Healthcare Staffing is in trends driven by telemedicine and aging population. The healthcare staffing market comprises agencies and individuals that provide temporary or permanent staffing solutions to healthcare facilities like hospitals, clinics, homecare facilities etc. Healthcare staffing helps bridge the gap between demand for healthcare professionals and their supply. It provides doctors, nurses and allied healthcare professionals like technicians, pharmacists, rehabilitation therapists etc on a temporary or permanent basis. This helps healthcare organizations meet fluctuating or unexpected staffing needs and control costs.
The Global Healthcare Staffing Market is estimated to be valued at US$ 11.74 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Healthcare Staffing Market are Trackimo Inc., Verizon, Laipac Technology Inc., Geotab Inc., Xirgo Technologies, Llc., Cartrack, Orbcomm Inc., Tomtom International B.V., Teltonika, and Calamp. The increasing demand for skilled healthcare professionals across various care settings like hospitals, nursing homes, homecare has led to significant growth in the Healthcare Staffing Market. Various factors like rising geriatric population, increasing prevalence of chronic diseases, growing demand for telemedicine and digital health services are driving this demand.
The Healthcare Staffing Market Size is expanding globally with companies focusing on diversifying their geographical presence. They are partnering with international staffing agencies and opening offices in international locations to cater to the staffing needs of healthcare organizations abroad. Technology integration is allowing greater visibility and control over distributed staff. Mobile applications and automated scheduling tools help streamline workflows.
Market key trends
A major Healthcare Staffing Market Size And Trends is increased preference for per diem staffing solutions. Per diem staff are healthcare professionals hired on a day-to-day basis, usually during peak demand periods or to fill-in gaps in the roster. They provide more flexibility compared to long term contracts both for staffing agencies as well as healthcare facilities. Rising acceptance of this flexible staffing model is facilitating greater responsiveness to fluctuations in patient volumes and emerging health issues.
Porter’s Analysis
Threat of new entrants: Low startup costs required to enter the Healthcare Staffing Market makes the threat of new entrants moderate. However, established players have economies of scale and brand recognition which provides some barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and ability to play competitors against each other to get better rates. But buyers still value reliability and quality of healthcare professionals provided.
Bargaining power of suppliers: Suppliers have low bargaining power since the Healthcare Staffing Market has many recruiting firms and healthcare professionals to choose from. Switching costs are also low for recruiting firms.
Threat of new substitutes: New service models like outsourcing medical transcription and coding to countries with lower costs pose a moderate threat of substitution to traditional staffing firms.
Competitive rivalry: Intense as major players compete on factors like geographic footprint, skills inventory, pricing and quality of hire.
Geographical Regions
North America accounts for the largest share of the Healthcare Staffing Market in terms of value due to high demand for healthcare staff amid shortage and aging population. The US is the single largest country market.
Asia Pacific region is expected to grow the fastest during the forecast period given rising medical tourism, growing middle class, increasing healthcare expenditure and shortage of local doctors and nurses in countries like India and China.
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