMN Healthcare, BrightStar Care and Triage Staffing
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Detailed Segmentation:
By Type:
- Travel Nurse Staffing
- Per Diem Nurse Staffing
- Locum Tenens Staffing
- Allied Healthcare Staffing
By End User:
- Hospitals
- Clinics
- Nursing Home
- Others (Ambulatory Centers, etc.)
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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