The U.S. healthcare staffing market size was exhibited at USD 23.06 billion in 2022 and is projected to hit around USD 40.03 billion by 2032, growing at a CAGR of 5.67% during the forecast period 2023 to 2032.
Key Takeaways:
U.S. Healthcare Staffing Market Report Scope
Report Coverage | Details |
Market Size in 2023 | USD 24.37 Billion |
Market Size by 2032 | USD 40.03 Billion |
Growth Rate From | CAGR of 5.67% |
Base Year | 2022 |
Forecast Period | 2023 to 2032 |
Segments Covered | Type |
Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Key Companies Profiled | Envision Healthcare Corporation; AMN Healthcare; CHG Management, Inc.; Maxim Healthcare Services, Inc.; Cross Country Healthcare; Aya Healthcare; Trustaff; TeamHealth; Adecco Group; LocumTenens.com |
Increasing geriatric population is leading to rising demand for medical services and shortage of nurses and other medical staff. The cost-effectivity of temporary staffing is likely to drive the market in the coming years.
According to the Bureau of Labor Statistics (BLS), around 500,000 nurses will retire over the next few years. Also, according to the Association of American Medical Colleges, there will be a shortage of around 21,000 to 55,200 primary care doctors by 2032. The shortage of physicians in the coming years is likely to drive the market. In addition, the increasing need for a home care workforce, such as dieticians, nutritionists, nurses, therapists, and home care aides, is also expected to boost the market growth.
Technological advancements are one of the major drivers of rising healthcare employment. With the advent of various innovations, such as telehealth and medical informatics, the need for skilled labor to handle both technical and non-technical aspects of these devices has increased. Hence, recruitment of new professionals along with training of existing ones has become essential. The flexibility in work timings and attractive wages are primary reasons for the increasing number of nurses becoming per diem and travel nurses.
A rising number of medical facilities and new construction projects are anticipated to create more jobs for medical professionals. For example, in April 2021, the U.S. Department of Health and Human Services (HHS) announced USD 1 Billion support for health centers' construction and renovation projects from the American Rescue Plan. The aforementioned factors are anticipated to propel market growth.
During the COVID-19 pandemic, demand for staffing services and workforce technology solutions increased dramatically. The increasing incidence of COVID-19 infections significantly fueled the demand for travel and per diem nurses. According to a poll conducted by Avant Healthcare Professionals, 90% of the medical facilities accepted using travel nurses for management of COVID-19 patients in 2020, compared to less than 60% in 2019. On the other hand, the demand for locum tenens specialists and allied health professionals decreased due to the cancellation of elective surgeries.
Type Insights
Travel nurse staffing dominated the market with a share of 40.36% in 2022 and is expected to emerge as the fastest-growing segment with a CAGR of 6.38% during the forecast period. This can be attributed to the high pay, travel opportunity, and short-term assignments. Furthermore, in response to increasing medical expenses, hospitals are forced to reduce their staff. Hence, they opt for these services to ensure that nurses are available when the workload increases.
On the other hand, the locum tenens staffing segment is anticipated to witness maximum growth during the forecast period. The rising shortage of primary care physicians and specialists and hospitals hiring locum tenens in peak seasons to reduce cost are primary reasons for the growth of the segment. According to Staff Care’s 2020 Survey of Temporary Physician Staffing Trends report, nearly 52,000 physicians were working as locum tenens in 2019. An increasing number of physicians preferring to work as locum tenens is likely to favor the segment growth.
Allied healthcare professionals include physical therapists, medical technologists, pharmacists, dental hygienists, phlebotomists, radiographers, pathologists, and others. Improving access to public healthcare, growing retired baby boomers, and rising prevalence of chronic diseases are likely to drive the segment growth.
Key Companies & Market Share Insights
The market is moderately fragmented. AMN Healthcare, Envision Healthcare Corporation, CHG Management, Inc. accounted for the leading position in the market. This can be attributed to the company’s wide network of partners and client base, excellent hiring and recruitment services, and investment in technology.
Partnerships and collaborations, mergers and acquisitions, adoption of the latest technology, and geographical expansion are some of the strategic initiatives undertaken by the major players to strengthen their market position. In June 2021, Cross Country Healthcare, Inc. completed the acquisition of Workforce Solutions Group, Inc., a provider of talent management solutions to its clients. Some of the companies present in the U.S. healthcare staffing market include:
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the U.S. Healthcare Staffing market.
