Market Size of Medical Recruitment Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 4.17 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Medical Recruitment Market Analysis
The medical recruitment market is projected to register a CAGR of 3.2% during the forecast period.
The COVID-19 disease has had a significant impact on the medical recruitment market initially during the pandemic due to the rising job opportunities in various medical centers. For instance, according to the study published in Frontiers in Public Health in April 2021, there were many career opportunities in the medical industry during the COVID-19 epidemic. Most jobs were in testing facilities, the pharmaceutical industry, and vaccination. Although there was a slight decline in the market during the initial phases of the pandemic due to stringent lockdowns globally, the market has gained a significant pace during the late phases of the pandemic.
Factors such as the surge in demand for medical professionals across the globe, rising numbers of healthcare services, and rising healthcare centers such as super specialty and multi-specialty hospitals are expected to increase the market growth in the upcoming future. For instance, in June 2021, Park Group of Hospitals went under rapid expansion, making it North India's one of the first individually owned, fastest-growing chains of super-specialty hospitals, including cancer and tertiary level care, where patients continue to flock seeking medical intervention and care in the state-of-the-art facility for various ailments. Similarly, in December 2021, the government of Telangana sanctioned INR 1,100 crore (USD 132 million) for the construction of a super specialty hospital in Warangal as part of its Health City plans. According to government order (GO) 158, the new super specialty hospital will have 24 floors and 2,000 beds. Of these 2,000 beds, 800 will offer super specialty services. The specialties include ENT, Surgery, Dermatology, Orthopaedics, General Medicine, cardio, urology, neuro, etc. Therefore, the rising demand for healthcare services led to the rising number of super specialty and multispeciality hospitals, which creates the need for the recruitment of healthcare and other medical professionals and is thereby expected to drive market growth.
Furthermore, an increase in the geriatric population will eventually drive the demand for several medications and healthcare services, as this age group is more vulnerable to various metabolic and lifestyle disorders, diminished bodily functions, cognitive impairment, and less mobility. Also, aging is the primary factor driving the market growth for the treatment. For instance, according to the United Nations Department of Economics and Social 2022 report, there were 771 million people aged 65 years or over globally in 2022. The older population is projected to reach 994 million by 2030 and 1.6 billion by 2050. Hence, the rise in the geriatric population is anticipated to drive market growth due to the rising establishment of hospitals and their services,
In addition, in January 2022, Healthcare staffing provider Health Advocates Network Holdings Corp. raised USD 8.4 million funding round that includes a co-investment by management. Such funding initiatives from the key market players are also expected to drive market growth due to increased medical recruitment services.
Hence, the factors mentioned above, such as a surge in demand for medical professionals and the rising number of healthcare services, are expected to increase market growth in the future. However, the overall shortage of available talent will likely hinder the market's growth.
Medical Recruitment Industry Segmentation
As per the scope of the report, medical recruitment is the operational delivery of specialty training recruitment, including developing the longer-term vision for recruitment and selection into specialty training, taking into account trainee, trust, and recruiter feedback on recruitment and selection processes. The medical recruitment market is segmented by services (recruitment services, managed services, homecare services, and specialist care services), industry verticals (pharmaceuticals and biotechnology, medical devices, nursing/healthcare, and others), and geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.
By Services | |
Recruitment Services | |
Managed Services | |
Homecare Services | |
Specialist Care Services |
By Industry Verticals | |
Pharmaceuticals and Biotechnology | |
Medical Devices | |
Nursing/Healthcare | |
Other Industry Verticals |
Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Medical Recruitment Market Size Summary
The medical recruitment market is experiencing a steady growth trajectory, driven by an increasing demand for healthcare professionals and the expansion of healthcare services globally. The COVID-19 pandemic initially posed challenges, causing a temporary decline due to lockdowns, but it also created numerous job opportunities in testing, pharmaceuticals, and vaccination efforts. As the pandemic progressed, the market regained momentum, fueled by the rising establishment of super-specialty and multi-specialty hospitals. These developments are largely attributed to the growing geriatric population, which necessitates more healthcare services and medications. Additionally, funding initiatives from key market players and government investments in healthcare infrastructure are further propelling market growth. However, a persistent shortage of available talent remains a challenge that could hinder the market's expansion.
The market is characterized by moderate competition, with several major players actively engaging in partnerships and acquisitions to enhance their service offerings. North America is poised to dominate the market, supported by advancements in healthcare facilities, increased funding, and a growing number of healthcare service providers. Initiatives such as the launch of job portals and strategic acquisitions by companies like BioSpectrum Asia and Syneos Health are contributing to the market's growth. Furthermore, significant investments in research and development by pharmaceutical and biotechnology companies are driving the demand for medical recruitment services, as these sectors seek to develop and scale novel therapies. Overall, the combination of developed healthcare infrastructure, government support, and strategic market initiatives is expected to sustain the market's growth trajectory in the coming years.
Medical Recruitment Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.2.1 Surge in Need for Healthcare Services Across the Globe
-
1.2.2 Rise in Demand for Medical Professionals Worldwide
-
-
1.3 Market Restraints
-
1.3.1 Overall Shortage of Available Talent
-
-
1.4 Porter's Five Forces Analysis
-
1.4.1 Threat of New Entrants
-
1.4.2 Bargaining Power of Buyers/Consumers
-
1.4.3 Bargaining Power of Suppliers
-
1.4.4 Threat of Substitute Products
-
1.4.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION (Market Size by Value - USD million)
-
2.1 By Services
-
2.1.1 Recruitment Services
-
2.1.2 Managed Services
-
2.1.3 Homecare Services
-
2.1.4 Specialist Care Services
-
-
2.2 By Industry Verticals
-
2.2.1 Pharmaceuticals and Biotechnology
-
2.2.2 Medical Devices
-
2.2.3 Nursing/Healthcare
-
2.2.4 Other Industry Verticals
-
-
2.3 Geography
-
2.3.1 North America
-
2.3.1.1 United States
-
2.3.1.2 Canada
-
2.3.1.3 Mexico
-
-
2.3.2 Europe
-
2.3.2.1 Germany
-
2.3.2.2 United Kingdom
-
2.3.2.3 France
-
2.3.2.4 Italy
-
2.3.2.5 Spain
-
2.3.2.6 Rest of Europe
-
-
2.3.3 Asia-Pacific
-
2.3.3.1 China
-
2.3.3.2 Japan
-
2.3.3.3 India
-
2.3.3.4 Australia
-
2.3.3.5 South Korea
-
2.3.3.6 Rest of Asia-Pacific
-
-
2.3.4 Middle East and Africa
-
2.3.4.1 GCC
-
2.3.4.2 South Africa
-
2.3.4.3 Rest of Middle East and Africa
-
-
2.3.5 South America
-
2.3.5.1 Brazil
-
2.3.5.2 Argentina
-
2.3.5.3 Rest of South America
-
-
-
Medical Recruitment Market Size FAQs
What is the current Medical Recruitment Market size?
The Medical Recruitment Market is projected to register a CAGR of 4.17% during the forecast period (2024-2029)
Who are the key players in Medical Recruitment Market?
Accountable Healthcare Staffing, AMN Healthcare, Aya Healthcare, CHG Management, Inc and CCM Recruitment are the major companies operating in the Medical Recruitment Market.