Increasing shortage of healthcare professionals; rising demand for healthcare services due to growing geriatric populace; and labor strikes and unplanned staffing vacancies are driving the Healthcare Staffing market growth. More so, temporary healthcare jobs came to limelight during COVID-19 pandemic which has helped drive the demand for healthcare staffing services. Although intensity of COVID-19 has reduced, the intermittent waves of COVID variants will periodically drive the demand in the healthcare staffing market.
The healthcare industry has faced unprecedented and unpredictable staffing challenges in the recent years. Further, the return of patients after pandemic seeking care for elective and non-emergent procedures — is leading to exponential growth in demand for physicians and other healthcare providers. It can take months to fill a vacant position and job vacancies can lead to loss of revenue. Moreover, unfilled jobs adversely affect patient care. This greatly increases the importance of healthcare staffing companies who help healthcare facilities fill the vacant positions.
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Rising demand for staffing services due to a shortage of physicians and nursing staff driving the healthcare staffing market
The Association of American Medical Colleges has projected a significant shortage of physicians in the United States, estimated to range between 38,000 and 124,000 by the year 2034. Further, a shortage of nursing staff to persist over the next decade as baby boomers exit the workforce. The Journal of Nursing Regulation’s National Nursing Workforce Survey estimated that ~40% of employed registered nurses are aged 55 or older. According to the U.S. Registered Nurse Workforce Report Card and Shortage Forecast published in the September/October 2019 issue of the American Journal of Medical Quality, a shortage of registered nurses is projected to spread across the country through 2030. This publication forecast a substantial nursing staff shortage in 30 states with a Major shortage in the Western region of the U.S. In such scenario, demand for staffing services is likely to increase.
Healthcare staffing Firms are experiencing the heat of the shrinking labor market
While demand is on the rise, the healthcare workforce is shrinking, resulting in increased competition for a limited resource. The pre-existing provider shortage was worsened by the pandemic as many physicians/nurses quitting job due to burnout. This makes it increasingly difficult to find permanent or temporary employees to fill available positions. This has increased competition among healthcare staffing companies to find and add healthcare staff.
Following the easing of COVID-19 pandemic, demand for travel nurses decreased in the U.S.
Registered nurses who work as temporary nurses at hospitals, clinics, and other healthcare facilities are known as travel nurses. Just before the pandemic, in January 2020, there were about 50,000 travel nurses in the U.S., or about 1.5% of the total number of registered nurses in the U.S. This number doubled in size to more than 100,000 in pandemic. In 2021, the demand for travel nurses grew by more than 30%. Many nurses switched to working as travel nurses to benefit from the significantly higher income, flexible scheduling, and better locations. However, as the deaths and hospitalizations from Covid declined, the demand for travel nurses and the pay they received decreased dramatically. According to Aya Healthcare, one of the largest staffing firms in the US, the demand dropped to more than 40% from January to July in 2022. However, this decline is expected to be offset with the spread of the subvariants (e.g. BA.5 in July 2022) causing increased hospitalizations and nursing shortage.
North America controls a Major share in the healthcare staffing market
From a geographical outlook, North America holds a major market share of the healthcare staffing market. This is attributed to high demand for healthcare services and a large healthcare market; growing shortage of skilled healthcare professionals; and presence of large number of staffing companies. The U.S. healthcare industry is experiencing a severe shortage of workers at every level. The Association of American Medical Colleges estimates that the healthcare industry will face a shortage of up to 124,000 physicians by 2034. In such a scenario, hospitals as well as long term care facilities will increasingly utilize the services from healthcare staffing companies to recruit qualified staff driving the healthcare staffing market
Some of the key players in healthcare staffing market include
Aya Healthcare; AMN Healthcare; CHG Healthcare; Medical Solutions; Jackson Healthcare; Vista Staffing; HealthTrust Workforce Solutions (a division of HCA); Cross Country Healthcare; SnapNurse; Maxim Healthcare Services; Medix; Cornell/Trilantic Porto; Health Carouse; Trusted Health; HealthCare Support; Supplemental Healthcare; ATC Healthcare; and Medicus Healthcare Solutions, among others.
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