Press release
Healthcare Staffing Market is Projected to Grow at a CAGR of 8.9% and Generate a Revenue of $89,763.9 Million by 2031
Healthcare staffing market is expected to grow by 2031 due to the rising need for flexible staffing and increasing aging population across the globe. Hospitals sub-segment is expected to be highly beneficial. The market in the North America region is predicted to be lucrative by 2027.According to the report, the global healthcare staffing market is expected to register a revenue of $89,763.9 million by 2031, growing from $40,080 million in 2021, at a healthy CAGR of 8.9% from 2022-2031.
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Dynamics of the Market
Drivers: The global aging population, the rise in chronic diseases, and increased healthcare demand are the factors predicted to drive the healthcare staffing market growth during the forecast period. Additionally, the prevalence of chronic diseases contributes to the need for specialized care, further driving the demand for healthcare staffing.
Opportunities: The rising number of hospitals and care centers across the globe is predicted to create massive growth opportunities for the market. In addition, technological development and the rise in various ailments worldwide are contributing to the growth of the hospital industry.
Restraints: The increasing adoption of AI and robotics in healthcare, such as robotic-assisted surgery to restrict the healthcare staffing market in the coming years.
COVID-19 Impact on the Global Healthcare Staffing Market
The outbreak of the coronavirus pandemic increased the demand for employment and workforce solutions. The demand for travel and per diem nurses increased as the rate of infections increased. Due to the rising number of COVID-19 patients medical facilities welcomed travel nurses for the management of COVID-19 patients in 2020. Conversely, the decrease in cancellations of elective surgeries led to a drop in demand for locum tenens specialists and allied health workers. Moreover, many nurses and doctors considered early retirement due to the stress and exhaustion brought on by the COVID-19 pandemic.
Segments of the Market
The report has fragmented the global healthcare staffing market into multiple segments based on type, end-user, and region.
Based on type, the allied healthcare staffing sub-segment of the healthcare staffing market is predicted to have a dominant market share due to an increase in demand for allied healthcare staffing by healthcare providers and government hospitals to bridge the gap between supply and demand.
Based on end-user, the hospitals sub-segment is predicted to have the dominant healthcare staffing market share in the forecast period. In hospitals, healthcare staffing is used to provide different types of services, such as laboratory, patient care, radiology services, and many more. Healthcare staffing services help hospitals to cut down the running expense of hospitals by providing quality services to patients.
Based on region, the North America healthcare staffing market dominated in terms of share in 2021 and is expected to witness significant growth by 2031. Lack of competent experts in comparison to demand, cost-cutting by hospitals and healthcare providers, and healthcare workers' inclination to operate independently has boosted the regional market growth considerably. Another important aspect of market domination is the presence of significant service providers in the region.
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Prominent Market Players
The leading healthcare staffing market players are AMN Healthcare, Envision Healthcare Corporation, CHG Management, Inc., Maxim Healthcare Group, Cross Country Healthcare, Inc., Trustaff, Aya Healthcare, Teamhealth, Adecco Group, and Locumtenens.Com. These major players are implementing diverse strategies, including product development, mergers and acquisitions, as well as partnerships and collaborations, to maintain market growth. The report also summarizes several crucial aspects, such as the financial performance of key market players, SWOT analysis, product portfolio, and the latest strategic advancements.
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