The global medical recruitment market is expected to reach US$ 11,435.1 Mn in 2027 from US$ 8,684.50 Mn in 2018. The medical recruitment market is estimated to grow with a CAGR of 3.2% from 2019-2027.
The market is driven by the factors such as, 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.
The healthcare industry has been witnessing rapid transformations during the previous years. Various technological advancements have been witnessed in the industry. Countries across the globe have been preferring advanced technologies in healthcare. With a need for better healthcare facilities, Technology-Enabled Care (TEC) solutions are being preferred to in the healthcare systems in the emerging economies. The increase in ageing population, incidences of chronic illnesses and pediatric care are the primary factors driving the growth of healthcare sector.
Many established players in the industry have been investing significant amount of their revenue in research and development activities for the development of better and advanced products and technologies to be used in the healthcare industry. Also, the availability of reimbursement for various medical procedures are expected to fuel the growth of the industry in the coming years.
With the presence of regulations laid down by the government bodies, it is possible to obtain better and reliable healthcare facilities, ensuring quality care and patient safety, mitigating fraud, and cyber threats.
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. Thus, owing to the above mentioned factors it is expected that the market is likely to grow with a significant rate during the forecast period.
Global medical recruitment market was segmented by candidature, service. On the basis of the candidature the market is segmented as health professional, health information technicians, biological & medical scientists, medical social workers, medical representatives and others. Based on the service the market is segmented into managed services, recruitment services, specialist care services, homecare services and others.
Some of the major primary and secondary sources included in the report for the medical recruitment market are Association of American Medical Colleges, American Hospital Association, Centers for Disease Control and Prevention, Federation Francaise Des Industries De Sante and others.