Medical Recruitment Market

Global Medical Recruitment Market Size (2022 to 2027)

The size of the global medical recruitment market is estimated to grow at a CAGR of 5.46% from 2022 to 2027.

A few of the key findings from the report:

• Based on the industry verticals, the nursing/healthcare segment had the largest market share of the global knee pads market in 2021.
• The North American knee pads market dominated the market in 2021.
• Based on the service, the recruitment process outsourcing segment led the market share in 2021.

Impact of COVID-19 on the global medical recruitment market:

There were some encouraging indicators for healthcare recruiters throughout the pandemic. New people were pulled into the hospitality industry as unemployment fell and healthcare demand increased. Recruiting departments struggle to satisfy the need for respiratory specialists to acute care nurses, especially in big COVID-19 hotspots like Los Angeles and New York. Because of the increased demand for specialty roles prone to burnout, healthcare organizations are reconsidering how they reward and recruit competent candidates. The COVID-19 pandemic has had a particularly significant impact on the healthcare business regarding recruitment and personnel acquisition. As for the current healthcare recruiting situation, the COVID-19 outbreak has positively affected the market for the near future.

MARKET DRIVERS:

The demand for medical recruitment services is growing continuously owing to the growing shortage of healthcare personnel across the industry. This is one of the major factors propelling the medical recruitment market growth.

The need for more healthcare professionals worldwide is growing significantly to address the rising treatment needs of the chronic disease patient population. Most of the time, medical recruitment would be done by the 3rd party service providers for the healthcare institutions by charging a fee. The pharmaceutical industry is moving towards an exciting phase of drug discovery, drug manufacturing, and R&D spending, which is expected to impact the medical recruitment market significantly. The growing number of activities in the pharmaceutical industry requires a sufficient workforce to execute the work activities with full efficiency.

In addition, the growing geriatric population, increasing number of healthcare centers, an increasing number of innovations in the healthcare industry, and the growing requirement for medical professionals are showcasing a favorable impact on the medical recruitment market growth.

MARKET RESTRAINTS:

However, data privacy is one of the significant issues that the medical recruitment market is currently facing. In addition, issues associated with the hiring and scarcity of skilled people executing the medical recruitment operations are further inhibiting the medical recruitment market growth.

REPORT COVERAGE:

This research report on the global medical recruitment market has been segmented and sub-segmented based on service, industry verticals, and region.

Medical Recruitment Market – By Service:

• Recruitment Services
  • Temporary Positions
  • Permanent Positions
• Managed Services
  • Vendor Management
  • Recruitment Process Outsourcing (RPO)
  • Consulting Service
• Homecare Services
• Specialist Care Services

Based on service, the recruitment process outsourcing segment accounted for the most significant share of the global medical recruitment market in 2021. In addition, temporary recruitment procedures such as the locum tenens and the travel nurses are also expected to have significant growth during the forecast period due to the growing shortage of nurses and the rising geriatric populations needing temporary assistance with healthcare physicians.  Moreover, temporary assistance is a service that can provide home care and further support the segment due to rising chronic illnesses and preference toward home healthcare.

Medical Recruitment Market – By Industry Verticals:

• Pharmaceuticals
• Medical Devices
• Biotechnology
• Nursing/Healthcare
• Paramedical Staff
• Scientific Research
• Medical/Clinical Research

Based on industry verticals, the nursing/healthcare segment dominated the market and held 35% of the global medical recruitment market in 2021 and is expected to continue to do so during the forecast period owing to the growing need for healthcare professionals.

However, the medical/clinical research segment is also expected to witness notable growth during the forecast period due to the rising cases of research and development recruitments in academic institutions.  Additionally, the rising need for clinical research for project approvals as the healthcare rules become more stringent drives the segment's growth.

Medical Recruitment Market – By Region:

• North America
• Asia Pacific
• Europe
• Latin America
• The Middle East and Africa

In 2021, North America dominated the medical recruitment market, and the domination of the North American region is anticipated to continue during the forecast period. The U.S. accounted for the dominating share of the North American region in 2021, followed by Canada. Although several job posts are open at various universities in the region supporting the market, a wide range of posts to choose from, like nurse practitioners, physician assistants, physical therapists, resident nurses, etc., are all a part of the market's prevalence. In countries like the U.K. and Canada, there is a high demand for medical professionals due to the growing advanced healthcare infrastructure and development. Covid-19 left many hospitals in America understaffed as many working professionals quit their jobs due to stress and severe health conditions. A new 2022 survey from Forbes claims that more than 47% of healthcare workers plan on quitting their jobs by 2025 due to massive burnout leading to more demand for recruitment.

The Asian-Pacific market is also expected to grow due to the recent inclination of the population toward quality healthcare services. Countries like Singapore, China, Australia, and Newzealand have multiple job posts for medical professionals supporting market growth. Additionally, there is a massive rise in the region's cloud healthcare professionals' hiring process, supporting market growth. With covid-19 leaving the healthcare system in panic mode with a lack of employees and an online mode of medical assistance, cloud hiring in healthcare is an essential step toward bettering healthcare services. However, the region is filled with disparity among countries due to economic conditions restricting market growth; In contrast, economically stable countries like Australia have the hiring capacity and job opportunities the low-income countries like India, Bangladesh, Cambodia, Nepal, Indonesia, etc., struggle to provide enough recruitment opportunities despite requirement due to shortage in the economy and the inability to pay the recruits  This leads to a shortage of professionals and an overworked healthcare workforce in the region.

KEY MARKET PARTICIPANTS:

Euromotion Medical, CCM Recruitment, Medacs Healthcare, TFS Healthcare, ProClinical Recruitment, CPL Healthcare, EGV Recruiting, and IMS Recruitment are a few of the significant companies operating globally medical recruitment market profiled in this report.

RECENT MARKET DEVELOPMENTS:

• In January 2023, Takeda pharmaceuticals and natural chemistry decided to repeat history as both parties had agreed to a partnership, much like last year when the companies hired four interns for a hybrid internship program in hopes of a repeat of the success of their prior endeavor.
• In January 2023, Presbyterian Healthcare Services, a four-year-old, well-known healthcare center, received a notice that more than a dozen doctors would be terminated, leading to the company planning to hire a staffing firm to avoid a crisis.
• In January 2023, Affluent Medical is recruiting for three significant positions for its management committee to strengthen the core activities of the business. The company had previously hired more staff in its clinical development investments and is now expanding the employee domain.
• In January 2023, ShiiftKey, a leading American healthcare recruitment platform, received a massive $300 funding from various industries in the healthcare sector, with Lorient capital, a private healthcare-focused investment firm being the main contributor.