Healthcare Staffing Market is projected to register a CAGR of 5.2% during the forecast period due to the expansion of medical care usage and expenditure in the healthcare Industry
Research Informatic Press Release/Research Informatic has published a Research Report on the “Global Healthcare Staffing Market”.
The Global Healthcare Staffing Market is Predicted to secure a market value of USD 48.3 Bn while recording a CAGR of 5.2% during the forecast period. For the past few years, the global healthcare staffing market has faced challenges like lack of expertise. As per WHO, there was a lack of 7.2 million medical care workers across the globe. The number is expected to reach 12.9 million by 2035. The expansion of medical care usage and expenditure in the healthcare sector is projected to be the key drivers of the market in the forecast period. Besides, the increasing influence of famous expansion companies and the influx of new healthcare staff providers are other sales factors boosting the market expansion. For instance, in August 2017, Novation Companies acquired Healthcare Staffing. The acquisition is projected to help the growth of Novation’s geographical reach and portfolio.
The global healthcare staffing market can be segmented into service types and end-users.
The global healthcare staffing market can be segmented into travel nurses, locum tenens, allied healthcare, and per diem nurses based on service types. The Locum tenens segment is projected to expand at the fastest growth rate during the forecast period. The cost-efficiency for employers and the growing preference of physicians to work as locum tenens are some of the factors responsible for expanding the segment. In 2019, the travel nurses segment procured the most revenues in terms of revenue share.
The global healthcare staffing market can be segmented into nursing homes, clinics, hospitals, and others based on end-users. The hospital segment is anticipated to grow at a robust CAGR during the forecast period. The development of the part can be attributed to the increasing hospital visits by patients and the presence of expertise in healthcare institutions.
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The global healthcare staffing market is projected to dominate North America during the forecast period. The region’s expansion can be attributed to the presence of players, lack of skilled professionals compared to demand, and the rising geriatric population. Besides, payers of the region are adopting several methods to expand their reach in the global market. For instance, Advance Medical acquired Rise Medical Staffing, a provider of travel nurse staffing services. The acquisition will act as an opportunity to enhance the travel nursing division and develop its foothold in hospital settings.
On the other hand, APAC is anticipated to witness the fastest growth during the forecast period. The robust expansion of the region can be attributed to the fact that employment through contract staffing does not involve any liability that are generally associated with permanent staff. Further, the recruitment process is faster, and recruiters have a larger pool of candidates.
The global healthcare staffing market players adopt various strategies and methods to expand their global reach since the industry is highly fragmented. As a result, the market is very competitive, and players make strict investments in their products to achieve a competitive edge against the other players.
Some of the eminent players of the industry include:
- Maxim Healthcare Services
- Envision Healthcare Corporation
- AMN Healthcare
- Adecco Group
- CHG Management
- Almost Family
- Cross Country Healthcare Inc, among others.
Some of the recent developments among the players are:
- Print 2017, Envision Healthcare Holdings Inc. merged with Amsurg Corporation. The acquisition has helped the two organizations in bolstering their position in the healthcare staffing market.
- In February 2018, TeamHealth acquired Emergency Medicine Consultants (EMC), a provider of emergency medical staff. The acquisition will add EMC’s 80 advanced practice clinicians and 330 physicians to TeamHealth’s portfolio.