U.S. Healthcare Staffing Market is Estimated To Witness Growth Due To High Prevalence of Chronic Disease
The U.S. Healthcare Staffing Market is estimated to be valued at US$ 21.33 Bn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The U.S. healthcare staffing market size comprises agencies that provide healthcare staffing services which include allied health staffing, nursing staffing, physician staffing, and many more. Hospitals, clinics and other healthcare facilities are dependent on healthcare staffing agencies to fulfil medical staffing requirements on a temporary and permanent basis. These staffing services help healthcare organizations to deliver quality care services to patients.
Market key trends:
The high prevalence of chronic diseases such as cancer, diabetes, cardiovascular diseases etc. in the U.S. population has created growing demand for healthcare services. It has further increased the need for additional medical staff in healthcare facilities. According to Center for Disease Control and Prevention (CDC), in 2020 approximately 6 in 10 adults in the United States live with at least 1 chronic disease. The growing chronic disease burden in the country has resulted in increased workload and staffing need of healthcare centers. This has augmented the demand for healthcare staffing services in the U.S. market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low entry barriers such as less capital requirements and availability of skilled labor poses moderate threat of new entrants in the market.
Bargaining power of buyers: Large healthcare organizations have significant bargaining power over healthcare staffing agencies by demanding lower prices and better offers.
Bargaining power of suppliers: Healthcare staffing agencies have moderate bargaining power over skilled nursing professionals as their demand is increasing due to shortage of workforce.
Threat of new substitutes: There exists potential threat from new job portal and staffing platform startups that can substitute traditional staffing agencies.
Competitive rivalry: Strong competitive rivalry exists among existing large players to gain higher market share.
SWOT Analysis
Strength: Established presence, large network of healthcare professionals, higher compliance with regulations.
Weakness: Vulnerable to economic slowdowns, high employee turnover rates, increasing operational costs.
Opportunity: Growing geriatric population, shortage of skilled nurses, expansion in rural healthcare facilities.
Threats: Stringent laws and regulations, wage inflation pressure, talent poaching by hospitals.
Key Takeaways
The global U.S. Healthcare Staffing Market is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing lack of skilled nursing staff and high prevalence of chronic diseases. The market size is projected to reach US$ 35 Bn by 2030 from US$ 21.33 Bn in 2023.
Regional analysis: The Western region dominates the U.S. healthcare staffing market with over 35% share due to growing geriatric population, higher per capita healthcare expenditure and presence of major players. The Southern region is expected to witness fastest growth at CAGR of 4% during the forecast period on account rapid urbanization, increasing healthcare infrastructure development and shortage of skilled workforce.
Key players: Key players operating in the U.S. Healthcare Staffing market are AMN Healthcare, CHG Management, Cross Country Healthcare, Syneos Health, and Maxim Healthcare Services. These players are focusing on strategic partnerships, mergers and acquisitions to expand their geographic footprint and service offerings.
Get more insights on this topic: https://creativenewsalert.blogspot.com/2023/12/telehealth-is-fastest-growing-segment_13.html
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