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Global Per Diem Nurse Staffing Market by Staff Type (Permanent, Contract Basis)
A newly released Per Diem Nurse Staffing Market analysis report by Persistence Market Research shows that global sales of Per Diem Nurse Staffing Market in 2022 is estimated at US$ 8.1 Bn. With a CAGR of 5.4%, the projected market growth during 2022 - 2032 is expected to be slightly higher than the historical growth. Market revenue through Permanent Staff is expected to be the highest throughout the analysis period, projected to register a CAGR of 5.5% during 2022 – 2032.
Global Per Diem Nurse Staffing Market CAGR (2022-2032)
Global Per Diem Nurse Staffing Market Size (2022)
US$ 8.1 Bn
Global Per Diem Nurse Staffing Market Size (2032)
US$ 13.8 Bn
U.S. Per Diem Nurse Staffing Market CAGR (2022-2032)
Key Companies Covered
As per the Per Diem Nurse Staffing Market research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2017 to 2021, market value of the Per Diem Nurse Staffing Market increased at around 5% CAGR. Per diem nurses are frequently used as a secondary or less expensive alternative to hiring full-time staff nursing staff to meet an institution's staffing needs. On-call nurses can be found in a wide range of medical settings. Examples include acute care centres, long-term acute care healthcare facilities, emergency rooms, outpatient clinics, and urgent care. Per diem nurses are also employed in rehabilitation centres, mental health facilities, law enforcement, public health departments, military units, and other settings.
One of the most significant benefits of working as a per diem nurse is that the salary will be lower than that of a full-time staff nurse. They are compensated on per hourly basis. This is because they are not on the payroll full-time. Because the institution does not provide benefits such as health insurance or retirement plans, they might earn more money.
Nurses who migrate from fulltime to per diem work report lower stress and higher job satisfaction. As per diem nurses, they will also experience less burnout because they are not immersed in the institution 24 hours a day. Per diem nurses avoid burnout because they are not required to be consistently present in one location or work a demanding schedule. As a result, nurses are opting for a per diem basis, thus increasing the demand for per diem nurse staffing.
Individuals are not limited to working at a single facility as per diem nurses. One can work multiple jobs and select the types of jobs that interest them. They will benefit from the ability to select their own jobs, which will allow them to find a more favorable working environment. It is an excellent way to broaden and diversify their nursing career.
Recently, Nursa has created a platform that meets the per diem staffing needs of healthcare facilities while also providing flexible, well-paying employment opportunities for nurses. When a shift at a nearby clinic becomes available, the Nursa app notifies nurses. They apply for the job and are notified within a few hours of their acceptance. Working multiple jobs is unquestionably one of the advantages of being a per diem nurse.
More nurses are drawn to the job because of the flexibility and relatively high pay of per diem nurse staffing. Due to unscheduled absences of nurses, vacations, and patient acuity, healthcare facilities such as hospitals, clinics, and outpatient departments frequently face an urgent need for temporary staffing. Per diem assignments are preferred by some nurses because they allow them to gain more experience working in different hospitals and explore future job opportunities. Nurses who work on a flexible schedule are well compensated, despite the fact that per diem assignments are only temporary. Per diem nurses are paid differently depending on the hospital's reputation, geographic location, and nurse specialty. The average per diem registered nurse salary in the United States is US$ 85,800 per year or US$ 44 per hour. Starting salaries for entry-level employees start at $70,850 per year, with the most experienced workers earning up to $105,300 per year.
In recent years, per diem nursing has grown in popularity, particularly among nurses who enjoy the challenge of quickly adapting to a new environment. Furthermore, if a nurse is new to the area and is unsure which hospital to work at, per diem nursing allows him or her to become acquainted with a variety of facilities before committing to full-time employment. Per diem nursing may benefit people who have scheduling conflicts due to family, school, or other factors.
A hospital with a high patient volume requires a large number of skilled healthcare providers. Due to cost constraints and a shortage of properly skilled professionals, hospitals frequently use per diem nurses to cover staffing needs that vary from week to week.
The majority of nurses working in hospitals and healthcare facilities are subject to the unit's needs. Unfortunately, due to their work schedule, these nurses frequently miss out on important events such as birthday parties, spending time with loved ones, or being present with their children.
Per diem nursing enables them to strike a good work-life balance. There are no requirements for them to work nights, weekends, or holidays, and there are no consequences. Individuals have complete control over their work schedule on any given day because they are not employed on a long-term basis. When the per diem schedule revolves around personal life rather than vice versa.
According to a Hospital IQ survey of US hospital nurses conducted in November 2021, nurses are thinking about leaving for a variety of reasons, including the pandemic. 90% plan to leave nursing within a year, with 71% leaving as early as possible or within the next few months. Long before the pandemic, 72 percent of respondents reported nurse burnout.
Active nurses' workloads increase as staff shortages worsen. Because of a technician shortage in their hospitals, 43% of respondents said they were performing extra duties outside of their respective roles as part of their normal workload, such as cleaning units, procuring supplies, and performing clerical duties. As a result of increased job demands and burdens, 39% of nurses reported more serious mental health issues, such as anxiety or depression.
