The Healthcare staffing industry is a growing and competitive market. Growth is being driven by the fact that people are living longer and the demand for nursing professionals in hospitals is always increasing.
Consider these facts:
The Healthcare Staffing Market in the US is currently a $14 billion industry, it is expected to grow at a CAGR of more than 13% by 2021. Analysts predicts the Healthcare staffing market in US to reach almost $28 billion by 2021.
According to the US Bureau of Labor Statistics, the demand for registered nurses in the country is expected to grow by 14%-16% by 2021
The amount of nurses seeking careers and the constant need for medical staffing is
another reason the industry continues to show solid growth. Consider these statistics:
The overall nurse employment is set to increase from 2.86 million in 2012 to 3.44 million by 2022. Also The increase in the demand for home healthcare workforce such as dieticians, nurses, nutritionists, therapists, and personal care aides among others will drive the demand for temporary staffing in the market.
Exponential Growth Projections for the Medical Staffing Market
The medical staffing industry is currently one of the fastest growing sectors of the U.S. economy and will continue its rapid growth over the next several decades as our population continues to grow older. Here are the facts:
- 66% of hospitals are already feeling a material shortage in nurses which is driving the increased use of temporary staffing solutions. Legislative changes for quality of care standards and the decreasing demand of nurses to patient ratio’s will continue to generate the higher demand for nurses.
- Americans over the age of 65 is expected to increase from 40 million in 2010 to over 73 million by 2030, having the increase in elderly population will drive healthcare utilization, as this population is more susceptible to diseases and physical ailments that require acute care.
- Hospital reimbursement payments are being realigned with Quality metrics to improve overall quality of care, and include financial penalties for high readmission rates.
- Hospitals are expected to utilize increased variable healthcare staffing solutions to avoid costly penalties and maintain quality metrics.
- The Healthcare staffing services demand will continue to grow due to the increase of insured population and resulting in increased Healthcare utilization, the Aging “Boomer” Population, the ongoing nurse and professional shortages, and Hospitals continue to see efficient staffing levels as personnel currently represents 54% of total hospital expenses.