Market Trends of Per Diem Nurse Staffing Industry
This section covers the major market trends shaping the Per Diem Nurse Staffing Market according to our research experts:
Hospital is Expected to Hold Significant Market Share in the End User Segment
Hospitals usually have a considerable workload and hence need a large number of skilled healthcare providers. Owing to cost constraints and a lack of adequately skilled professionals, hospitals often use per diem nurses to cover staffing needs, as those needs may vary from week to week.
For instance, if an area has undergone a flu epidemic, a hospital might have a larger patient load than what it normally faces, but since the epidemic would usually drop down in a few weeks, appointing per diem nurses lets the hospital cover the epidemic without having to hire staff permanently for only a temporary need. In addition, having a group of good and skilled per diem nurses allows a hospital to cut its costs down by appointing such nurses only when they are needed. Developed Countries already have many healthcare facilities and easy access to public health services.
Furthermore, the increasing number of government initiatives to strengthen the healthcare systems and improve healthcare access in rural areas have resulted in the initiation of various hospital projects. For instance, in October 2020, the Prime Minister of the United Kingdom announced funding to build 40 hospitals by 2030. Such initiatives give rise to new hospitals and are expected to increase the demand for Per Diem Nurse staffing, thereby contributing to the market's growth.
Additionally, according to NITI Aayog 2021 report, India needs to increase the number of trained health personnel across various categories to achieve a ratio of at least five nurses per 1,000 people by 2034. Initiatives under Ayushman Bharat will also encourage the education of nurses and other allied health professionals to provide skilled support services in secondary and tertiary care. The report highlighted that 2.4 million nurses are required to meet the growing demand for healthcare in India. Thus, the high demand for nurse staff is expected to propel the segment growth as hospitals treat a large number of patients, which requires a significant headcount of per diem nurse staff.
Therefore, owing to the aforesaid factors, such as rising healthcare initiatives by government bodies across the globe to increase the number of per diem nurses or full-time nurses in healthcare organizations expected to boost the segment's growth during the forecast period.
North America Hold a Significant Share in The Per Diem Nurse Staffing Market Over The Forecast Period
Per diem nursing has been observing a significant rise in demand and preference in North America owing to several factors, such as the high number of hospitals, better healthcare infrastructure, and the rising preference for per diem nursing due to the flexible work atmosphere.
The rising government support for Per Diem Nurse Staffing in the United States is also expected to drive market growth during the forecast period. For instance, in June 2022, the American Hospital Association expressed support for a new bill that would direct the government accountability office to increase surveillance of travel nursing agencies and their impact on workforce shortages. Per diem nurses can make their schedules to meet the needs of their personal lives. The benefits and government support are expected to create more opportunities for per diem nurses, which will boost the market growth during the forecast period.
Additionally, according to the Ministry of Long-Term Care, Ontario update, in April 2021, the current base Level-of-Care (LOC) per diem funding was USD 103.88 for Nursing and personal care. Per Diem nurses are never required to work a weekend or a holiday if they choose. Their pay rate is also usually much higher than what regular staff nurses take home. These factors are expected to boost the demand for the per diem nursing profession in the region and ultimately propel market growth.
Therefore, owing to the above-mentioned factors, such as overall work culture benefits and high pay of per diem nurse staffing, and rising funding for per diem nurse training, the growth of the studied market is anticipated in the North America Region.
