Healthcare Staffing Market is Estimated to Witness High Growth Owing to Increasing Demand for Quality Healthcare Services
The healthcare staffing market involves supplying physicians, nurses, and other healthcare professionals on a temporary or contract basis to hospitals, medical facilities, and private practices. Healthcare staffing helps hospitals, nursing homes and other healthcare facilities to have access to well-trained professionals in order to meet their staffing needs without directly employing them. It enables healthcare facilities to adjust staffing levels according to seasonal needs and leaves. The global healthcare staffing market provides timely medical care in underserved areas where permanent recruitment is challenging.
The global healthcare staffing market is estimated to be valued at US$ 39.52 Bn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing demand for quality healthcare services is driving the growth of the global healthcare staffing market. The key factor favoring the healthcare staffing market growth is shortage of skilled healthcare professionals globally. As per WHO, it is estimated that there will be shortage of around 12.9 million healthcare workers globally by 2035. Also, aging population requiring long term medical care is another factor augmenting the market growth. Furthermore, flexible benefits of staffing companies like timely availability of healthcare professionals help healthcare organizations to manage staffing needs easily and efficiently. However, strict regulatory policies for medical professionals and healthcare staffing is a major challenge for market growth over the forecast period.
SWOT Analysis
Strength: The healthcare staffing market offers temporary and permanent staffing solutions to the healthcare organizations and facilities. This helps in maintaining optimum staffing levels and covering staffing gaps. It also provides benefits like reduced cost of recruitment and training. Many staffing agencies offer wide range of services and specializations to choose from. This flexibility helps them cater to different requirements of hospitals and medical institutions.
Weakness: The dependency on third party staffing solutions reduces control of healthcare organizations on their resources. Any issues with staff provided on contract can adversely impact operations. High attrition rates among contract staff also leads to disruptions. Maintaining quality of resources is another challenge faced by staffing agencies.
Opportunity: Growing geriatric population demanding more medical care is increasing the need for staff across various healthcare roles. There is opportunity to tap into this demand by enhancing service offerings. Governments in various countries are also aiming to expand healthcare infrastructure that will require more skilled workforce. This presents an avenue for growth.
Threats: Changing regulations canimpact operations and costs of staffing companies. Competition is also intense with numerous regional and local players vying for market share. Economic downturns may dampen spending on non-core functions like staffing outsourcing by hospitals.
Key Takeaways
The Global Healthcare Staffing Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Growing aged population demanding medical care and government aims of expanding healthcare infrastructure present major opportunities.
Regional analysis: North America region currently dominates the market owing to established staffing industry and higher healthcare spending. Growth will be faster in Asia Pacific region due to increasing medical tourism, private healthcare facilities and rising investment from key market players looking to tap the demand.
Key players: Key players operating in the healthcare staffing market are LocumTenens.com, Adecco Group, TeamHealth, Trustaff, Aya Healthcare, Maxim Healthcare Group, CGM Management, Inc., AMN Healthcare, Cross Country Healthcare, Inc., and Envision Healthcare Corporation. The market is consolidated in nature with top players accounting for majority share.
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