Healthcare Staffing Market: An Overview
Many parts of the globe have suffered from skilled healthcare personnel shortages. The availability of healthcare providers has been a concern in the United States since the 70s. The rising demand for healthcare professionals has led many providers to seek alternative workforce staffing solutions, such as contract nurse staffing for high-demand jobs or filling positions with locum tenens physicians, per diem, or travel nurses.
As staffing shortages continue, the healthcare staffing market continues to grow accordingly. Staffing industry analysts expect the global healthcare staffing industry to grow to approximately $49 billion over the next six years. Many factors continue to influence the healthcare staffing market size, such as the rising geriatric population and shifting the healthcare landscape in response to the global COVID-19 pandemic.
Healthcare Staffing Market: Notable Developments
The most notable development in the global healthcare industry was the COVID-19 pandemic. In many areas, the pandemic stressed already overworked healthcare systems past their breaking point. In addition, the dangers to healthcare workers and overall staffing shortages led to an increased demand that many healthcare staff providers rushed to meet.
The COVID-19 pandemic also revealed the urgency of addressing critical nurse staffing gaps. A healthcare company must spend time finding nurses, vetting their skills, and placing them appropriately -- all of which takes time. The ability of the healthcare staffing industry with the help of businesses like Health Carousel to staff locum tenens, per diem, or travel nursing services during this time was invaluable to healthcare service facilities.
Healthcare Staffing Market: Key Trends + Expected Economics
The growing geriatric population has led to major concerns about the shortage of specialist nurses and other medical staff in hospitals, nursing homes, and other facilities.
Temporary staffing solutions like locum tenens, travel nurses, and per diem nurses represent a fast, cost-effective way of reducing medical staffing shortages and expanding recruitment opportunities. This leads to a promising economic outlook in terms of revenue for the industry in the forecast period.
New technologies also drive the need for temporary staffing market growth. Telehealth and big data drive the demand for skilled staff in all areas of the healthcare workforce. Staffing industry analysts expect that continued skilled staff shortages will result in major global healthcare staffing market growth for the foreseeable future.
Healthcare Staffing Market: Regional Outlook
North America remains the primary driver of global healthcare staffing market size and growth. The lack of skilled staff and the growing need for emergency medicine consultants has led key players to consider strategic options to expand their reach and portfolio.
Research and analysis show that Asia-Pacific currently has the highest compound annual growth rate from 2020-2027. The appealing nature of contract staffing drives the regional market growth as permanent staffing becomes less cost-effective and reliable.
Research indicates that Africa also shows promising expected growth, with the World Health Organization noting the increased need for healthcare services and workers in South Africa and other developing nations.
Preparation and Evaluation of Strategic Collaborations
Since 2017, research, reports, and insights show the Mergers and Acquisitions market has remained strongly active, as market share remains fragmented in the US. The top ten businesses control 40% of the market, indicating a competitive landscape and extraordinary capacity for growth. The increased activity is primarily because it is more cost-effective to acquire an emergency medical staff provider rather than grow internally.
Healthcare shortages are here to stay, and many hospitals are turning to temporary staffing services as a cost-effective method of employing specialized staff when necessary. As the market continues to grow, Health Carousel Locums Network provides innovative staffing services to meet current market trends.
Health Carousel has more than 50 years of experience in healthcare staffing services. We’re here to connect you with the best healthcare workers around, to staff your facility with best-in-class clinicians to ensure your patients receive the care they need when and where they need it.