Per Diem Nurse Staffing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Per Diem Nurse Staffing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Per Diem Nurse Staffing market is expected to witness a CAGR of 4.5% during the forecast period 2022-2027.

COVID-19 is expected to have a significant impact on the growth of the market. The article titled ' Staffing Crisis Fueled by COVID-19 creates Boom for Travel Nurse Industry' published in May 2022 mentioned that Agency or travel have long been used to fill sporadic staffing gaps but never in the numbers or at the cost seen during the COVID-19 pandemic, which transformed a long-simmering nursing shortage into a full-blown crisis. Thus the above-mentioned factors are expected to drive the growth of the market during the forecast period.

Certain factors that are driving the market growth include rising demand for healthcare facilities, lack of skilled healthcare staff, and growing preference for per diem nursing due to the flexible work atmosphere.

Over the recent few years, per diem nursing has started being considered exciting and challenging, especially by those nurses who like the challenge of adapting quickly to a new environment. According to the data published by Norwich University in 2021, around 194,500 registered nurses are needed each year over the next decade along with tens of thousands of nurse practitioners. Duch increasing demand for the nurses is expected to drive the growth of the market. Also if a nurse is new to an area and is not sure which hospital to work at, Per diem nursing lets him or her get to know a variety of places before committing to full-time employment. Furthermore, if someone has scheduling challenges because of family or school or other issues, per diem nursing can help him or her work around those. According to the article titled ' Should you work day by day? the pros and cons of per diem nursing' published in January 2020 mentioned that the profession is known for flexible hours and offers big chunks of time off, considering that 65% of nurses already work 12- 13 hour shifts. For instance, if one has a young child, a per diem schedule lets one have more convenience while working.

Thus, the growing preference for per diem nursing is expected to drive market growth over the forecast period.

Key Market TrendsHospital is Expected to Hold Significant Market Share in the End User Segment

Hospitals usually have a huge workload and hence need a large number of skilled healthcare providers. Owing to cost constraints and a lack of properly skilled professionals, hospitals often use per diem nurses in order to cover staffing needs, as those needs may vary from week to week.

For instance, if an area has undergone a flu epidemic, a hospital might have a larger patient load than what it faces normally, but since the epidemic would usually drop down in a few weeks, appointing per diem nurses lets the hospital cover the epidemic without having to hire staff permanently for only a temporary need. In addition, having a group of good and skilled per diem nurses allows a hospital to cut their costs down by appointing such nurses only when they are needed. Developed Countries already have a significant number of healthcare facilities and easy access to public health services. An increasing number of government initiatives to strengthen the healthcare systems and improve healthcare access in rural areas have resulted in the initiation of various hospital projects. In October 2020, the Prime Minister of the United Kingdom announced funding to build 40 hospitals by 2030. Such initiatives giving rise to new hospitals are expected to drive the demand for Per Diem Nurse staffing, thereby contributing to the growth of the market.

North America Dominates the Market and Expected to do Same in the Forecast Period

Per diem nursing has been observing a significant rise in its demand and preference in North America owing to several factors. Especially in the United States, often nurses want to choose the hospitals where they wish to work, which is allowed by working on a per diem basis. Moreover, per diem nurses are able to make their own schedules to meet the needs of their personal lives. Additionally, the rising government support for Per Diem Nurse Staffing in the United States is also expected to drive the growth of the market during the forecast period. In June 2022, the American Hospital Association expressed support for a new bill that would direct the Government accountability office to increase surveillance of travel nursing agencies and their impact on workforce shortages.

Per Diem nurses are never required to work a weekend or a holiday if they so choose. Their pay rate is also usually much higher than what regular staff nurses take home. Hence, the overall work culture in countries such as the United States has accepted the per diem nursing services widely across the entire region.

Competitive Landscape

The global Per Diem Nurse Staffing market is moderately competitive and consists of a number of major players. Companies like Accountable Healthcare Staffing, AMN Healthcare, ATC Healthcare, Cross Country Healthcare, Dedicated Nursing Associates (DNA), Favorite Healthcare Staffing, HealthTrust Workforce Solutions (HCA), Interim HealthCare, Maxim Healthcare Services, Supplemental Health Care, among others, hold the substantial market share in the Per Diem Nurse Staffing market.

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