Market Segmentation
The rising geriatric population is expected to impact the market positively. According to National Institute on Aging (NIA), 8.5% of the worldwide population (617 million) is 65 years or older. Life expectancy of people is growing. The number of Americans aged 65 years & above is projected to reach 95 million by 2060, from 52 million in 2018. By percentage, the age group of 65 years and above is expected to increase from 16% in 2018 to 23% by 2060. According to the 2017 National Population Projections, by 2030, the ratio of older adults to working-age adults will fall to 3.5 working-age person for every retirement-age individual.
The risk of chronic diseases increases with age, which results in a higher burden on the healthcare systems. According to the American Heart Association, about 83.6 million adults in the U.S. suffer from one or more types of cardiovascular diseases, and of these, about 42.2 million adults are anticipated to be above 60 years of age. According to the U.S. Census Bureau in 2017, the U.S. geriatric population is projected to be 82 million by 2030. Hence, the rising geriatric population is likely to lead to an increase in the demand for healthcare facilities. Thus, rise in the demand for healthcare facilities and shortage of skilled staff are likely to drive the market growth.
The health system & hospital training and development programs are designed to improve the skills of healthcare staff and positively impact quality of healthcare systems. The shortage of skilled nurses, physicians, and other healthcare staff is a key factor negatively impacting the quality of health services. According to a report published by the American Association of Colleges of Nursing (AACN), enrollment grew by 5.1% in entry-level baccalaureate programs in nursing in the year 2019. This increase is not adequate to meet the anticipated demand for nursing services, including the need for more researchers, nurse faculty, and primary care providers. The shortage of skilled nurses can majorly be attributed to insufficient clinical sites & faculty, budget constraints, declining nursing school enrollment, and a significant number of nursing workforce reaching retirement age.
New laws and regulations at both the state & federal levels may negatively affect healthcare facilities across the country. For instance, Federal Regulation 42CFR 482.23(b) requires all Medicare-certified hospitals and healthcare facilities-employing qualified & certified personnel who provide appropriate care to patients-to join the federal Medicare program. The National Nursing Shortage Reform and Patient Advocacy Act mandates maintaining minimum nurse-to-patient ratios for each unit of the healthcare facility or else they would face penalties for failing to maintain these legally defined ratios. Federal laws and regulations issued on nurse staffing include providing 24-hour licensed nursing services in nursing homes, which would be sufficient to meet the nursing needs of each resident. Nursing homes must use the services of a registered professional nurse for at least 8 consecutive hours a day, 7 days a week. Regulations ensure quality services and are aimed at encouraging providers to deploy qualified, competent, and experienced staff to meet all other regulatory requirements. However, these regulations may sometimes impact the growth of the market.
This section will provide insights into the contents included in this U.S. healthcare staffing market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
Company overview
Financial performance
Product benchmarking
Latest strategic developments
Market size, estimates, and forecast from 2017 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance