The Healthcare Staffing Market is Projected to Grow at a CAGR of 8.9% and Generate a Revenue of $89,763.9 million by 2031Download Sample Reports Overview
The Global Healthcare Staffing Market Size is predicted to be valued at $89,763.9 million by 2031, surging from $40,080 million in 2021, at a noteworthy CAGR of 8.9%.
Impact Analysis of COVID-19 on the Healthcare Staffing Market
The healthcare industry is the most affected industry during the COVID-19 pandemic. The growth of the healthcare staffing sector has been positively affected during the COVID-19 pandemic due to the rise in demand for healthcare workers and providers. The rise in the number of patients during the COVID-19 pandemic has fueled the demand for healthcare workers as public hospitals are trying to fill positions for doctors, nurses, and other medical personnel. The government policy changes also positively fueled the growth of the healthcare staffing market as many governments around the globe have been allowed to employ healthcare staff on a contract basis during the pandemic situation.
However, several initiatives launched by the Indian government are helping society to recover from the pandemic. For instance, in March 2021, the Indian government passed the National Commission for Allied and Healthcare Professionals Bill, 2021, which seeks to regulate allied healthcare professions, including radiologists and laboratory technicians, who play a crucial role in the medical industry.
Global Healthcare Staffing Market Analysis
A significant need for healthcare staffing has been developed as a result of severe labor supply and demand imbalances, increased physician turnover, and increased healthcare usage. Various countries are currently focusing their emphasis on implementing a healthcare staffing model, driven by the growing need to save precious human lives. The unique technique is supporting medical practitioners in boosting clinical quality while also increasing patient happiness. Governments are developing a wide range of cutting-edge measures in an effort to save priceless human lives due to the global shortage of skilled healthcare professionals. As a result, a growing number of hospitals, nursing homes, and pharmaceutical companies are accepting healthcare staffing. These are the major factors anticipated to boost the healthcare staffing market share during the analysis timeframe.
Burnout in healthcare staffing refers to a state of ongoing emotional tiredness. Burnout can harm morale, drive healthcare professionals to leave the profession, and even lead to despair, alcoholism, and suicidal ideation. It not only contributes to a lack of workers, but it can also lower the standard of patient care or possibly put patients in danger. According to one study, burnout can make medical mistakes and malpractice more likely, decrease patient satisfaction, and prevent healthcare staff from developing personal connections with their patients. Such factors are responsible for impeding market growth during the forecast period.
The need for healthcare staff recruitment is significantly associated with the economic cycle, changes in unemployment, and overall growth in the healthcare industries. The number of full-time employees in healthcare businesses decreases during economic downturns. At the same time, during times of economic uncertainty, people tend to stay in their current occupations, limiting demand for industry services. Poor economic situations, on the other hand, can give an opportunity for the sector through the deployment of temporary labor. The number of healthcare facilities actively seeking locum tenens physicians have remained stable, implying that stability has returned to the temporary physician employment market.
Global Healthcare Staffing Market, Segmentation
The global healthcare staffing market is segmented based on type, end-user, and region.
The type segment is further classified into allied healthcare staffing, per diem nurse staffing, travel nursing, and locum tenens staffing. Among these, the allied healthcare staffing sub-segment had a dominant market share in 2021. In contrast to nursing, pharmacy, and medical staff, allied healthcare professionals operate in healthcare facilities primarily to maintain the operation of the healthcare system by providing technical, diagnostic, therapeutic, and support services. Assistive personnel, technicians, such as community health aides, dental assistants & technicians, home health aides, or technicians, pharmacy assistants, and radiology technicians, among others, are all included in the category of allied healthcare staffing.
The end-user industry segment is further classified into hospitals, clinics, clients, and others. Among these, the hospitals sub-segment had a dominant market share in 2021. Because larger facilities require more employees, hospital clients require the most support from healthcare staffing firms. Also, hospitals are continuing to save costs by hiring temporary workers in place of permanent ones. However, given the shortage, hospitals might find it more advantageous to have long-term medical specialists on staff.
The healthcare staffing market in the Asia-Pacific region is projected to show the fastest growth. The need for healthcare staffing in the Asia-Pacific region is on the rise as a result of the region's sizable patient population. The need for healthcare workers in the area is being fueled by the lack of suitable medical facilities. Also, increasing government investment in providing better healthcare infrastructure and ongoing R&D capabilities to provide better healthcare facilities fuel growth in the Asia-Pacific region.
Key Players in the Global Healthcare Staffing Market
Some of the leading healthcare staffing market players are
- AMN Healthcare
- Envision Healthcare Corporation
- CHG Management, Inc.
- Maxim Healthcare Group
- Cross Country Healthcare, Inc.
- Aya Healthcare
- Adecco Group
In August 2021, Aya Healthcare announced the acquisition of Vizient's Contract Labor Management (CLM) business unit and transition it to Vaya Workforce Solutions (Vaya), a new subsidiary of Aya.