Market Size of Global Healthcare Staffing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Healthcare Staffing Market Analysis
The Healthcare staffing market is expected to grow at a CAGR of 5.2% over the forecast period of 2022-2027.
The COVID-19 pandemic had a significant impact on the healthcare staffing market. During the pandemic, healthcare staffing has been more unpredictable than other employment sectors, which had tended to follow more standard "cyclical" trends, with declines at the outset of the pandemic when lockdowns were widespread and increasing as the economy improved. High turnover rates and nurse and physician burnout were two well-known outcomes of the pandemic. Thus, patients' health is compromised by a persistent shortage of nurses and healthcare professionals in hospitals. As a result, hospital management was taking several important steps to address the workforce shortage, which is expected to aid the overall market growth. According to the Assistant Secretary for Planning and Evaluation (ASPE), released in May 2022, the healthcare industry lost 1.5 million workers between March and April 2020. As per the same report, hospitals reported more frequent staffing shortages during Delta and Omicron outbreaks. For instance, in December 2021, hospitals and nursing homes lost 32,900 and 145,600 staff, respectively. Therefore, in the wake of labor shortages, hospitals turned to healthcare staffing service providers to fill in the gaps. For instance, according to an AMN Healthcare survey released in January 2022, 96% of healthcare facilities hired temporary health professionals to address the shortage of permanent healthcare employees in 2021. Therefore, the shortage of healthcare workers amid of pandemic created lucrative opportunities for the healthcare staffing market. It is expected to fuel the overall target market growth in the given timeframe.
The significant increase in the geriatric population is the key factor driving the target market in recent years. According to the world health organization fact sheet on Ageing and health published in October 2021, the total number of people aged 60 years and over was 1 billion in 2020, which will increase to 1.4 billion by 2030. Thus, the senior population is more susceptible to diseases and infections, leading to long-term hospitalization. As a result, this will lead to increased adoption of outsourcing healthcare staff, which will likely fuel the overall market's growth. Increased awareness of the benefits of temporary work, job-related incentives, and the availability of possibilities worldwide are some factors driving industry expansion. However, the shortage of skilled health workers, limited facilities, and professional expertise provided by healthcare staffing service providers are expected to restrain the market over the forecast period.
