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Jan 28, 2022, 16:45 ET
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DUBLIN, Jan. 28, 2022 /PRNewswire/ — The "Healthcare Staffing – Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com’s offering.
Global Healthcare Staffing Market to Reach US$47.8 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Healthcare Staffing estimated at US$33.8 Billion in the year 2020, is projected to reach a revised size of US$47.8 Billion by 2026, growing at a CAGR of 6% over the analysis period.
Propelled by growing need to save precious human lives, various countries are now focusing their attention towards adopting healthcare staffing model. The novel strategy is assisting medical professionals in improving clinical quality, along with enhancing patient satisfaction. With the world facing shortage of trained healthcare workers, governments are devising a wide range of innovative strategies with an intention of saving precious human lives.
As a result, healthcare staffing is gaining acceptance among several hospitals, nursing homes, as well as pharmaceutical companies. Healthcare staffing is an expanding area especially due to the rise in geriatric population, and growing availability of medical insurance for more people. Advancements in healthcare technology have brought about different innovations such as telehealth and medical informatics.
Thus, skilled labor is needed to handle the non-technical as well as technical aspects of the new medical devices. Automation and technology is being used by firms to streamline sourcing, recruiting and credentialing healthcare staffing recruitment to ensure that demands are met.
Travel Nurse Staffing, one of the segments analyzed in the report, is projected to grow at a 5.9% CAGR to reach US$21.6 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Locum Tenens Staffing segment is readjusted to a revised 7.4% CAGR for the next 7-year period. With cost of healthcare continuing to rise, hospitals are adopting measures such as reducing working staff.
In this regard, the role of travel nurses becomes critical when these healthcare facilities witness higher workloads. Increasing concerns for minimizing attrition rate and improving profitability margins is fueling demand for travel nurse segment. Locum tenens physicians typically are utilized for filling up for other physicians temporarily or for some days up to 6 months.
The staffing model is chosen to address temporary staffing shortages occurring due to staff illnesses, vacancies and other reasons. Benefits offered including cost efficiency and growing physician preference to work as locum tenens are fueling market growth.
Allied Healthcare Staffing Segment to Reach $8.3 Billion by 2026
Allied healthcare professional differ from nursing, pharmacy and medicine personnel, as they work in healthcare facilities mainly to ensure appropriate functioning of the healthcare system by offer technical, diagnostic, therapeutic and support services. Allied healthcare staffing includes workforce such as assistive personnel, technicians like community health aides, dental assistants & technicians, home health aides, OR technicians, pharmacy assistants, and radiology technicians among others.
In the global Allied Healthcare Staffing segment, USA, Canada, China and Europe will drive the 4.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$5.5 Billion in the year 2020 will reach a projected size of US$7.5 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$842.9 Million by the year 2026.
The U.S. Market is Estimated at $21.5 Billion in 2021, While China is Forecast to Reach $3.4 Billion by 2026
The Healthcare Staffing market in the U.S. is estimated at US$21.5 Billion in the year 2021. The country currently accounts for a 58.9% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$3.4 Billion in the year 2026 trailing a CAGR of 8.1% through the analysis period.
Among the other noteworthy geographic markets are Canada and Europe, each forecast to grow at 6% and 5.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.6% CAGR while Rest of European market (as defined in the study) will reach US$2.7 Billion by the year end of the analysis period.
Better healthcare infrastructural availability together with constant R&D proficiencies to offer better healthcare facilities spur growth in North America region. Due to presence of large patient pool, demand for healthcare staffing in Asia-Pacific is gaining momentum. Absence of adequate medical facilities is fueling demand for healthcare staffing in the region.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS (Total 162 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/tm9pkp
Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets
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