The U.S. healthcare staffing market size is expected to reach USD 26.7 billion by 2027, exhibiting a CAGR of around 5% over the forecast period, based on a new report by Grand View Research, Inc. Increasing geriatric population is leading to rising demand for healthcare services and shortage of nurses and other healthcare staff. The cost-effectivity of temporary staffing is likely to drive the market in the coming years.
An increase in life expectancy has led to a rise in geriatric population. According to the National Institutes of Health, the number of people aged 65 years and above in U.S. is projected to nearly double from 48 million to 88 million by 2050. An aging population is expected to have a significant impact on healthcare delivery because they are highly susceptible to lifestyle diseases and chronic conditions.
According to the Bureau of Labor Statistics (BLS), around 526,800 nurses will retire over the next few years, creating a demand-supply gap. Also, according to the Association of American Medical Colleges, there will be a shortage of around 61000 to 94000 physicians by 2025. Shortage of physicians in the coming years is likely to drive the market in developed regions. In addition, increasing need for home healthcare workforce, such as nutritionists, dieticians, therapists, nurses, and home care aides, is also expected to aid the market growth.
Technology is currently one of the major drivers for increased healthcare employment. Advancements e have led to various innovations, such as medical informatics and telehealth, which have increased the need for skilled labor force to handle both technical and non-technical aspects of these devices. Hence, recruitment of new professionals along with training of existing ones has become essential.
The flexibility in work timings and attractive wages is expected to increase the number of individuals opting for allied healthcare as a career option. According to BLS, physician’s assistants, medical assistants, and pharmacy technicians are among the top 30 fastest-growing careers in U.S.
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U.S. Healthcare Staffing Market Report Highlights
• The allied healthcare segment dominated the market in terms of revenue share in 2019. It includes medical technologists, physical therapists, respiratory therapists, occupational therapists, phlebotomists, and pharmacists
• The fastest growth is expected to be exhibited by the locum tenens segment owing to the cost-effectiveness of hiring temporary employees and an increase in the trend of physicians opting to work as locum tenens
• Some of the key players in the U.S. healthcare staffing market are AMN Healthcare; Envision Healthcare Corporation; Maxim Healthcare Services, Inc.; CHG Management, Inc.; inVentiv Health; Cross Country Healthcare, Inc.; TeamHealth; Almost Family; and Adecco Group
• Mergers, collaborations, and acquisitions are the key strategies undertaken by the players to improve their market position
• In November 2019, HNI Healthcare, Inc. acquired Martin Healthcare Group, a private company working across Florida and the Midwest, in order to expand its reach in the Midwest region of U.S.
U.S. Healthcare Staffing Market Segmentation
Grand View Research has segmented the U.S. healthcare staffing market based on service type:
U.S. Healthcare Staffing Service Type Outlook (Revenue, USD Million, 2016 - 2027)
• Travel Nurse Staffing
• Per Diem Nurse Staffing
• Locum Tenens Staffing
• Allied Healthcare Staffing
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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