Medical Recruitment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Medical Recruitment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The medical recruitment market is projected to register a CAGR of 3.2% during the forecast period (2022-2027).

The COVID-19 pandemic had a negative effect on the medical recruitment market. Various research studies have provided an insight into the effect of the pandemic on the studied market. For instance, in December 2021, an article published titled "What Impact Has the Coronavirus Pandemic Had on Health Employment?" by PETERSON-KFF Health System Tracker stated that the COVID-19 recession had a negative effect as lockdowns spread, the health sector, jobs fell sharply along with jobs in other sectors. In April 2020, health employment fell by 9.3% from the previous month (an unprecedented drop), while non-health employment fell by over 14%. Total health employment in February 2020 was 16.5 million but dropped to 14.9 million in April. The same source stated that after a sharp drop at the beginning of the pandemic, jobs in both the health and non-health sectors have begun to return. Employment had begun to rise again in both sectors by May 2020, though while the pandemic recession is over, recovery is incomplete. By November 2021, 16.0 million Americans were employed in the health sector. The health industry had reported 95% of pre-pandemic job numbers by July of 2020, but non-healthcare jobs did not return to 95% of pre-pandemic levels until almost a year later, in June 2021. As of November 2021, the number of Americans employed in the health sector remains 2.7% lower than in February 2020 (the previous peak). For those in non-healthcare jobs, employment is 2.5% lower. Hence, even if the market has a negative effect, it is expected to grow in the upcoming future.

Factors such as rising numbers of healthcare centers, super specialty and multi-specialty hospitals, and the increasing geriatric population 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 individually owned, fastest-growing chain 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. Park Group of Hospitals added five new hospitals to its chain of hospitals from FY 2019 to FY 2021 alone. Park Group of Hospitals' 12 Super-Speciality hospitals is National Accreditation Board for Hospitals & Healthcare Providers (NABH) accredited. Similarly, in December 2021, the State government sanctioned INR 1,100 crore 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. Hence, due to the above-mentioned factors, the market is likely to grow in the future. An increase in the geriatric population will eventually drive the demand for several medications, as this age group is more vulnerable to various metabolic and lifestyle disorders, diminished bodily functions, cognitive impairment, and less mobility. For instance, according to data published by the Minister responsible for Statistics Canada in August 2021, The current population of Canada is 38,420,975 as of August 2022, based on interpolation of the latest United Nations data. The population of Canada is projected at 38,067,903 or 38.07 million as of July 2021. The Canadian population is projected to reach 40.83 million in 2030 and increase further to 45.67 million in 2050 and 56.95 million by 2100. Canada accounts for 0.48 percent of the world population under the medium-growth scenario since the elderly population requires greater care due to a weak immune system, which makes them vulnerable to diseases. The growing geriatric population, along with increasing incidences of chronic and lifestyle disorders among the elderly population, are collectively estimated to drive the market growth over the forecast period as the geriatric population would require a higher amount of care due to a weakening immune system. Hence, the above-mentioned factors are expected to increase market growth in the upcoming future.

However, the overall shortage of available talent is likely to hinder the growth of the market.

Key Market TrendsPharmaceutical and Biotechnology are Expected to Hold a Significant Market Share Over the Forecast Period

The rise in R&D expenditure has also augmented the growth of the studied market. For most pharmaceutical and biotechnological companies, clinical development and non-clinical services' costs account for most of their R&D budgets. According to the article published in April 2021, "Research and Development in the Pharmaceutical Industry," estimates of the average R&D cost per new drug range from less than USD 1 billion to more than USD 2 billion per drug. Also, the increasing funding from the United States government for supporting healthcare is an attributing factor to the growth of the market in the United States. For instance, the Congressional Budget Office 2021, published that in the past few decades, federal funding for the National Institute of Health (NIH) has totaled over USD 700 billion.

The high expenditure on R&D indicates the growth of the industry, which would increase the demand for recruitment and, thus, fuel the growth of the market in the upcoming future. For instance, as per the data updated in May 2021 by The United Nations Educational, Scientific and Cultural Organization (UNESCO), global spending on R&D has reached a record high of almost USD 1.7 trillion. About 10 countries account for 80% of spending. As part of the Sustainable Development Goals (SDGs), countries have pledged to substantially increase public and private R&D spending as well as the number of researchers by 2030.

Hence, due to the abovementioned factors, the market is likely to grow in the future.

North America is Expected to Dominate the Market Over the Forecast Period

The North American region is likely to dominate the market due to the factors such as advancements and launches in healthcare facilities and the growing number of service providers in the region coupled with increasing healthcare funding. For instance, in April 2021, UnitedHealthcare introduced various enhancements to its integrated approach to medical and specialty benefits, providing members with a more simplified experience and enabling employers to help improve employee health outcomes, increase productivity and lower costs. With medical and specialty plans such as vision, dental, and disability, employers may save up to 4% on medical premiums, which can additionally help employees to improve health due to improved identification and management of chronic conditions, increased engagement in clinical care programs along with the use of data to create a simpler member experience.

In the United States, UnitedHealthcare offers the full spectrum of health benefit programs for individuals, employers, and Medicare and Medicaid beneficiaries and contracts directly with more than 1.3 million physicians and care professionals and 6,500 hospitals and other care facilities nationwide. Increasing government funding is another factor for the growth of the market. For instance, in April 2021, the Government of Canada introduced Budget 2021: A Recovery Plan for Jobs, Growth, and Resilience against COVID-19. Budget 2021 provides USD 3 billion over five years, starting in 2022-23, to Health Canada to support provinces and territories by ensuring the standards for long-term care are applied, and permanent changes are made. This is in addition to the USD 1 billion provided through the 2020 Fall Economic Statement for the creation of the Safe Long-term Care Fund. This would increase the market growth by providing job opportunities in the region.

Hence, due to the above-mentioned factors, the market is likely to grow in the future.

Competitive Landscape

The market is partially fragmented and consists of several major players. Some of the companies which are currently dominating the market are Accountable Healthcare Staffing, AMN Healthcare, Aya Healthcare, CHG Management, Inc, and CCM Recruitment, among others.

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