Which Region is projected to Offer the Largest Opportunity for Per Diem Nurse Staffing Market?
Asia-Pacific is expected to be at the highest CAGR during the forecast period. Because of the growing popularity of per diem services, major players are increasing their investments in countries like China and India. Partnerships and mergers and acquisitions have been the most popular strategies in this highly competitive market. Market growth will be driven by the expected increase in the number of government and non-government hospitals, acute care centers, long-term care facilities, and other types of healthcare facilities.
U.S. Per Diem Nurse Staffing Market Analysis
The United States is expected to have the highest market share of US$ 6.2 Bn by the end of 2032 accounting for 45% of total sales. Nurses, particularly in the United States, frequently want to work in their preferred hospitals, which is permitted by working on a per diem basis. Per diem nurses can also create their own schedules to meet their specific needs.
Per diem nurses are not required to work on weekends or holidays if they do not want to. Their pay is usually much higher than that of regular staff nurses. As a result, countries such as the United States are widely accepted throughout the region for per diem nursing services.
U.K. Per Diem Nurse Staffing Market Analysis
The per diem nurse staffing market in the U.K. is expected to reach US$ 469 Mn by 2032, growing at a CAGR of 5.7%. The market is projected to gross an absolute dollar opportunity of US$ 199 Mn during the forecast period.
Japan Per Diem Nurse Staffing Market Analysis
In Japan, the per diem nurse staffing market is projected to reach a valuation of US$ 376 Mn by 2032. Growing at a CAGR of 5.3%, the market is expected to garner an absolute dollar opportunity of US$ 153 Mn.
South Korea Per Diem Nurse Staffing Market Analysis
The per diem nurse staffing market in South Korea is expected to swell at an absolute dollar opportunity of US$ 91 Mn during 2022 – 2032. The market is expected to reach a valuation of US$ 218 Mn by 2032, growing at a CAGR of 5.5% during 2022 – 2032.
Which Per Diem Nurse Staffing Segment is projected to Witness the Fastest Growth among Per Diem Nurse Staffing Types?
Permanent Staff Type is forecasted to grow at the highest CAGR of over 5.5% during 2022-2032. Permanent contract positions can range from full-time to part-time. As permanent employees, nurses would have more long-term security and opportunity for growth. Permanent nursing positions, for example, offer additional security or benefits, as well as leave to cover vacations, sickness, maternity/paternity leave, and short-staffed teams.
Many hospitals offer sign-on bonuses, competitive pay, and compensation packages to attract nurses. Furthermore, many facilities are likely to accept any shift, whereas previously, new employees were required to join a day shift waitlist at some hospitals. Like nursing agreements, permanent nurse jobs aren't able to be canceled. As the population continues to dwindle, experienced nurses know now is the time to seek a rewarding permanent position, since the travel industry has become more and more competitive and rates drop.
What is the impact of Covid-19 on the Per Diem Nurse Staffing Market?
The COVID-19 pandemic's detrimental impact on nursing residents and staff have revealed long-standing workforce issues like staffing shortages and high turnovers, that can have an impact on safety and quality of care. These problems have existed for a long time and have been linked to negative outcomes such as increased mortality, hospitalization, and emergency department visits.
Per diem nurses can easily meet such short-term nursing staffing needs, boosting the market growth. The COVID-19 pandemic has increased the workload of the medical workforce. Per diem nurse staffing is in high demand, with hospitals already overflowing with COVID-19 patients. At this point, the primary goal of healthcare facilities is to deploy as many medical personnel as possible to manage COVID-19 patients.
Market growth has accelerated as a result of the pandemic. As more patients are admitted to hospitals, more nurses are needed to provide care, necessitating the need for temporary nurses. During the COVID-19 pandemic, demand for per-diem staffing increased by 6%, according to the June Pulse Survey of Staffing Industry Analysts (SIA). On the other hand, low job security and stringent regulations discourage nurses from working as per diem nurses, posing a significant challenge to the market.
Among the leading players in the global Per Diem Nurse Staffing, market is GHR Healthcare, AMN Healthcare, Nurse Staffing LLC, Interim HealthCare, and Maxim Healthcare Group. To gain a competitive advantage in the industry, these market players are investing in product launches, partnerships, mergers and acquisitions, and expansions.
Some of the recent activities related to research and development and mergers and acquisitions are mentioned below:
Similarly, recent developments related to companies in Per Diem Nurse Staffing have been tracked by the team at Persistence Market Research, which is available in the full report.
By Product Type
The global Per Diem Nurse Staffing Market is worth more than US$ 7.7 Bn at present.
The value of the Per Diem Nurse Staffing Market is projected to increase at a CAGR of around 5.4% during 2022 - 2032.
The value of the Per Diem Nurse Staffing Market increased at a CAGR of around 5% during 2017 - 2021.
The increased demand for nurses in public and private healthcare facilities and the increased incidence of various diseases occurring in various regions across the world stands as the key trend the in Per Diem Nurse Staffing market.
The market for Per Diem Nurse Staffing Market in US is projected to expand at a CAGR of around 5.2% during 2022 - 2032.