Market Challenges And Opportunities

Global Healthcare Staffing Market Drivers:

Shortage of healthcare workers to augment market growth

One of the key factors expected to augment growth of the global healthcare staffing market during the forecast period is the shortage of healthcare workers across the world. For instance, healthcare workforce shortage is a worldwide problem. The World Health Organization (WHO) estimates a projected shortfall of 10 million health workers by 2030, mostly in low- and lower-middle income countries. As per the International Centre on Nurse Migration, there will be a shortage of 13 million nurses alone by 2030, up from a 6 million before the pandemic. This in turn is driving the growth of the global healthcare staffing market.

Rise in burden of chronic disease to underpin market growth

Another factor which is driving the growth of the global healthcare staffing market is the growing burden of chronic disease around the world. For instance, such a high burden of chronic diseases leads to an increase in number of surgical procedures and long-term hospitalization, which in turn increase demand for healthcare services or staffing. According to the Centers for Disease Control and Prevention (CDC), chronic diseases, such as heart disease, cancer, and diabetes, are the leading causes of death and disability in the United States, accounting for 70% of all deaths. This in turn is also driving the growth of the healthcare staffing market.

Global Healthcare Staffing Market Opportunities:

Growing geriatric population across the globe is expected to offer significant growth opportunities for players in the global healthcare staffing market. For instance, the geriatric population is more susceptible to diseases and infections, leading to longer hospital stays as well as the need for skilled or trained health workers. According to the World Health Organization (WHO), 1 in 6 people in the world will be aged 60 years and more by 2030, and the world’s population of people aged 60 years and older will double (2.1 billion) by 2050. Thus, with the growing geriatric population, the demand for skilled/trained health workers is also increasing.

Increasing number of healthcare facilities around the world is expected to offer significant growth opportunities for players in the global healthcare staffing market. For instance, in April 2021, the U.S. Department of Health and Human Services (HHS) announced US$ one billion support for the health centers' construction and renovation projects from the American Rescue Plan. The Federal Government also provide dedicated funding for the modernization of the hospital infrastructure. As per the American Hospital Association (AHA), currently, there are about 6,093 hospitals in the United States. This in turn is expected to propel growth of the market.

Global Healthcare Staffing Market Restraints:

Shortage of skilled health workers to hamper market growth

One of the key factors expected to hamper growth of the global healthcare staffing market is the shortage of skilled health workers. It has always been challenging to acquire exceptional expertise for healthcare facilities. Medical recruitment of skilled professionals can be difficult for rural and distant clinics. The best and most qualified workers are increasingly migrating to urban areas that provide them with the highest pay and the most employment prospects. Thus, there is a shortage of skilled health workers, which may limit the ability of healthcare facilities.

Stringent rules and regulations to hinder market growth

Another factor which is hampering growth of the global healthcare staffing market is the stringent rules and regulations. New laws or regulations at both the state and the federal level may negatively affect healthcare facilities across the U.S. For instance, the National Nursing Shortage Reform and Patient Advocacy Act mandates maintaining minimum nurse-to-patient ratios for each unit of the healthcare facility or else they would face penalties for failing to maintain these legally defined ratios. This in turn is expected to hamper the market growth.