Growing investment in medical sector and rising demand for quality care are likely to remain key Medical Recruitment Market trends.
According to the UNICEF report, before the COVID-19 pandemic, there were healthcare worker shortages globally. Medical recruitment and retention crisis has economic and health consequences, as well as shortages in low- and middle-income countries. The Gitnux: A Global Commerce Media LLC Company report revealed statistics that there was a shortage of 17 million healthcare workers globally in 2021. Additionally, in the UK, approx. 50000 National Health Service (NHS) workers experienced shortages in 2020. A daunting challenge of sustaining the healthcare workforce was during the COVID-19 pandemic. Also, critical shortages of allied health and behavioural health professionals exist, particularly in marginalized rural and urban communities. These workforce shortages are difficult to tackle with the aging population resulting in rising chronic diseases and behavioural health conditions to contribute to access to healthcare services. Therefore, to combat such healthcare workers and nursing shortages, many healthcare providers have adopted the short-term solution of hiring traveling nurses. Therefore, such short-term solution of hiring healthcare staff is expected to fill the gap of crisis to meet healthcare needs of the patient and is one of the most influential factors for market growth.
Technology, innovation, and smart solutions continue to influence medical recruitment significantly. Shortages of healthcare professionals andRecruitment Process Outsourcing (RPO) are the most influential factors responsible for Medical Recruitment Market growth. Technological advancement is a key trend for Medical Recruitment Market growth. Talent strategy Scorecard will provide lucrative market opportunity for the Medical Recruitment Market growth.
RPO is an effective solution for healthcare systems where an external service provider partners with the organization's recruitment and Human Resource (HR) Department to hire candidates quickly and efficiently. Also, supply and demand imbalances in the healthcare organization experience staff burnouts, clinician shortages, and nursing retirements. Therefore, RPO teams, in such cases, focus on day-to-day tasks related to recruiting candidates so that the HR department can focus on strategic initiatives. Further, the RPO team can lower hiring costs, providing advantages such as permanent and temporary staffing at a low cost and ultimately improving the productivity of the healthcare organization. For example, a community-based non-profit health system required a dedicated number of staffs for a new surgery centre for more than 100 days. After the healthcare company tie-up with AMN Healthcare RPO team, it reduced the requisition backlog by 15% in the first month, decreased its reliance on temporary workers, and filled a target of a total 700 recruitment positions with three-years partnerships. Therefore, more and more RPO approaches will contribute significantly to reduce healthcare shortages globally driving the market growth.
The "Talent Strategy Scorecard" is one such strategy for talent sourcing. The “Talent Strategy Scorecard" is a consultative assessment that analyzes key metrics on talent acquisition and operational factors driving healthcare recruitment and retention. Through the use of Scorecard, healthcare organizations can be able to develop a roadmap to improve talent sourcing, skills, specialties, and experience. For example, by the implementation of the "Talent Strategy Scorecard" by AMN Health, RPO, the organization was able to reduce cost per hire by 12%, which equated to a US$4.6 million annual opportunity for the company. Also, the AMN Health RPO company worked with several organizations to streamline the hiring process, improve candidate experience, and increase social media presence with a focus on enhancing the healthcare industry reputation. Therefore, such a holistic and agile talent optimization strategy plays a vital role to compete with the talent hunt, attrition rate, and ever-changing demand of healthcare workers. Therefore, holistic and agile talent optimization strategy will provide lucrative market opportunities for the talent hunt service providers to drive innovation and account considerable market share in the coming years.
Key segments that contributed to the derivation of the Medical Recruitment Market analysis are candidature and services.
The geographic scope of the Medical RecruitmentMarket report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the Medical Recruitment Market. In North America, US accounts for a considerable share in medical recruitment. Presence of top medical recruitment service providers in the US and high adoption of technologically advanced services are the most influential factors responsible for market growth. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
The Medical RecruitmentMarket is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in them market for Medical Recruitment and strategies:
The regional trends and factors influencing the Medical Recruitment Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Medical Recruitment Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 9.2 Billion |
| Market Size by 2031 | US$ 13.7 Billion |
| Global CAGR (2023 - 2031) | 3.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Candidature
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Medical Recruitment Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Medical Recruitment Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The “Medical RecruitmentMarket Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: