Market Trends of Medical Recruitment Industry
This section covers the major market trends shaping the Medical Recruitment Market according to our research experts:
Pharmaceutical and Biotechnology are Expected to Hold a Significant Market Share Over the Forecast Period
The factors driving the segment's growth include rising R&D expenditure by pharmaceutical and biotechnology companies, the surge in demand for drug development for chronic disorders, and the rising investments by the national governments in pharmaceutical and biotechnology research and development for developing novel therapies for various chronic disorders.
The increased R&D investment by biopharmaceutical companies is also contributing to the growth of the segment. There is a huge increase in R&D spending and the introduction of new drugs in developed nations. For instance, according to the EFPIA, the estimated R&D expenditure of European pharmaceutical companies in 2021 was EUR 41,500 million (USD 45,213 million). Therefore, such a huge R&D expenditure is expected to drive market growth due to the increased adoption of medical professionals in development, testing, and scaling in research, driving the market growth.
Moreover, the rising initiatives from the key market players are also driving the segment growth. For instance, in May 2022, BioSpectrum Asia launched a unique job portal, BioSpectrum Jobs. This provides information about the latest job openings across APAC in leading companies such as Merck, Novartis, Novotech, Labcorp, DSM, Thermo Fisher, Piramal Pharma, Eli Lilly, and Sartorius, among others. Furthermore, in September 2021, Syneos Health acquired StudyKIK, technology-enabled clinical trial recruitment and retention company. This will lead to a rise in recruitment services by the recruitment companies, driving the market growth due to a rise in the adoption of medical recruitment services
Therefore, the rising research expenditures and rising grants for national and international governments on research and training are all expected to boost segment growth over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
The North American region is likely to dominate the market due to the factors such as advancements and launches in healthcare facilities and the growing number of healthcare service providers in the region coupled with increasing healthcare funding. For instance, in February 2022, New Jersey-based Hackensack Meridian Health, an integrated health network, launched a Hospital At Home at JFK University Medical Center in Edison. This helps provide hospital-based services by delivering care at the patient's home. Such initiatives bolster market growth due to the rising adoption of medical recruitment for providing hospital services to patients at home.
In addition, rising initiatives from the key market players are expected to drive regional market growth. For instance, in April 2022, AMN Healthcare, a medical staffing firm, joined the American Speech-Language-Hearing Association (ASHA) as a corporate partner. Through their collaboration with AMN Healthcare, ASHA members will be able to reach students and patients with communication impairments better. Such initiatives are driving the market studied in the region due to the increased adoption of medical recruitment services.
Furthermore, increasing government funding is another factor in the growth of the market. For instance, in December 2022, the Government of Canada invested in projects that opened vacancies to internationally educated health professionals to address critical labor shortages in Canadian healthcare. This would increase the market growth by increasing the adoption of medical recruitment services in the region.
Hence, factors such as developed healthcare infrastructure, rising funding and grants from the national governments, and an increased number of hospitals, among others, are collectively expected to drive market growth in this region.
