The Medical Recruitment Market was valued at US$ 9.2 billion in 2021 and is expected to reach US$ 13.7 billion by 2031. The market is expected to register a CAGR of 3.9% from 2023–2031.
Growing investment in medical sector and rising demand for quality care are likely to remain key Medical Recruitment Market trends.
Medical RecruitmentMarket Analysis
Shortages for Healthcare Professionals
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.
Medical RecruitmentMarket Overview
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.
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Medical Recruitment Market: Strategic Insights
Market Size Value in US$ 8,684.50 Million in 2018 Market Size Value by US$ 11,435.1 Million by 2027 Growth rate CAGR of 3.1% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Medical Recruitment Market: Strategic Insights
| Market Size Value in | US$ 8,684.50 Million in 2018 |
| Market Size Value by | US$ 11,435.1 Million by 2027 |
| Growth rate | CAGR of 3.1% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Medical RecruitmentMarket Drivers and Opportunities
Recruitment Process Outsourcing (RPO) to Favor Market
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.
Healthcare Talent Sourcing Strategy– An Opportunity To Provide Innovative Options for the Medical Recruitment
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.
Medical Recruitment Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Medical Recruitment Market analysis are candidature and services.
- Based on candidature, the Medical Recruitment Market is divided into health professional, health information technicians, biological & medical scientists, medical social workers, medical representatives, and others. The health professionals segment may hold a larger market share in 2023.
- By Services, the market is segmented into managed services, recruitment services, specialist care services, homecare services, and others. The managed services segment may hold the largest share of the market in 2023.
Medical Recruitment Market Share Analysis by Geography
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.
Medical RecruitmentMarket News and Recent Developments
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:
- In May 2023, The Association for Advancing Physician and Provider Recruitment (AAPPR) six new partnerships. These partnerships include Jackson Physician Search, Jackson +Coker Locum Tenens, CHG Healthcare, and PracticeLink. Additionally, to address the challenges and the complex nature of physician and provider recruitment, onboarding, and retention, AAPPR partnered with two more organizations. These include LocumTenens.com and Doximity. AAPPR will work with these six companies to support the organization's mission of advancing healthcare recruitment and improving patient care by empowering physician and provider recruitment professionals with high-quality education, resources & connections to serve the community better.
Medical Recruitment Market Report Scope
Medical RecruitmentMarket Report Coverage and Deliverables
The “Medical RecruitmentMarket Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Candidature ; Services ; and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
- Impellam Group
- Everyday Health Group
- CCM Recruitment International
- TFS Healthcare
- CPL Healthcare
- Proclinical
- Euromotion
- EGV
- Acara Solutions India
- Medacs Healthcare
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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