Lucrative Benefits such as Flexible Scheduling Anticipated to Positively Influence Healthcare Staffing Market
For the past few years, medical and healthcare industry has been facing a significant shortage of the healthcare practitioners around the world. According to a report by WHO or World Health Organization, a shortfall of whopping 7.2 million healthcare professionals across the world in was recorded in 2013. In 2035, this number is predicted to amount to a problematic 12.9 million. This rising shortfall of healthcare workers is anticipated to directly impact the salaries of these workers, stimulating substantial growth in the salaries of various healthcare professionals such as nurses. This trend is anticipated to attract more and more individuals to opt for a promising career in the global healthcare staffing market. Other drivers influencing the upward trajectory of the global healthcare staffing market in coming years include possibility of gaining actual clinical experience in various locations around the world, lucrative travel opportunities offered to healthcare workers, and choice to choose short- term assignments over having to work at one location for a long time.
Possibility of choosing flexible schedules according to one’s own planning is attracting larger number of individuals in the global healthcare staffing market. This practice offers opportunities for various healthcare professionals such as visiting specialists, locum tenens, and travel nurses. Apart from these trends, significant rise in the global geriatric population is anticipated to thrust momentum in the global healthcare staffing market in near future. Rising healthcare expenditure in developing as well as developed economies is also expected to stimulate growth in the global healthcare staffing market in years to come.
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Health Care Staffing Market: Introduction
Health care staffing refers to outsourcing of health care staff by third party vendors to the health care units. The facility helps health care units to avail staff without indulging in long recruitment process. Additionally, the facility helps health care units to focus on other important business aspects. Health care staffing is gaining popularity among hospitals, research centers, and clinics.
Key Drivers, Restraints, and Opportunities of Global Health Care Staffing Market
- The global health care staffing market is projected to grow at a rapid pace, owing to increase in the global geriatric population. The global health care staffing market is driven by rise in participation of medical professionals to serve as locum. The profession helps them to have a better work life balance and allows them to get hands-on experience on their desired skillset. Moreover, increase in number of health care units, rise in pollution, and surge in health care budgets are the other factors anticipated to propel the global health care staffing market. However, shortage of skilled medical personnel and limited facilities & professional commitment offered by health care staffing are factors expected to restrain the global health care staffing market during the forecast period. Nevertheless, travel opportunities, flexible schedules, and short-term assignments offered to the medical professionals are some benefits luring professionals to serve in health care staffing.
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- Presently, the world is struggling with the COVID-19 pandemic. This infection leads to pneumonia, severe and acute respiratory disorders, multiple organ failure, and in severe cases death. The geriatric population is more prone to COVID-19. Demand for nurse staffing increased significantly during the pandemic. According to EHRN, from September 2020 to December 2020, demand for hospital staffing increased by 50,000 nurses or 245%.
- Governments of developing countries are making significant investments to modernize health care infrastructure in their respective countries, which is likely to increase access to health care. This is expected to increase demand for health care staffing. Rise in prevalence of chronic diseases, such as cancer and diabetes, in developing countries offers considerable opportunities in the global health care staffing market.
North America to Capture Major Share of Global Health Care Staffing Market
- In terms of region, the global health care staffing market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America is projected to account for major share of the global health care staffing market during the forecast period. This is attributed to large geriatric population in the region. Moreover, well-developed health care infrastructure, favorable governmental policies, and availability of medical coverage on health care staffing are anticipated to propel the health care staffing market in the region.
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- The market in Asia Pacific is expected to grow at a rapid pace during the forecast period due to increase in demand for health care staffing in developing countries such as India. The business has now come under the radar of governmental bodies. In January 2017, The Government of India drafted a bill that aims to regulate allied health care services. This will set standards in hiring health care professionals and help them enhance their education and practices. Such initiatives by governments is expected to propel the health care staffing market in Asia Pacific in the next few years.
Key Players Operating in Global Health Care Staffing Market
The global health care staffing market is fragmented due to the presence of large number of players. Growth strategies adopted by leading players are likely to drive the global health care staffing market.
Key players operating in the global health care staffing market are:
- Adecco Group
- AMN Healthcare
- Almost Family
- CHG Management, Inc.
- Envision Healthcare
- Cross Country Healthcare, Inc.
- Maxim Healthcare Group
- Other Prominent Players
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