Healthcare Staffing Market By Service (Travel Nurse, Locum Tenens, Per Diem Nurse, Allied Healthcare) – Global Industry Analysis, Market Size, Opportunities And Forecast, 2019 - 2026

Category : Healthcare and Pharmaceuticals | Published at : November-2019 | Delivery Format : PDF | Status: Published | Pages : 190

The global healthcare staffing market value is expected to reach around US$ 45.2 Bn by 2026 and growing at a CAGR of around 5.2% over the forecast period 2019 to 2026.

Healthcare staffing agencies are the recruitment firms that provide a broad spectrum of healthcare staff ranging from nurse and physician to allied clinician and pharmacists. Healthcare facilities often need assistance for recruitment for short and long term basis due to funding gaps and shortage of skilled workforce. Locum tenens, travel nurse, per diem nurse, and allied healthcare professionals are the major staff that hospitals and other healthcare facilities need. A high demand of these professionals due to the aging population and shortage of skilled professionals are the driving factors of the market. According to the recent report published by CNN, the U.S. will need to recruit about 2.3 million new doctors, nurses, and nursing assistant professionals by 2025 to take care of their aging population. This shortage is even more in rural or remote areas. Hence, healthcare facilities recruit staff on a contract basis so that depending on their requirement they can get help from locum tenens or travel nurses. 

Market Dynamics

Opportunity to travel, flexible schedules, short-term assignments, and experience at different locations are attracting healthcare staff to work as a travel nurse or on a temporary basis. Thus, the growing preference of healthcare staff to work temporarily is anticipated to further propel market growth. The strong demand of all the healthcare professionals across the globe due to the aging population and increasing patients suffering from chronic diseases and lack of skilled professionals are expected to boost the market growth. For instance, according to the World Health Organization (WHO), in 2013, there was a shortage of 7.2 million healthcare workers across the world. It is anticipated to reach 12.9 million by 2035.

The entry of new players, mergers, and acquisitions of existing layers for expansion, and investment by investment firms in the healthcare staffing agencies considering the growth in the market are the key factors to stimulate market growth. For instance, investment by KKR Group, Humana, and others invested in the healthcare staffing agencies in recent years. However, stringent employment policies for the welfare of staff and advances in biomedical technology are key limiting factors of the global healthcare staffing market.

Based on the service, the global healthcare staffing market is divided into locum tenens, per diem nurse, travel nurse, and allied healthcare. In 2018, the allied healthcare segment accounted for the largest segment of the market. However, the locum tenens segment is expected to observe the fastest growth during the forecast period. The allied healthcare segment consists of physical therapists, occupational therapists, pharmacists, and respiratory therapists. The rising demand of these professionals due to the increasing geriatric population and chronic disease patients and shortage of skilled service providers are the key factors for the dominance of the segment in the market. Furthermore, several allied professionals choose to work in the contract due to flexibility for the work and opportunity to work with various organizations. According to the JOLTS survey in the U.S., a wide gap has found between job openings and job hires in the healthcare field. For instance, in January 2016, about 1,046,000 openings were there in the healthcare sector and 519,000 job hires that means about half millions of unfilled jobs. The gap has been growing since 2014. 

The North America region accounted for the maximum share of the global healthcare staffing market in 2018 due to a lack of skilled professionals as compared to demand, cost-cutting of hospitals and healthcare supplier, and preference of healthcare professionals to work independently. Presence of major service providers in the region is another key factor for the dominance in the market. Strategic initiatives such as mergers and collaborations by these players further propel the market growth. For instance, in June 2019, AMN Healthcare acquired Advanced Medical Personnel Services, Inc., an allied and nurse staffing agency that serves clinics, hospitals, skilled nursing facilities, schools, and home health settings. With this acquisition, AMN healthcare expands its allied professionals and nursing staff along with the number of clients. Asia Pacific is anticipated to grow at the fastest rate during the forecast period. This can be attributed to increasing awareness about the advantages associated with contract staffing. Contract staffing does not involve liabilities that normally associated with permanent staff, one can choose from a larger pool, and the recruitment process is faster. India, China, Singapore, Australia, and Japan are the key markets in the Asia Pacific region.                                  

The market research study on “Healthcare Staffing Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight on the global healthcare staffing market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global healthcare staffing market, its service and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global healthcare staffing market size and segment markets by service and geography along with the information on companies operating in the market. The healthcare staffing market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market sizes for different segments have been covered under the scope of the report.  

The players profiled in the report include Almost Family, Adecco Group, AMN Healthcare, Cross Country Healthcare, Inc., CHG Management, Inc., Envision Healthcare Corporation, General Healthcare Resources, Inc., Maxim Healthcare Services, Inc., inVentiv Health, Local Staff, LLC., and TeamHealth. The competitors are involved in the mergers, acquisitions, and collaborations to enhance service portfolio and geographical presence and thereby presence in the market.  

Market Segmentation

Market By Service

  • Travel Nurse
  • Locum Tenens
  • Per Diem Nurse
  • Allied Healthcare

By Geography

  • North America
    • US.
    • Canada
  • Europe
    • UK.
    • Germany
    • France
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia-Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Frequently Asked Questions

The growing preference of healthcare staff to work temporarily is main driver of the healthcare staffing market.

Acumen Research and Consulting predict that, the healthcare staffing market value is anticipated to be worth around US$ 45.2 billion in 2026.

The healthcare staffing market is anticipated to grow over 5.2% CAGR during the forecast period 2019 to 2026.

The CAGR of TeamHealth company is 13.3% in 2018?

North America accounts maximum share in 2018 for healthcare staffing market.

Asia Pacific is projected to grow at a fast pace during forecast period in the healthcare staffing market.

In 2018, the allied healthcare segment accounted for the largest segment of the market.

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