Trusted Business Insights presents the Latest Study on Healthcare Staffing Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Abstract, Snapshot, Market Analysis & Market Definition: Global Healthcare Staffing Market
The global healthcare staffing market size was valued at USD 29.86 billion in 2018. It is poised to register a CAGR of around 6.0% over the forecast period. Rise in geriatric population has played a vital role in the growth of the market over the past few years. Geographical penetration of players through partnerships and rising awareness regarding benefits of contract staffing are likely to drive the market.
Flexible schedules, travel opportunities, short-term assignments, and clinical experience at different locations are luring healthcare staff to work as locum tenens or travel nurses. Thus, increasing preference of staff to work temporarily is expected to further boost market growth.
Dearth of experienced staff and strong demand for healthcare services are anticipated to stimulate the growth of the market. Mergers and acquisition of companies and heightened adoption of workforce solutions in developed regions are also projected to work in favor of the overall market.
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According to WHO, there was a shortage of 7.2 million healthcare workers across the world in 2013. It is poised that this shortage will reach 12.9 million by 2035. Hence, increasing shortage of skilled staff coupled with surging demand for healthcare services is likely to augment the market in the coming years.
Influx of new players along with growing prominence of existing companies through mergers and acquisitions is one of the primary growth stimulants for the market. For instance, in August 2017, Novation Companies, Inc. acquired Healthcare Staffing, Inc. (HCS). HCS provides healthcare workers and has strong relationships with service providers in Georgia. Hence, the acquisition is expected to help in expanding Novations portfolio and geographical reach.
Market Segmentation, Outlook & Viewpoint: Global Healthcare Staffing Market
Service Market Segmentation & Outlook (Revenue, USD Million, 2014 – 2025)
Travel Nurse
Per Diem Nurse
Locum Tenens
Allied Healthcare
Key Players, Recent Developments & Regional Insights: Global Healthcare Staffing Market
By service, the market has been segmented into travel nurse, per diem nurse, locum tenens, and allied healthcare. In 2018, the allied healthcare segment accounted for the leading revenue share in the market. However, locum tenens is estimated to post the fastest CAGR during the forecast period.
Allied healthcare consists of occupational therapists, physical therapists, medical technologists, respiratory therapists, pharmacists, and phlebotomists. Shortage of professionals in developed economies, rising geriatric population, and growing demand due to unhealthy lifestyle are anticipated to contribute to the growth of the segment.
In January 2017, the Indian government redrafted the bill for regulating allied healthcare services. It is projected to bring it under the ambit of a national regulator. The Union Health Ministry of India redrafted the Allied and Healthcare Council Bill aiming at regulating more than 50 types of allied and healthcare professionals. Furthermore, it is poised to set standards for their education and practices. These will affect 40.0% of the overall healthcare professionals and is likely to increase their shortage in India.
Preference of physicians to work as locum tenens and cost-efficiency for employers are some of the factors responsible for the growth of the segment. According to a survey by Staff Care, an AMN Healthcare company, it was observed that the number of physicians working as locum tenens is continually increasing.
Source: Space Market Research
