Global Healthcare Staffing Market is Expected to Grow at a CAGR of 10-15% by 2027 – Increasing Shortage Of Healthcare Staff

BRUSSELS, BELGIUM, May 15, 2023 (GLOBE NEWSWIRE) —

The healthcare industry has faced unprecedented and unpredictable staffing challenges over the past few years. Further, the return of patients after pandemic seeking care for elective and non-emergent procedures — is resulting in exponential growth in demand for physicians and other healthcare providers. It can take months to fill a vacant position and job vacancies can result in loss of revenue. Moreover, unfilled jobs adversely affect patient care. This greatly increases the importance of healthcare staffing companies who help healthcare facilities fill the vacant positions.

Shortage of Physicians and Nursing Staff are driving the Demand of Healthcare Staffing Market

According to the Association of American Medical Colleges, the physician shortage is projected to be between 38,000 and 124,000 physicians by 2034 in the U.S. Further, a shortage of nursing staff to persist over the next decade as baby boomers exit the workforce. The Journal of Nursing Regulation’s National Nursing Workforce Survey estimated that ~40% of employed registered nurses are aged 55 or older. According to the U.S. Registered Nurse Workforce Report Card and Shortage Forecast published in the September/October 2019 issue of the American Journal of Medical Quality, a shortage of registered nurses is projected to spread across the country through 2030. This publication forecast a significant nursing staff shortage in 30 states with a large shortage in the Western region of the U.S. In such scenario, demand for staffing services is likely to increase.

Healthcare Staffing Companies feeling the Heat of the Shrinking Labor Market

While the demand is on the rise, the healthcare workforce is shrinking, thus resulting in increased competition for a limited resource. The pre-existing provider shortage was worsened by the pandemic as many physicians/nurses quitting job due to burnout. Because of this, it is becoming highly difficult to search permanent or temporary staff to fill open positions. This has increased competition among healthcare staffing companies to find and add healthcare staff.

Following the Easing of Covid-19 Pandemic, Demand for Travel Nurses has Declined in USA

Travel nurses are registered nurses who take temporary nursing positions in hospitals, clinics, and other healthcare facilities. Just before the pandemic, in January 2020, there were about 50,000 travel nurses in the U.S., or about 1.5% of the total number of registered nurses in the U.S. This number doubled in size to more than 100,000 in pandemic. In 2021, the demand for travel nurses grew by more than 30%. Many nurses transitioned into a travel nurse role to take advantage of dramatically increased pay, flexible working hours, and better locations. However, as the deaths and hospitalizations from Covid reduced, the demand for travel nurses and the pay they received decreased dramatically. According to Aya Healthcare, one of the largest staffing firms in the US, the demand dropped to more than 40% from January to July in 2022. However, this decline is expected to be offset with the spread of the subvariants (e.g., BA.5 in July 2022) causing increased hospitalizations and nursing shortage.

North America Holds a Larger Market Share in the Global Healthcare Staffing Market

From a geographical perspective, North America holds a larger market share of the healthcare staffing market. This is attributed to high demand for healthcare services and a growing healthcare staffing market; an increasing shortage of skilled healthcare professionals; and presence of large number of staffing companies. The U.S. healthcare industry is experiencing a severe shortage of workers at every level. The Association of American Medical Colleges projects that the healthcare industry will face a shortage of up to 124,000 physicians by 2034. In such a scenario, hospitals as well as long term care facilities will increasingly utilize the services from healthcare staffing companies to recruit qualified staff.

Competitive Landscape Analysis: Healthcare Staffing Market

Some of the key and established players operating in the global healthcare staffing market are listed below: –

• Aya Healthcare
• AMN Healthcare
• CHG Healthcare
• Medical Solutions
• Jackson Healthcare
• Vista Staffing
• HealthTrust Workforce Solutions (a division of HCA)
• Cross Country Healthcare
• SnapNurse
• Maxim Healthcare Services
• Medix
• Cornell/Trilantic Porto
• Health Carouse
• Trusted Health
• HealthCare Support
• Supplemental Healthcare
• ATC Healthcare
• Medicus Healthcare Solutions

Further, temporary healthcare jobs came to limelight during COVID-19 pandemic which has helped drive the demand for healthcare staffing services. Although intensity of COVID-19 has reduced, the intermittent waves of COVID variants will periodically drive the demand in the healthcare staffing market.

Explore More Detailed Insights on Healthcare Staffing Market @ https://meditechinsights.com/global-healthcare-staffing-market/

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