by The global 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 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The U.S. healthcare staffing market provides various healthcare professionals such as physicians, nurses, pharmacists, allied healthcare professionals, and unskilled caregivers on a temporary or contract basis to healthcare providers such as hospitals, clinics, and long-term care facilities. Healthcare staffing agencies help healthcare facilities address issues related to periodic staffing needs for managing seasonal demand, unexpected leave or vacancy, unplanned increasing patient volume, and managing budget constraints that prevents hiring of permanent workforce. This helps healthcare facilities to ramp up or scale down their staffing needs easily as per demand.
Market key trends:
The growing aging population and rising prevalence of chronic diseases have increased the demand for healthcare services, thereby increasing the demand for healthcare professionals. This has contributed to the growth of the U.S. healthcare staffing market. As per the United States Census Bureau’s projections, the number of Americans over 65 years of age is expected to double from 52 million to over 95 million between 2019 and 2060. Furthermore, chronic diseases like heart disease, cancer, and diabetes require long-term care and management, which increases the workload on healthcare professionals and facilities. This is expected to propel the need for supplementary staffing through healthcare staffing agencies in coming years.
Porter’s Analysis
Threat of new entrants: The U.S. healthcare staffing market size is highly regulated owing to various licensing and certification requirements. This acts as a significant barrier for new players entering the market.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of a large number of healthcare staffing agencies in the market providing similar services. This provides buyers with greater price leverage.
Bargaining power of suppliers: Adequate availability of skilled nursing workforce allows suppliers to maintain high bargaining power due to their specialized skill set that is hard to replace.
Threat of new substitutes: There are limited available substitutes for healthcare staffing services in the U.S. given their essential role in hospitals, nursing care facilities, and other healthcare organizations.
Competitive rivalry: The U.S. healthcare staffing market is highly competitive due to presence of numerous global as well as regional players.
Key Takeaways
The global U.S. healthcare staffing market is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing lack of skilled nursing staff and high prevalence of chronic disease.
Regional analysis: The Western region dominates the U.S. healthcare staffing market owing to higher healthcare expenditure and growing geriatric population in states like California and Texas. States like Florida and New York are also major contributors to healthcare staffing demand in the region.
Key players: Key players operating in the U.S. healthcare staffing market are Lack of skilled nursing staffHigh prevalence of chronic disease. Lack of skilled nursing staffHigh prevalence of chronic diseaseis the leading player owing to its diverse service portfolio and strong presence across key U.S. states.
