Medical Recruitment Market Analysis

Medical Recruitment Market Analysis

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Based on service, the market is segmented into recruitment services, managed services, specialist care services, homecare services, and other services. The recruitment services segment held the majority of market share in 2023 of about 30.6%.
 

• The dominant share of recruitment services can be attributed to increasing demand for temporary medical staff to overcome their shortages across healthcare settings. According to a June 2022 article published by the National Library of Medicine, there will be a 10 million healthcare workforce shortage by 2030. As a result, the demand for medical recruitment services has increased, driving the revenue growth in recruitment services segment.
   
• Moreover, due to the comprehensive nature of staffing needs in healthcare, healthcare settings are increasingly relying on medical recruitment service providers to accelerate the hiring process. Medical recruitment service providers are offering flexibility and scalability to healthcare organizations, allowing them to adapt to changing staffing needs, fluctuations in patient volumes, and seasonal demand, thereby contributing to a revenue growth in recruitment services segment.
   

Based on candidature, the medical recruitment market is classified into health professional, medical representatives, biological and medical scientists, health information technicians, medical social workers, and other candidatures. The health professional segment dominated the market with a revenue of about USD 4.3 billion in 2023.
 

• Health professionals include a wide range of roles, including medical practitioners, nurses, paramedics, and therapists. Increasing investments for medical infrastructural developments together with shortages of health professionals globally are catering to a significant rise in vacancies for health professionals, which is adding to the revenue growth in the segment.
   
• Moreover, shift towards value-based care is leading to an increasing patient burden across specialty care settings such as ambulatory care centers, and rehabilitation care centers. As a result, the demand for health professionals across such specialty care settings has increased, contributing to the overall revenue growth of health professionals segment.
   

Based on industry vertical, the medical recruitment market is classified into nursing and healthcare, medical and clinical research, pharmaceutical and medical device companies, paramedical staff, and other industry verticals. The nursing and healthcare segment secured a leading share of about 36.2% in 2023 and is anticipated to grow at 4.1% CAGR during the forecast period.
 

• Increasing growth in geriatric population and chronic diseases is creasing a significant rise in demand for physicians, surgeons, and nurses across healthcare settings, which is contributing to a revenue growth in nursing and healthcare segment. According to the World Bank Organization, there is a significant rise in geriatric population and by 2050, about 1.5 billion people are expected to be 65 and older. As a result, to provide optimum healthcare services, the recruitments for nursing and healthcare professionals have surged significantly.
   
• Additionally, physicians and nurses are in high demand due to the essential nature of their roles in delivering patient care, diagnosing illnesses, and providing treatment. With a rising adoption of patient centered care and value-based care, the demand for trained nurses and physicians across healthcare settings have increased.
   

North America medical recruitment market accounted for 40.2% of market share in global market in 2023 and is predicted to reach USD 5.4 billion by 2032.
 

• Presence of advanced healthcare facilities and vast network of hospitals, clinics, outpatient settings, medical and clinical research institutions is driving the demand for medical recruitments in the region.
   
• Shortage of healthcare professionals in the region is driving the adoption of medical recruitment services. According to the Association of American Medical Colleges (AAMC), the U.S. is expected to face a shortage of between 14,900 and 35,600 physicians by 2025.
   
• Growing adoption of digital healthcare infrastructure in the region is driving the demand for medical professionals having expertise in using digital health solutions, and telemedicine. This has contributed to an increasing growth in medical recruitment services in the region.
   

The U.S. medical recruitment market was valued at USD 4 billion in 2023 and is anticipated to grow at a CAGR of 3.4% over the forecast period.
 

• Availability of robust healthcare infrastructure and constant expansion of existing healthcare facilities is driving the demand for recruiting healthcare professionals. For instance, the US is witnessing a constant rise in number of hospitals. For instance, according to The American Hospital Association (AHA), total number of hospitals in the US has increased from 6090 in 2019 to 6120 as of January 2024.
   
• Additionally, owing to growing demand for cost effective and time efficient hiring process, vendors in the U.S. are readily adopting innovative and advanced technologies such as AI and machine learning to automate the candidate screening, integrating chatbots in website and job portal, and to leverage predictive analytics for talent acquisition. As a result, healthcare settings are increasingly outsourcing the recruitment services to medical recruitment service providers, driving the overall revenue growth in the market.
   

Germany medical recruitment market is expected to show significant growth during the forecast period.
 

• Rapid declining workforce of medical practitioners in Germany has led to an increasing concern among the healthcare settings and government organizations. According to the federal data, the number of doctors in Germany is expected to witness a rapid decline in the upcoming years, as about 43% of doctors and 28% specialists in 2023 were 60 years old. As a result, the demand for medical recruitment of doctors and specialists is expected to gain traction during the forecast period.
   
• Moreover, Germany is renowned for its excellence in medical research and innovation. Numerous hospitals and research institutions engage in pioneering medical research, resulting in a persistent need for doctors possessing specialized knowledge and expertise. As a result the demand for medical recruitment is increasing in Germany.
   

India medical recruitment market is anticipated to grow remarkably over the coming years.
 

• Presence of large population and shortage of skilled medical professionals has become a major concern for the government. As a result, the government of India is rapidly increasing the number of medical colleges, which is contributing to an increasing availability of trained medical professionals. Together with developments in healthcare infrastructure, the demand for medical recruitment has surged in India.
   
• Furthermore, rising incidence of chronic diseases such as diabetes and cancer in the country has created increasing burden on the healthcare facilities. To efficiently manage large patient populations, expansion of existing healthcare facilities can be observed across public and private hospitals, outpatient facilities, and clinics, thereby driving the demand for medical recruitment services in the country.