U.S. Healthcare Staffing Type
Chapter 1 Methodology and Scope
1.1 Market Segmentation & Scope
1.1.2 Estimates and Forecast Timeline
1.2 Research Methodology
1.3 Information Procurement
1.3.1 Purchased Database
1.3.2 Nova one advisor Internal Database
1.3.3 Secondary Sources
1.3.4 Primary Research
1.3.5 Details Of Primary Research
1.4 Information Or Data Analysis
1.4.1 Data Analysis Models
1.5 Market Formulation & Validation
1.6 Model Details
1.6.1 Commodity Flow Analysis (Model 1)
1.7 List Of Secondary Sources
1.8 List Of Abbreviations
1.9 Objectives
1.9.1 Objective - 1
1.9.2 Objective - 2
1.9.3 Objective - 3
Chapter 2 Executive Summary
2.1 Market Outlook
2.2 Segment Outlook
2.2.1 TYPE
2.3 Competitive Insights
Chapter 3 Market Variables, Trends, & Scope
3.1 Market Lineage Outlook
3.1.3 Parent Market Outlook
3.1.2 Related/Ancillary Market Outlook
3.2 Market Dynamics
3.2.1 Market Driver Analysis
3.2.1.1 Shortage of healthcare staff
3.2.1.2 Rising geriatric population
3.2.1.3 Increaseing number of healthcare facilities resulting in job creation
3.2.1.4 Adoption of workforce solutions
3.2.1.5 High flexibility and exposure
3.2.2 Market Restraint Analysis
3.2.2.1 Stringent regulations
3.2.2.2 Less job security
3.3 Business Environment Analysis Tools
3.3.1 U.S. HEALTHCARE STAFFING - PESTEL ANALYSIS
3.3.1.1 Political landscape
3.3.1.2 Economic and social landscape
3.3.1.3 Technology landscape
3.3.2 U.S. Healthcare Staffing- Porter’s Five Forces Analysis
3.3.2.1 Competitive rivalry: High
3.3.2.2 Threat of new entrants: Moderate
3.3.2.3 Bargaining power of buyers: Moderate
3.3.2.4 Bargaining power of suppliers: Low
3.3.2.5 Threat of substitutes: Low
3.4 Penetration & Growth Prospect Mapping
3.5 Regulatory Scenario
3.6 List of Few Healthcare Staffing Providers in the U.S.
3.7 Major Deals & Strategic Alliances
3.8 Impact of COVID-19 : Qualitative Analysis
Chapter 4 U.S. Healthcare Staffing Market: Service Type Analysis
4.1 U.S. Healthcare Staffing Service Type Market Share Analysis, 2023 & 2032
4.2 Segment Dashboard:
4.3 Market Size & Forecasts and Trend Analyses, 2020 to 2032 for the Service Type Segment
4.3.1 Travel Nurse Staffing
4.3.1.1 Travel nurse staffing market, 2020 - 2032
4.3.2 Per Diem Nurse Staffing
4.3.2.1 Per diem nurse staffing market, 2020 - 2032
4.3.3 Locum Tenens Staffing
4.3.3.1 Locum tenens staffing market, 2020 - 2032
4.3.4 Allied Healthcare Staffing
4.3.4.1 Allied healthcare staffing market, 2020 - 2032
Chapter 5 Competitive Analysis
5.1 Recent Developments & Impact Analysis, by Key Market Participants
5.2 Competition Categorixation
5.3 Company Market Position Analysis
5.4 Company Profiles
5.4.1 Envision Healthcare Corporation
5.4.1.1 Company overview
5.4.1.2 Financial performance
5.4.1.3 Service benchmarking
5.4.1.4 Strategic initiatives
5.4.1.5 SWOT analysis
5.4.2 AMN Healthcare
5.4.2.1 Company overview
5.4.2.2 Financial performance
5.4.2.3 Service benchmarking
5.4.2.4 Strategic initiatives
5.4.2.5 SWOT analysis
5.4.3 CHG Management, Inc.
5.4.3.1 Company Overview
5.4.3.2 Service benchmarking
5.4.3.3 Strategic initiatives
5.4.4 Maxim Healthcare Group
5.4.4.1 Company overview
5.4.4.2 Service benchmarking
5.4.4.3 Strategic initiatives
5.4.5 Cross Country Healthcare, Inc.
5.4.5.1 Company overview
5.4.5.2 Financial performance
5.4.5.3 Service benchmarking
5.4.5.4 Strategic initiative
5.4.5.5 SWOT analysis
5.4.6 AYA Healthcare
5.4.6.1 Company overview
5.4.6.2 Financial Performance
5.4.6.3 Service benchmarking
5.4.7 Trustaff
5.4.7.1 Company overview
5.4.7.2 Financial performance
5.4.7.3 Service benchmarking
5.4.8 Teamhealth
5.4.8.1 Company overview
5.4.8.2 Service benchmarking
5.4.8.3 Strategic initiatives
5.4.9 Adecco Group
5.4.9.1 Company overview
5.4.9.2 Financial performance
5.4.9.3 Service benchmarking
5.4.9.4 Strategic initiatives
5.4.9.5 SWOT analysis
5.4.10 Locumtenens.Com
5.4.10.1 Company overview
5.4.10.2 Service benchmarking
5.4.10.3 Strategic initiatives