Market Trends of Global Healthcare Staffing Industry
This section covers the major market trends shaping the Healthcare Staffing Market according to our research experts:
Travel Nurse Staffing Segment is Expected to Hold a Significant Share in the Healthcare Staffing Market Over Forecast Period
Registered nurses (RNs) can work in a variety of healthcare specializations and different locations across the United States and overseas through travel nursing services. These services can provide travel opportunities, short-term assignments, flexible work hours, and clinical experience in various settings. Increasing awareness of the advantages of temporary work and job-related bonuses are key factors supporting the segment's growth.
Regarding revenue share, the travel nurse segment dominated the market in 2021 as hospitals were compelled to downsize their personnel in response to rising healthcare expenses. Therefore healthcare service providers are turning to 'staffing' companies to ensure that nurses are available when workloads increase. According to an AMN Healthcare survey conducted in October 2021, the use of travel nurses climbed by 35% in 2020. As per the survey findings, this trend is expected to continue in the near future. Therefore, such factors are expected to positively influence the segment's growth during the forecast period.
The healthcare staffing recruiting process is faster and allows recruiters worldwide to choose from various candidates. For instance, according to the study conducted by Zippia, Inc. in April 2021, there were 1,696,386 traveling nurses employed in the United States in 2020. Moreover, per the Travel Nursing Statistics Report 2020-2021, data updated in August 2020, by 2022, 1.1 million jobs are predicted to be generated, with that number expected to rise over time. Hence, the factors mentioned earlier with the expanding trend of hiring travel nurses give the market a positive outlook.
North America is Anticipated to Dominates the Market Over the Forecast Period
North America is expected to account for the largest global healthcare staffing market share. The region's healthcare staffing market is expected to benefit from a well-developed healthcare infrastructure, favorable government regulations, the region's huge geriatric population, and the availability of medical coverage in healthcare staffing. According to the National Health Expenditure Accounts, data released in December 2021, The United States spent USD 4.1 trillion on healthcare in 2020.
Moreover, as national healthcare staff shortages increased during the pandemic, organizations increasingly relied on recruiting outside their immediate area. For instance, in May 2021, Syntellis Performance Solutions partnered with HFMA's Financial Analytics Leadership Council (FALCO) to survey the pandemic hospital labor trends now and into the future. As per the survey findings, 57% of survey respondents during the pandemic indicated they hired temporary or contract workers, with more than a third (34%) hiring people from outside their region. In 2021 and 2022, 25% of survey respondents plan to go beyond their areas for additional temporary staff, while 27% plan to hire permanent staff from other locations. Thus, healthcare facilities are continuing to look into several options for staffing shortages. To overcome this, the healthcare system compensates nurses and other clinical workers who work extra hours with incentives and increases per-hour incentive payments. Also, it created more flexible staffing models and internal float pools to move healthcare workers to different locations as needed. Hence, Such a factor will positively influence the target market growth over the forecasted period.
