April 23, 2024

Temporary Healthcare Staffing Market Is In Trends By Advanced Technologies

 This helps healthcare organizations manage fluctuating patient volumes, maternity leaves, and staffing shortages. It ensures reliable staffing when regular employees are unavailable. The market advantages include flexibility and cost-effectiveness compared to permanent hiring. As patient volumes increase due to aging populations and lifestyle diseases, the demand for staff augmentation grows. Staffing agencies offer timely assistance to healthcare facilities facing such challenges.

The Global Temporary Healthcare Staffing Market Size is estimated to be valued at US$ 58.01 BN in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the temporary healthcare staffing are SOLIANT HEALTH, Envision Healthcare, Maxim Healthcare Services, CHG Management, Inc., Cross Country Healthcare, TeamHealth, Jackson Healthcare, Aureus Medical, LocumTenens, Trustaff, Aya Healthcare, Vibra Healthcare, Ample Healthcare, Acacium Group, SnapNurse, and AMN Healthcare. The growing aging population and increasing prevalence of chronic diseases are the major factors driving the growth of the temporary healthcare staffing market. Additionally, temporary staffing helps healthcare organizations optimize costs and improving access to care.

Key players are expanding globally to meet the increasing demand. For instance, SOLIAN acquired Alpha Healthcare and Bayford Group in 2021 to strengthen its presence in the UK. CHG management acquired WinterWyman to enhance locum tenens staffing in the UK. CrossCountry Healthcare established operations in Australia and New Zealand in 2021.

Market key trends

The increasing use of advanced technologies by staffing agencies is a key trend in the temporary healthcare staffing market. Technologies like AI, machine learning and analytics are being used to streamline procedures from recruitment to payroll management. They help automate repetitive tasks and improve efficiencies. For example, AMN Healthcare uses advanced algorithms and analytics to analyze job requirements, candidate profiles and schedules to optimize staff matching and deployment. Telehealth is also gaining ground as it allows easy collaboration between healthcare facilities and agencies. These technologies are expected to disrupt the traditional staffing models and drive market growth over the forecast period.

Porter’s Analysis
Threat of new entrants: The temporary healthcare staffing industry presents medium level of threat as it requires deep understanding of regulatory framework, adequate resources and established networks.
Bargaining power of buyers: Buyers have medium bargaining power as they can negotiate lower prices and shift between different staffing agencies to find competitive rates.
Bargaining power of suppliers: Healthcare professionals have medium level bargaining power as they have limited options and are dependent on staffing agencies for assignments and placements.
Threat of new substitutes: There is low threat of substitutes as temporary staffing fills an important gap and provides flexibility that cannot be found through permanent hiring or other alternatives.
Competitive rivalry: The industry has high competitive rivalry due to presence of many regional and national players competing for talent and clients.

Geographical Regions
North America accounts for the largest share of the temporary healthcare staffing market currently, valued at US$ 24.3 Billion in 2024. This is attributed to the ongoing nursing shortage, advanced healthcare infrastructure and presence of large organizations in the region.
Asia Pacific is poised to be the fastest growing regional market for temporary healthcare staffing between 2024-2031 driven by increasing healthcare expenditures, demand for quality care, and shortage of skilled professionals in developing countries such as India and China. Rapidly improving medical infrastructure along with focus on quality is expected to drive significant growth opportunities.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it