According to a new research report by Precedence Research, the healthcare staffing market size is forecast to exceed US$ 48.3 billion by 2027 and is expected to exhibit at a compound annual growth rate (CAGR) of 5.1% from 2020 to 2027.
Precedence Research, Recently Published Report titled "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, potential challenges, profitability graph and the overall market environment.
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 Market Players and Strategies
The healthcare staffing market is highly competitive in nature owing to the presence of a large number of market players. Therefore, market players are focusing on adopting several strategies such as mergers & acquisitions, and collaborations in order to sustain in a competitive market. For example, TeamHealth acquired Emergency Medicine Consultants (EMC), an emergency medical staff provider, in 2018. This initiative will help the TeamHealth to add EMC's 330 physicians and 80 advanced practice clinicians
Some of the prominent players in the healthcare staffing market include:
- 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
Regional Segmentation
- North America (United States, Canada)
- Europe (Germany, France, UK, Italy, Russia and Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia, Korea and Rest of Asia Pacific)
- Latin America (Brazil and Rest of Latin America)
- The Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
Regional Snapshots
North America dominated the global healthcare staffing market and accounted for the largest market share, in 2019. Lack of skilled staff as compared to the need, growing geriatric population, and the existence of key market players are major factors responsible for regional market growth. In this region, key players are adopting some strategic initiatives like mergers, acquisitions, and collaborations to expand their geographical reach and services portfolio. Therefore, growing market penetration is expected to surge the regional market growth during the forecast period.
Asia Pacific is expected to grow with the fastest CAGR from 2020 to 2027. This growth is attributed to rising demand for contract staffing, and growing investments by market players along with promising economic outlook. Several benefits of contract staffing such as no liabilities that are generally occurred by permanent staffing have led to an increase in demand for contract staffing in this region.
Why should you invest in this report?
If you are aiming to enter the global Healthcare Staffing Market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Healthcare Staffing are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Data points covered under Healthcare Staffing Market research study:
- The historic and forecast market estimation from years 2016 to 2027
- Market estimation and research analysis for the global market by distribution channel
- Market estimation and research analysis for the global market by region
- Research analysis on market dynamics including drivers, restraints, opportunities, trends, and market challenges.
- Competitive scenery and business strategies by key players
- SWOT Analysis
- PORTER's five force research analysis
- PEST Analysis
- DR impact analysis
- Heat map analysis
- Investment feasibility analysis
Key Questions Answered by the Report:
- What will be the size of the global Healthcare Staffing Market in 2027?
- What is the expected CAGR for the Healthcare Staffing Market between 2020 and 2027?
- Which are the top players active in this global market?
- What are the key drivers of this global market?
- How will the market situation change in the coming years?
- Which region held the highest market share in this global market?
- What are the common business tactics adopted by players?
- What is the growth outlook of the global Healthcare Staffing Market?
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Healthcare Staffing Market, By Service
7.1. Healthcare Staffing Market, by Service Type, 2020-2027
7.1.1. Travel Nurse Staffing
7.1.1.1. Market Revenue and Forecast (2016-2027)
7.1.2. Per Diem Nurse Staffing
7.1.2.1. Market Revenue and Forecast (2016-2027)
7.1.3. Locum Tenens Staffing
7.1.3.1. Market Revenue and Forecast (2016-2027)
7.1.4. Allied Healthcare Staffing
7.1.4.1. Market Revenue and Forecast (2016-2027)
Chapter 8. Global Healthcare Staffing Market, Regional Estimates and Trend Forecast
8.1. North America
8.1.1. Market Revenue and Forecast, by Service (2016-2027)
8.1.2. U.S.
8.1.3. Rest of North America
8.1.3.1. Market Revenue and Forecast, by Service (2016-2027)
8.2. Europe
8.2.1. Market Revenue and Forecast, by Service (2016-2027)
8.2.2. UK
8.2.2.1. Market Revenue and Forecast, by Service (2016-2027)
8.2.3. France
8.2.3.1. Market Revenue and Forecast, by Service (2016-2027)
8.2.4. Rest of Europe
8.2.4.1. Market Revenue and Forecast, by Service (2016-2027)
8.3. APAC
8.3.1. Market Revenue and Forecast, by Service (2016-2027)
8.3.2. India
8.3.2.1. Market Revenue and Forecast, by Service (2016-2027)
8.3.3. China
8.3.3.1. Market Revenue and Forecast, by Service (2016-2027)
8.3.4. Japan
8.3.4.1. Market Revenue and Forecast, by Service (2016-2027)
8.3.5. Rest of APAC
8.3.5.1. Market Revenue and Forecast, by Service (2016-2027)
8.4. MEA
8.4.1. Market Revenue and Forecast, by Service (2016-2027)
8.4.2. GCC
8.4.2.1. Market Revenue and Forecast, by Service (2016-2027)
8.4.3. North Africa
8.4.3.1. Market Revenue and Forecast, by Service (2016-2027)
8.4.4. South Africa
8.4.4.1. Market Revenue and Forecast, by Service (2016-2027)
8.4.5. Rest of MEA
8.4.5.1. Market Revenue and Forecast, by Service (2016-2027)
8.5. Latin America
8.5.1. Market Revenue and Forecast, by Service (2016-2027)
8.5.2. Brazil
8.5.2.1. Market Revenue and Forecast, by Service (2016-2027)
8.5.3. Rest of LATAM
8.5.3.1. Market Revenue and Forecast, by Service (2016-2027)
Chapter 9. Company Profiles
9.1. CHG Management, Inc.
9.1.1. Company Overview
9.1.2. Product Offerings
9.1.3. Financial Performance
9.1.4. Recent Initiatives
9.2. AMN Healthcare
9.2.1. Company Overview
9.2.2. Product Offerings
9.2.3. Financial Performance
9.2.4. Recent Initiatives
9.3. Almost Family
9.3.1. Company Overview
9.3.2. Product Offerings
9.3.3. Financial Performance
9.3.4. Recent Initiatives
9.4. Envision Healthcare Corporation
9.4.1. Company Overview
9.4.2. Product Offerings
9.4.3. Financial Performance
9.4.4. Recent Initiatives
9.5. inVentiv Health
9.5.1. Company Overview
9.5.2. Product Offerings
9.5.3. Financial Performance
9.5.4. Recent Initiatives
9.6. TeamHealth
9.6.1. Company Overview
9.6.2. Product Offerings
9.6.3. Financial Performance
9.6.4. Recent Initiatives
9.7. Maxim Healthcare Services, Inc.
9.7.1. Company Overview
9.7.2. Product Offerings
9.7.3. Financial Performance
9.7.4. Recent Initiatives
9.8. Cross Country Healthcare, Inc.
9.8.1. Company Overview
9.8.2. Product Offerings
9.8.3. Financial Performance
9.8.4. Recent Initiatives
Chapter 10. Research Methodology
10.1. Primary Research
10.2. Secondary Research
10.3. Assumptions
Chapter 11. Appendix
11.1. About Us
11.2. Glossary of Terms
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