Global Industry Analysts Predicts the World Healthcare Staffing Market to Reach $47.8 Billion by 2026

SAN FRANCISCO, Feb. 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Healthcare Staffing - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 6; Released: February 2022
Executive Pool: 733
Companies: 162 - Players covered include Adecco Group; Almost Family; AMN Healthcare; Aureus Medical Group; CHG Management, Inc.; Cross Country Healthcare, Inc.; Envisions Healthcare Corporation; Healthcare Staffing Services; inVentiv Health; LocumTenens.com; Maxim Healthcare Services, Inc.; Supplemental Health Care; Syneos Health, Inc.; TeamHealth; Vista Staffing Solutions and Others.
Coverage: All major geographies and key segments
Segments: Service Type (Travel Nurse Staffing, Locum Tenens Staffing, Allied Healthcare Staffing, Per Diem Nurse Staffing)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Global Healthcare Staffing Market to Reach US$47.8 Billion by the Year 2026
Healthcare staffing refers to process of providing temporary nursing/healthcare personnel to serve patients in various healthcare facilities. Propelled by growing need to save precious human lives, various countries are now focusing their attention towards adopting healthcare staffing model. The novel strategy is assisting medical professionals in improving clinical quality, along with enhancing patient satisfaction. With the world facing shortage of trained healthcare workers, governments are devising a wide range of innovative strategies with an intention of saving precious human lives. As a result, healthcare staffing is gaining acceptance among several hospitals, nursing homes, as well as pharmaceutical companies. Healthcare staffing is an expanding area especially due to the rise in geriatric population, and growing availability of medical insurance for more people. Advancements in healthcare technology have brought about different innovations such as telehealth and medical informatics. Thus, skilled labor is needed to handle the non-technical as well as technical aspects of the new medical devices. Automation and technology is being used by firms to streamline sourcing, recruiting and credentialing healthcare staffing recruitment to ensure that demands are met.

Healthcare staffing agencies have been operating around the world for several decades, and thus the concept of healthcare staffing is not new. However, the way by which healthcare staffing solutions are provided has witnessed notable changes in recent years. A considerable shift has been witnessed from temporary staffing solutions to permanent staffing solutions in healthcare staffing, while simultaneously, opportunities for freelance medical professionals have also increased substantially. All these trends reflect the progressive digitization that is evolving in healthcare staffing. Permanent roles at healthcare systems have been taking several months to fill, leading to escalation of recruitment costs and short-staffed facilities for a certain duration. In the last decade, and particularly during the pandemic, medical freelance platforms have experienced significant growth, and the marketplace is evolving rapidly with several startups are competing for retaining their position. Certain platforms serve specific forms of healthcare staffing businesses and workers, while certain others differentiate themselves depending on the services they provide. However, both of these cases represent mutually beneficial scenarios for both healthcare organizations and professionals. Thus, the platforms are expected to continue offering the latest healthcare staffing solutions in the future.

New technologies are enhancing the number of opportunities for developing digital freelance platforms. Several industries, such as the ridesharing sector, have been benefited from the digital freelance platforms, and thus rapidly embracing these technologies. However, healthcare sector has been slow in adopting the greatest and latest technologies. Examples such as telemedicine and telehealth have been there for two decades, and yet they have not experienced extensive adoption by the healthcare organizations till recently. The situation is almost similar for modern healthcare staffing solutions and medical freelance platforms.

Amid the COVID-19 crisis, the global market for Healthcare Staffing estimated at US$38.2 Billion in the year 2022, is projected to reach a revised size of US$47.8 Billion by 2026, growing at a CAGR of 6% over the analysis period. Travel Nurse Staffing, one of the segments analyzed in the report, is projected to grow at a 5.9% CAGR to reach US$21.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Locum Tenens Staffing segment is readjusted to a revised 7.4% CAGR for the next 7-year period. With cost of healthcare continuing to rise, hospitals are adopting measures such as reducing working staff. In this regard, the role of travel nurses becomes critical when these healthcare facilities witness higher workloads. Increasing concerns for minimizing attrition rate and improving profitability margins is fueling demand for travel nurse segment. Locum tenens physicians typically are utilized for filling up for other physicians temporarily or for some days up to 6 months. The staffing model is chosen to address temporary staffing shortages occurring due to staff illnesses, vacancies and other reasons. Benefits offered including cost efficiency and growing physician preference to work as locum tenens are fueling market growth.

The U.S. Market is Estimated at $22.3 Billion in 2022, While China is Forecast to Reach $3.4 Billion by 2026
The Healthcare Staffing market in the U.S. is estimated at US$22.3 Billion in the year 2022. The country currently accounts for a 58.9% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$3.4 Billion in the year 2026 trailing a CAGR of 8.1% through the analysis period. Among the other noteworthy geographic markets are Canada and Europe, each forecast to grow at 6% and 5.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.6% CAGR while Rest of European market (as defined in the study) will reach US$2.7 Billion by the year end of the analysis period. Better healthcare infrastructural availability together with constant R&D proficiencies to offer better healthcare facilities spur growth in North America region. Due to presence of large patient pool, demand for healthcare staffing in Asia-Pacific is gaining momentum. Absence of adequate medical facilities is fueling demand for healthcare staffing in the region.

Allied Healthcare Staffing Segment to Reach $8.3 Billion by 2026
Allied healthcare professional differ from nursing, pharmacy and medicine personnel, as they work in healthcare facilities mainly to ensure appropriate functioning of the healthcare system by offer technical, diagnostic, therapeutic and support services. Allied healthcare staffing includes workforce such as assistive personnel, technicians like community health aides, dental assistants & technicians, home health aides, OR technicians, pharmacy assistants, and radiology technicians among others. In the global Allied Healthcare Staffing segment, USA, Canada, China and Europe will drive the 4.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$5.5 Billion will reach a projected size of US$7.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$842.9 Million by the year 2026. More

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