Precedence Research Predicts Healthcare Staffing Market to Be $48.3 Billion Opportunity by 2027

The global healthcare staffing market is expected to reach a market size of US$ 48.3 Billion by the end of 2027 and register a high revenue CAGR of 5.1% from 2020 to 2027, According to a new research report by Precedence Research.

Introduction

Healthcare Staffing Market (By Service Type: Travel Nurse, Locum Tenens, Per Diem Nurse, Allied Healthcare) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, market share analysis, and the overall market environment.

Market Analysis and Insights

The global healthcare staffing market is expected to gain market growth in the forecast period. A recent study by Precedence Research on the healthcare staffing market offers a 7-year forecast from 2020 to 2027. The study offers a comprehensive analysis of the current state of the global healthcare staffing market, as well as projections for overall growth prospects and key factors in major regional markets.

The research report includes a detailed study of regions of North America, Europe, Asia Pacific, and Rest of the World. For these regions, primary variables such as production volume, price analysis, and gross margin analysis are provided. This research report presents the market status, import-export data, and consumption ratio for each region. The SWOT analysis, pricing structures, and gross margin are all analyzed by region.

Healthcare staffing is referred to as a firm, services person, partnerships, corporations, and other business entities that is engaged in offering nursing personnel to healthcare agencies or to an individual in order to render temporary nursing services. Healthcare providers are pursuing responses to deal the regulatory upheaval, rising physician shortage, constricted nurse staffing levels and several technology challenges.

Healthcare is one of the most regulated sectors, thus, staffing organizations require flawless management and organization to deal several credentialing and compliance necessities required for operating in this industry. Factors such as travel opportunities, flexible schedules, and clinical experience across several locations are influencing locum tenens and travel nurses to opt for a career in the healthcare staffing field. In 2013, World Health Organization (WHO) reported that, there was a shortage of around 7.2 million healthcare staff globally, and is estimated to touch 12.9 million by the end of 2035. These factors are expected to open new avenues for industry growth.

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Growth Factors

Growing geriatric population has increased several concerns such as shortage of nurses and other working staff in hospitals and also an increase in demand for healthcare facilities. Thus, temporary healthcare staffing is gaining traction across several hospitals globally due to its cost-effective attribute, thereby expected to witness a positive impact on market growth over the forecast period. Healthcare firms are coming across the diverse challenges such as meeting high revenue rates and increasing patient contentment rates. Approach for searching proficient staff is emerging to address the requirements of a new generation of nurses.

The advent of new technologies is playing a vital role to increase healthcare employment which is anticipated to fuel the healthcare staffing market growth during the projected period. Technological advancement has led to innovations in services including telehealth and informatics which have driven the need for skilled working staff in order hand both technical as well as non-technical operations.

Report Highlights

• Locum tenens segment is projected to expand with fastest CAGR over the forecast period due to cost reduction offered by temporary employees hiring and growing physicians’ preference for working as locum tenens.
• In 2019, allied healthcare segment held the largest market share in terms of revenue. It comprises physical therapists, occupational therapists, pharmacists, respiratory therapists, phlebotomists, and medical technologists.
• The major players are adopting several marketing strategies such as collaborations, mergers, and acquisitions to gain maximum market share and expand their geographical presence.
• Hospital leaders are also taking several important initiatives to overcome frontline staff shortage in current pandemic situations which is expected to propel the market growth.
• In 2019, HNI Healthcare, Inc. announced acquisition of Martin Healthcare Group which is private company operated across the Midwest and Florida in order to spread its business across U.S. Midwest region.
• Some of the prominent players operating in this market are AMN Healthcare; Adecco Group; Envision Healthcare Corporation; CHG Management, Inc.; inVentiv Health; Cross Country Healthcare, Inc.; TeamHealth; Almost Family; and Maxim Healthcare Services, Inc.

Key Players:

The healthcare staffing market is consolidated with a major number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report. Primary research represents a bulk of research efforts, supplemented by extensive secondary research.

Top Manufacturers in the healthcare staffing market are

• CHG Management, Inc.
• AMN Healthcare
• Almost Family
• Envision Healthcare Corporation
• inVentiv Health
• TeamHealth
• Maxim Healthcare Services, Inc.
• Cross Country Healthcare, Inc.

Market Segmentation

By Service Type

• Travel Nurse Staffing
• Per Diem Nurse Staffing
• Locum Tenens Staffing
• Allied Healthcare Staffing

By Regional Outlook

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
• Asia Pacific
  • China
  • Japan
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa

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