by Healthcare staffing involves recruitment of skilled professionals like nurses, physicians, and allied health professionals on a temporary or permanent basis. Healthcare staffing plays a key role in bridging the gap between demand and supply of skilled professionals. Growing demand for cost-effective healthcare along with shortage of skilled healthcare professionals is driving the demand for healthcare staffing in the U.S. Healthcare staffing helps healthcare facilities optimize workforce costs and enhance productivity. The staffing agencies recruit skilled professionals according to the requirements of hospitals and other healthcare facilities. The U.S. healthcare staffing market provides healthcare institutions with flexibility to meet fluctuating demand by supplementing their permanent workforce with temporary staff.
The U.S. Healthcare Staffing Market is estimated to be valued at US$ 21.33 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the U.S. healthcare staffing market size is growing demand for nurse staffing. According to projections by the U.S. Bureau of Labor Statistics, over 200,000 new nursing jobs will be added each year through 2030 owing to expanding healthcare infrastructure and replacement of retirees. Temporary nursing staffing helps healthcare facilities address this shortage of nurses and tackle issues arising from nursing attrition till permanent replacements are hired. Temporary staffing also allows nursing staff to gain diverse experience by working across different healthcare organizations on an interim basis. This fosters career growth and makes the profession more attractive to new entrants, thereby creating high demand for nurse staffing solutions.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the healthcare staffing industry in the U.S. requires significant capital investments and compliance with strict regulatory policies.
Bargaining power of buyers: The bargaining power of buyers is high given the large number of staffing agencies operating in the industry and the ability of healthcare organizations to change staffing partners.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as healthcare professionals have lucrative career opportunities within the industry.
Threat of new substitutes: The threat of new substitutes is low as there are limited alternatives for healthcare staffing services.
Competitive rivalry: The competitive rivalry in the industry is high given the presence of numerous regional and national players.
Key Takeaways
The U.S. Healthcare Staffing Market is expected to witness high growth. The rapid expansion of healthcare facilities along with shortage of skilled professionals is anticipated to drive the demand for staffing services. The U.S. Healthcare Staffing Market is estimated to be valued at US$ 21.33 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030.
Regional analysis: The Western region accounts for the largest share in the U.S. healthcare staffing market currently. States such as California and Texas have a large number of healthcare organizations relying on staffing agencies. The demand is also significantly high in the Southern and Midwestern regions owing to growing geriatric population.
Key players: Key players operating in the U.S. Healthcare Staffing Market are Solvay SA, Nippon Chemical Industri. Solvay SA is one of the largest staffing companies in the U.S., specializing in locum tenens staffing and allied healthcare recruiting. The company has a wide network of healthcare professionals on its panel to meet the demands of various facilities.
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