Healthcare Staffing Market to Exceed US$ 51.58 billion by 2028, Predicts by The Insight partners

According to The Insight Partners new research study on "Healthcare Staffing Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Service Type and End User," the healthcare staffing market is expected to grow from US$ 34.76 billion in 2021 to US$ 51.58 billion by 2028; it is estimated to grow at a CAGR of 5.8% from 2021 to 2028.

Countries across the world are experiencing late demographic and epidemiological transitions. For instance, in mid-2014, the average age in the UK exceeded 40 for the first time. By 2040, nearly one in seven people is projected to be aged over 75 in this country, according to gov.uk. The rising aging population is likely to reflect an increase in the prevalence of chronic medical conditions, multi-morbidities, cognitive impairments, and long-term frailty. Therefore, developing a healthcare service community with a prompt response and short turnaround time has become a priority in both developed and emerging countries.

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Envision Healthcare Corp., AMN Healthcare Inc., Cross Country Healthcare Inc., Jackson Healthcare , Adecco Group, Maxim Healthcare Services Inc., Favorite Healthcare Staffing Inc., Aya Healthcare Inc., Medical Solutions LLC, and CHG Healthcare Services are among leading companies operating in the healthcare satellite connectivity market.

Healthcare staffing industry is evolving to more demand for flexible staffing. Healthcare facilities operate with a base of fixed labor supplemented with a component of variable labor in order to align staffing costs with patient census variability. Mounting regulatory and economic pressures are forcing hospitals to increase the focus on cost efficiency and reduced readmissions rates.

Many companies have implemented various strategies to reform its more healthcare professional workforce to cater the market. For example, Cross Country Healthcare Inc., a leading provider of healthcare workforce solutions and staffing services across the country, announced in July 2019 that it has rebranded to better reflect the company's best-in-class overall personnel management solutions and portfolio of innovative technology. The strategic plan comprises a new business logo and an improved website with cutting-edge features to provide an amazing, intuitive job search and application experience across the company's family of brands, symbolizing the company's future.

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The American Association of Colleges of Nursing (AACN) confirmed that nursing schools in the US turned away 80,407 applicants from baccalaureate and graduate nursing programs in 2019 due to insufficient nursing faculty and clinical instructors, among other factors. However, according to an article in the Nursing Times, the US Bureau of Labor Statistics projects that more than 275,000 additional nurses would be needed during 2020-2030. The organization predicted that the employment of registered nurses would grow by 9% from 2020 to 2030, accounting for ~194,500 job openings every year during this decade. The Affordable Care Act (ACA), legislated in 2010, expanded access to health insurance, entailing previously uninsured US residents, and brought modifications to the health insurance market. In 2021, the US Department of Health and Human Services reported that uninsured rates were successfully reduced in every state since the ACA was implemented. Consequently, more nurses are needed to provide high-quality patient-centered care when more residents seek medical attention.

Geographically, the healthcare staffing market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South and Central America . North America held the largest market share in 2021. In Asia Pacific, China accounts for the largest market for healthcare staffing solutions. The market growth in Asia Pacific is mainly attributed to factors such as the government initiatives for the promotion and development of healthcare infrastructure, better access to healthcare services, and increasing demand for physician extenders. However, concerns regarding the scarcity of nurses hinder the market growth in India.

The healthcare staffing market, based on service type, is segmented into travel nurse staffing, per diem nurse staffing, tenens staffing, allied healthcare staffing, and others. The market, based on end user, is segmented into hospitals and clinics, pharma, clients, and government agencies.

A few growth strategies done by the players operating in the healthcare staffing market are listed below:

In Feb-2022 - AMN Healthcare has been honored as one of Staffing Industry Analysts' 2022 Staffing 100, the leaders of the staffing industry by Chief Clinical Officer of AMN Healthcare. The company was honored for its leadership skills during an era of unprecedented difficulty in staffing.

In Dec-2021 - Cross Country Healthcare announced the results from a nationally represented survey of nurses and nursing students showing that the COVID-19 pandemic has introduced long-lasting negative perceptions of their future careers. The survey was conducted in partnership with Florida Atlantic University's Christine E. Lynn College of Nursing identifies root causes of the current stressors among healthcare professionals and provides actionable areas to help improve nursing satisfaction, career outlook and mental well-being.

In Jan-2020 - Adecco Group sold its US healthcare staffing business, Soliant Health to Switzerland-based staffing firm the Zurich for USD 612 million in cash. The company further announced the sale is part of its strategy to concentrate on globally scalable brands and digital solutions.

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