The healthcare staffing market includes services such as nurse staffing, physician staffing, allied health professional staffing, and other healthcare staffing services that play a vital role in meeting the growing needs of healthcare facilities worldwide. Healthcare staffing involves providing competent medical professionals to hospitals, nursing care centers, and other healthcare organizations on either a permanent or temporary basis. With the rising geriatric population suffering from chronic diseases in need of medical attention, the demand for effective healthcare services has drastically increased over time.
The global healthcare staffing market is estimated to be valued at US$ 45.53 Mn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the healthcare staffing market are UFP Technologies, Inc., ESCO Technologies Inc., Huhtamaki Oyj, Brodrene Hartmann A/S, Henry Molded Products, Inc., ProtoPak Engineering Corporation, EnviroPAK Corporation, Pacific Pulp Molding, LLC, Keiding, Inc., FiberCel Packaging, LLC, Guangxi Qiaowang Pulp Packing Products Co, Ltd. and Guangzhou NANYA Pulp Molding Equipment Co., Ltd.
The growing demand for healthcare services due to the rising geriatric population worldwide requiring long-term care is a major factor driving Healthcare Staffing Market Growth. Moreover, increasing investments in the development of healthcare infrastructure, especially in developing nations to enhance accessibility to healthcare are further propelling the market growth.
Globally, Asia Pacific is witnessing tremendous growth in the healthcare staffing market owing to improving healthcare infrastructure and growing medical tourism across countries like India, Thailand, Singapore, and Malaysia. North America dominated the global healthcare staffing industry in the past owing to the well-developed healthcare system and increasing adoption of advanced technologies in the region.
Market Key Trends
One of the key trends witnessed in the healthcare staffing market is the increased focus on value-based care. The traditional fee-for-service model is being replaced with value-based care which prioritizes quality, accessibility, and patient experience over simple volumes. This is expected to further fuel demand for qualified Healthcare Staffing Market personnel who can effectively deliver value-based care. Moreover, advancements in healthcare IT solutions are enabling better management of staffing needs, driving greater optimization of healthcare resources and staff productivity. This is benefiting both care providers and patients in terms of superior care delivery and experiences.
Porter’s Analysis
Threat of new entrants: Low setup costs and lack of patents allow new players to enter the market easily. However, established industry players have strong brand recognition and client relationships.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes and commoditization of products. They can negotiate on price and demand additional services.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute raw materials and providers. However, switching costs influence buyers’ dependence on existing suppliers.
Threat of new substitutes: Substitute services pose a moderate threat as clients can opt for in-house hiring instead of outsourcing. Technological advancements may disrupt the industry dynamics.
Competitive rivalry: Fierce competition exists among many global and local players. Price wars and competition over skilled workforce increase industry rivalry.
Geographical Regions
North America holds the largest share of the healthcare staffing market currently in terms of value, owing to the increasing healthcare expenditure and rapid technological advancements in the region.
Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to rising medical tourism, improving healthcare infrastructure and expanding healthcare coverage in countries like India and China.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
