The Worldwide Healthcare Staffing Industry is Expected to Reach $51.2 Billion by 2028 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Healthcare Staffing Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Service Type, and End Users" report has been added to ResearchAndMarkets.com's offering.

The healthcare staffing market is expected to grow from US$ 34.76 billion in 2021 to US$ 51.28 billion by 2028; it is estimated to grow at a CAGR of 5.8% from 2021 to 2028.

The market growth is mainly attributed to the increasing demand for physician extenders and the growing number of government initiatives. However, the shortage of nurses hinders the healthcare staffing market growth.

In recent years, the global healthcare sector has faced challenges due to the lack of skilled practitioners. According to the World Health Organization (WHO), the sector was short of ~7.2 million healthcare professionals in 2013, and the shortage is expected to reach 12.9 million by the end of 2035. In the US, ~50% of hospitals reported temporary hiring of nurses in 2019, as more than 60% of the hospitals nurses were on the verge of retirement in 2019.

According to the WHO, a shortfall of 7.2 million healthcare workers was reported across the world in 2013, and the number is projected to reach 12.9 million by 2035. According to the US Bureau of Labor Statistics, the average annual income of nurses was around US$ 75,000 in 2018. The shortage registered for nurses is expected to open new opportunities for the healthcare staffing market growth in the near future. Moreover, the scarcity of healthcare professionals is expected to trigger the salaries of these professionals, in-turn attracting more individuals to opt for careers in the healthcare sector.

Maintaining appropriate staffing in healthcare facilities is essential to providing a safe work environment for healthcare professionals and safe patient care. As the COVID-19 pandemic progresses, staffing shortages is likely to prevail due to the exposure of these professionals to illnesses, or any other personal reasons. Thus, healthcare facilities must be prepared for potential staffing shortages, and have plans and processes in place to mitigate these shortages.

As a result, they are implementing contingency capacity strategies, in collaboration with human resources and occupational health services providers. Further, the US, which is the largest country-based market in the healthcare staffing sector, introduced the Affordable Care Act (ACA) in 2010. The law provides consumers with subsidies ("premium tax credits") that lower costs for households with incomes between 100% and 400% of the federal poverty level (FPL). Such regulations and acts levied in certain countries have had a huge impact on maximizing healthcare utilization.

The healthcare staffing market is segmented on the bases of service type and end user. The market, based on service type, is segmented into travel nurse staffing, per diem nurse staffing, locum tenens staffing, allied healthcare staffing, and others. In 2021, the travel nurse staffing segment held the largest share of the market. However, the locum tenens staffing segment is also expected to register the highest CAGR during the forecast period. By end user, the market is segmented into hospitals and clinics, pharma, clients, and government agencies. In 2021, the hospitals and clinics segment held the largest share of the market. However, the clients segment is expected to register the highest CAGR in during 2021-2028.

Market Dynamics

Drivers

• Significant Increase in the Number of Government Initiatives
• Increasing Demand of Physician Extenders

Restraints

• Impact of Nurse Shortage

Opportunities

• Increasing Demand of Locum Tenens

Future Trends

• Digital Transformation

Companies Mentioned

• Envision Healthcare Corp.
• AMN Healthcare Inc.
• Cross Country Healthcare Inc.
• Jackson Healthcare (LocumTenens.Com)
• Adecco Group
• Maxim Healthcare Services Inc.
• Favorite Healthcare Staffing Inc.
• Aya Healthcare Inc.
• Medical Solutions LLC
• CHG Healthcare Services

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