Medical Recruitment Market Size

Medical Recruitment Market Analysis

The medical recruitment market is projected to register a CAGR of 3.2% during the forecast period.

The COVID-19 disease has had a significant impact on the medical recruitment market initially during the pandemic due to the rising job opportunities in various medical centers. For instance, according to the study published in Frontiers in Public Health in April 2021, there were many career opportunities in the medical industry during the COVID-19 epidemic. Most jobs were in testing facilities, the pharmaceutical industry, and vaccination. Although there was a slight decline in the market during the initial phases of the pandemic due to stringent lockdowns globally, the market has gained a significant pace during the late phases of the pandemic.

Factors such as the surge in demand for medical professionals across the globe, rising numbers of healthcare services, and rising healthcare centers such as super specialty and multi-specialty hospitals are expected to increase the market growth in the upcoming future. For instance, in June 2021, Park Group of Hospitals went under rapid expansion, making it North India's one of the first individually owned, fastest-growing chains of super-specialty hospitals, including cancer and tertiary level care, where patients continue to flock seeking medical intervention and care in the state-of-the-art facility for various ailments. Similarly, in December 2021, the government of Telangana sanctioned INR 1,100 crore (USD 132 million) for the construction of a super specialty hospital in Warangal as part of its Health City plans. According to government order (GO) 158, the new super specialty hospital will have 24 floors and 2,000 beds. Of these 2,000 beds, 800 will offer super specialty services. The specialties include ENT, Surgery, Dermatology, Orthopaedics, General Medicine, cardio, urology, neuro, etc. Therefore, the rising demand for healthcare services led to the rising number of super specialty and multispeciality hospitals, which creates the need for the recruitment of healthcare and other medical professionals and is thereby expected to drive market growth.

Furthermore, an increase in the geriatric population will eventually drive the demand for several medications and healthcare services, as this age group is more vulnerable to various metabolic and lifestyle disorders, diminished bodily functions, cognitive impairment, and less mobility. Also, aging is the primary factor driving the market growth for the treatment. For instance, according to the United Nations Department of Economics and Social 2022 report, there were 771 million people aged 65 years or over globally in 2022. The older population is projected to reach 994 million by 2030 and 1.6 billion by 2050. Hence, the rise in the geriatric population is anticipated to drive market growth due to the rising establishment of hospitals and their services,

In addition, in January 2022, Healthcare staffing provider Health Advocates Network Holdings Corp. raised USD 8.4 million funding round that includes a co-investment by management. Such funding initiatives from the key market players are also expected to drive market growth due to increased medical recruitment services.

Hence, the factors mentioned above, such as a surge in demand for medical professionals and the rising number of healthcare services, are expected to increase market growth in the future. However, the overall shortage of available talent will likely hinder the market's growth.