Medical Recruitment Market Opportunities, Challenges, Drivers, Growth, Countries, Revenue, and Forecast to 2027
The Medical Recruitment market was valued at US$ 8,684.50 million in 2018 and it is projected to reach US$ 11,435.1 million by 2027; it is expected to grow at a CAGR of 3.1% from 2019 to 2027.
Medical recruitment is a process of recruiting candidates with high level of professionalism and analytical and innovative approach in medical industry. Which helps both candidate and company in getting the right personal fit for the job. The medical recruitment process also reduces the efforts of companies and candidate to search jobs for their profiles and qualification. The growth of the Medical Recruitment in healthcare market is attributed to the rising numbers of healthcare centers, rising developments in the healthcare industry, and rapidly growing geriatric population. On the other hand, factor such challenges to place immigrants in countries is the challenging factors for the growth of the market.
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Key Findings from The Medical Recruitment Market
- In terms of candidature, the Medical Recruitment in healthcare market is segmented into health professional, biological & medical scientists, physicians, health information technician’s scientists, medical social workers, medical representatives and others. In 2018, health professionals segment held the largest share of the market, by candidature.
- In terms of end user, the Medical Recruitment in healthcare market is segmented into managed services, recruitment services, specialist care services, homecare services and others. In 2018, the managed services segment held the largest share of the market, by services.
- The major players operating in the medical recruitment market include, Impellam Group, Everyday Health Group, CCM Recruitment International, TFS Healthcare, IMS Recruitment, CPL Healthcare, MASC Medical, Proclinical (ICS), Euromotion and EGV among the others. The market has carried out various organic growth strategies in the market which has assisted in strengthening their service offering in the healthcare industry.
Growing Applications of Medical Recruitment in Healthcare to Drive Medical Recruitment in Healthcare Market Growth
Health is a significant aspect of quality of life, which directly affects our capacity to enjoy the experience of life and being free from illness or injury, health indirectly affects our capacity to produce and consume other valuable goods and services. The global healthcare sector is growing because as the aging populations, higher prevalence of chronic diseases, exponential advances in innovative, digital technologies these are the factors which continue to increase the health care demand and expenditures.
In US, the American Hospital Association (AHA) is the national organization which represents and serves different types of hospitals, healthcare networks, communities and their patients. Under this organization approximately 5,000 hospitals, healthcare systems, networks and other healthcare providers are included as members. Other than theses approximately 43,000 individual members forms the AHA.
According to the data shared by AHA in the 2018 edition states that, in the year 2016 there were approximately 5,534 hospitals registered in the US. Among the 5,534 hospitals 88% was held by the community hospitals (non-federal acute care), 4% was contributed by the federal government hospitals, 7% by non-federal psychiatric and 1% by the nonfederal long term care hospitals. In US, approximately 62% of all community hospitals are in the urban regions. These hospitals provides services in highly populated areas and these hospitals have nearly 100 to 500 beds. Most of the urban hospitals faces very tough competition with multiple hospitals and medical centers providing services in the same geographic areas. As per the AHA in the year 2016, nearly, 3015 urban hospitals were functioning.
There has been a significant increase in the healthcare expenditure during the previous years. As per World Bank, Healthcare expenditure accounts for 9.94% of global GDP. In the United States, 17.1% of its GDP is committed to the industry, whereas in Latin America, HC expenditures account for only 7.24%, with Brazil at 8.3%, and Mexico at 6.3%. Whereas the healthcare expenditure per capita was 11.3%, 9.1%, 5.6%, and 4.7% in Germany, UK, China, and India, respectively during the year 2017. The above stated factors are expected to offer broad growth opportunities in the healthcare industry at the global level. The ageing population is defined as group of people aged 65 and over. The growth of the ageing population is poised to become one of the most significant social transformations of the twenty-first century. The number of geriatric population has been rising significantly worldwide. As per the data published by the United Nations, in 2017, there were an estimated 962 million people aged 60 or over in the world, which comprised of 13 per cent of the global population. The geriatric population is estimated to grow at a rate of 3% every year.
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