Temporary Recruitment and Staffing: Healthcare UK Market Report
Description
Market value for temporary healthcare agency staff above £5.1 billion as the NHS struggles with workforce cost-control after the pandemic
The first edition of LaingBuisson’s Temporary Recruitment and Staffing: Healthcare – UK market landscape report is vital reading for anyone involved in this highly competitive sector of the UK health economy, be they investors, lenders, those offering staffing solutions or strategic leads for workforce planning in healthcare providers.
Our market landscape report (published in December 2023) takes stock of the recruitment agency market for temporary healthcare staff against a backdrop of rapidly rising expenditure on non-permanent staffing solutions, following several years of relatively tight fiscal control. The report provides a data-driven view of the challenges facing those looking to contain spend and deal with chronic workforce shortages, and looks ahead to the opportunities and challenges facing the sector.
The report provides a robust credibility check on key questions for those interested in investing in the sector, understanding the opportunities for new solutions or making strategic decisions on workforce planning.
Deep insights into the market value, with analysis on historic spend and changes in the make-up of the workforce, along with a thorough understanding of how key strategy and policy drivers, such as the NHS Long Term Workforce Plan, the Agency Rules Framework, inform our market outlook and the view over short, medium and long-term horizons.
Among opportunities and threats to the sector, the report considers the rise of insourcing agencies, the relationship between spend on agency and bank staff, and major movements by existing corporate operators and private equity interest.
In total, the temporary healthcare recruitment agency market is valued at £5.1 billion across the healthcare sector, with a 11.8% CAGR over the last five years. This sits alongside a further £5.8 billion spent by NHS England on bank staff. The NHS Long-Term Workforce Plan provides some hope for managing future pressures, but provides little short-term options, with spend projected to continue to grow in the short-term.
Transactions since 2020 remain above historic levels and suggest a buoyant market that retains investor interest, and a high level of fragmentation suggest potential acquisitions remain in the sector for those looking to grow at scale. As such, this important report provides a crucial update on the current position of the market and its key emerging trends.
Our market landscape report (published in December 2023) takes stock of the recruitment agency market for temporary healthcare staff against a backdrop of rapidly rising expenditure on non-permanent staffing solutions, following several years of relatively tight fiscal control. The report provides a data-driven view of the challenges facing those looking to contain spend and deal with chronic workforce shortages, and looks ahead to the opportunities and challenges facing the sector.
The report provides a robust credibility check on key questions for those interested in investing in the sector, understanding the opportunities for new solutions or making strategic decisions on workforce planning.
Deep insights into the market value, with analysis on historic spend and changes in the make-up of the workforce, along with a thorough understanding of how key strategy and policy drivers, such as the NHS Long Term Workforce Plan, the Agency Rules Framework, inform our market outlook and the view over short, medium and long-term horizons.
Among opportunities and threats to the sector, the report considers the rise of insourcing agencies, the relationship between spend on agency and bank staff, and major movements by existing corporate operators and private equity interest.
In total, the temporary healthcare recruitment agency market is valued at £5.1 billion across the healthcare sector, with a 11.8% CAGR over the last five years. This sits alongside a further £5.8 billion spent by NHS England on bank staff. The NHS Long-Term Workforce Plan provides some hope for managing future pressures, but provides little short-term options, with spend projected to continue to grow in the short-term.
Transactions since 2020 remain above historic levels and suggest a buoyant market that retains investor interest, and a high level of fragmentation suggest potential acquisitions remain in the sector for those looking to grow at scale. As such, this important report provides a crucial update on the current position of the market and its key emerging trends.
Table of Contents
310 Pages
- EXECUTIVE SUMMARY AND HIGHLIGHTS
- 1. MARKET
- 1.1 Market definition and scope
- 1.2 The overall UK recruitment industry
- 1.3 The UK healthcare flexible staffing market
- 1.4 Demand and supply in 2023
- 1.5 The healthcare workforce
- 1.6 Rising demand pressures
- 2. POLICY
- 2.1 Overview
- 2.2 Key announcements and policy documents
- 2.3 Impact of a Labour government
- 3. REGULATION
- 3.1 Overview of regulatory framework
- 3.2 NHS England ‘Agency Rules’
- 3.3 IR35
- 3.4 Conduct of Employment Agencies and Employment Business Regulations 2003
- 3.5 Agency Workers Regulations 2010
- 3.6 Health and social care specific regulations
- 3.7 Independent regulators for professionals within healthcare
- 4. MAJOR PROVIDERS
- 4.1 Overview
- 4.2 Key players in healthcare recruitment
- 4.3 Profitability and revenue growth in healthcare recruitment
- 4.4 Specialisms within the recruitment sector
- 4.5 Independent providers: Developing capacity in the healthcare workforce
- 4.6 Harnessing technology for improved recruitment processes
- 4.7 Insourcing for the NHS
- 5. INVESTORS
- 5.1 Investor activity: UK healthcare recruitment sector
- 5.2 Private equity interest in the UK healthcare recruitment sector
- 5.3 Valuation and deal structures in the UK healthcare recruitment sector
- 5.4 Investor activity: International healthcare recruitment highlights
- 5.5 Private equity investor profiles
- 6. MARKET POTENTIAL
- 6.1 Temporary recruitment staffing market value projected to grow against a backdrop of uncertainty
- 6.2 Short-term outlook
- 6.3 Medium-term outlook
- 6.4 Long-term outlook
- 6.5 Drivers of change in the temporary healthcare recruitment market
- APPENDICES
- Appendix 1. Glossary
- Appendix 2. Regulators
- Appendix 3. Trade Bodies and Associations
- Appendix 4. Major Healthcare Recruitment Agencies
- Appendix 5. Financial Appendix
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