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Healthcare Staffing Forecast to Surpass $50 Billion by 2028

Healthcare Staffing Forecast to Surpass $50 Billion by 2028

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. 

Healthcare staffing’s CAGR increase in the U.S. comes as the country continues to outpace the rest of the world in healthcare spending. According to The Commonwealth Fund, the United States spent 17.8 percent of its GDP on healthcare in 2021. Per person, the U.S. spends $12,914 a year, almost twice as much as second-place Germany at $7,383 and four times as much as South Korea. 

 

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