Global healthcare staffing value is expected to hit $50.4 billion in 2028, according to the latest data from Vantage Market Research. The findings illustrate the industry’s strength in addressing ongoing workforce shortages. Valued at $34.9 billion in 2021, healthcare staffing is projected to grow at a compound annual growth rate of 6.3 percent between 2022 and 2028. Vantage cited aging populations, a rise in chronic illness, and increased dependency on travel nurses as factors for the industry’s value rise. Additionally, Vantage predicts travel nursing will make up more than 60 percent of total market sales by 2028.
The report coincides with recent findings by Grand View Research projecting a CAGR of 5.66 percent from 2023 to 2030 for U.S. healthcare staffing, which had a market value of 22.5 billion in 2022. The travel nursing sector exploded in the wake of the COVID-19 pandemic and is expected to persist as a temporary fix for staffing shortages. Record numbers of registered nurses left the profession in the past three years while educational facilities have lacked the resources to graduate an adequate number of replacements. While many travel nurses and allied health have returned to full-time positions post-pandemic, others have maintained travel status for higher pay and more free time. The U.S. Bureau of Labor Statistics lists an hourly pay average of $39 for registered nurses, while travel nurses make an average of $51 per hour.
However, foreign-educated healthcare professionals are also alleviating workforce shortage woes for many U.S. facilities. According to the American Association of International Healthcare Recruitment (AAIHR), foreign-educated registered nurses make up approximately 5.4 percent of the total number of registered nurses in the U.S. With the U.S. Bureau of Labor Statistics projecting 194,500 openings for registered nurses each year through 2030, foreign-educated nurses will be vital in meeting staffing needs.
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