Global Healthcare Staffing Market to Generate $89,763.9 Million in the 2022-2031 Timeframe Due to Growing Need for Flexible Staff Services

Healthcare staffing basically entails offering a wide range of services like checking workers’ credentials, confirming licenses, conducting screening procedures, etc. for recruitment of healthcare professionals like nurses, technicians, administrators for medical institutions like hospitals, clinics, and care centers. In order to streamline this process, specialized healthcare staffing agencies have come up in the market which acts as an intermediary between the people seeking employment and the medical institutions. These agencies provide skilling and upskilling courses to the people which make them fit for the job they are looking for. The also provide workers’ credentials to people so that they formally enter the workforce. Additionally, the hospitals or other medical facilities don’t have to go around finding the right person for the job; rather they have to approach the healthcare staffing agency to fill in their staff vacancies.

Forecast Analysis of the Global Market

A growing need for flexible staff services has been felt by medical institutions across the world which is predicted to push the healthcare staffing market to register a huge growth in the forecast years, 2022-2031. Along with this, growing incidence of chronic ailments across the aging population is expected to boost the market further. Furthermore, rising number of healthcare institutions like hospitals and care centers is predicted to offer numerous growth opportunities to the market in the analysis timeframe. However, growing use of AI and robots in the healthcare industry may hamper the growth of the healthcare staffing market in the 2022-2031 timeframe.

Regionally, the healthcare staffing market in the North America region is expected to be the most profitable in the forecast period. Increasing aging population and advanced healthcare infrastructure across the whole region are expected to be the two main growth drivers of the market in this region.

As per a report by Research Dive, the global healthcare staffing market is expected to reach a revenue of $89,763.9 million in the 2022-2031 timeframe, thereby growing at a stunning CAGR of 8.9% by 2031. Some prominent market players include AMN Healthcare, Cross Country Healthcare, Inc., Teamhealth, Envision Healthcare Corporation, Trustaff, Adecco Group, CHG Management, Inc., Aya Healthcare, Locumtenens.Com, Maxim Healthcare Group, and many others.

Covid-19 Impact on the Market

The Covid-19 pandemic and the subsequent lockdowns have had a catastrophic impact on various businesses and markets worldwide. The healthcare staffing market, however, has been an exception. The pandemic period saw a huge number of patients being admitted in hospitals as the infection spread across the world. Hence, medical institutions and healthcare facilities faced a lot of stress and there was an acute shortage of manpower. In order to address this issue, there was an increase in healthcare staffing and recruitment which helped the market register positive growth numbers.

Significant Market Developments

The key players of the market are adopting various business strategies such as partnerships, mergers & acquisitions, and launches to gain a leading position in the market, thus helping the healthcare staffing market to flourish. For instance:

• In September 2022, One Equity Partners, a private equity firm, announced that it was acquiring Prime Time Healthcare, a leading healthcare staffing service provider. This acquisition is predicted to increase the market share of the acquiring company, i.e., One Equity Partners in the coming period.
   
• In September 2022, Northwell Health, one of the largest healthcare providers in New York, announced that it was collaborating with Clinishift, an Irish software firm. This collaboration is aimed at addressing the staffing and schedule management issues faced by Northwell Health. The partnership is expected to help Northwell Health to streamline and optimize its operations.
   
• In November 2022, Medical Solutions, a leading provider of healthcare staff in the US, announced that it had acquired Host Healthcare, a San-Diego based healthcare staffing service provider. This acquisition is sure to place Medical Solutions in a leading position in the healthcare staffing market and increase its footprint in the industry.