According to a new research report by Future Market Insights, the Western Europe medical recruitment market was valued at over US$ 16 billion in 2016. It is projected to grow at a CAGR of 5.6% during the period 2017-2027 to reach US$ 29.34 billion in revenues.
Increasing prevalence of heart-related diseases, combined with rising research projects related to healthcare across various countries are driving the growth of the market. Germany has the highest population of old-age population, followed by Sweden, France, and Denmark. Providing quality care to this rapidly growing population will be a challenge for the healthcare sector in Western Europe. This will necessitate increased hiring of healthcare professionals.
Key Trends Shaping the Market
Healthcare recruiting companies are focusing on recruitment service diversification and expansion across Europe to consolidate their position. For example, in January 2017, TFS Healthcare enhanced its presence in England and Wales by employing dedicated teams for these countries.
The Western Europe medical recruitment market is fragmented, and large companies are acquiring smaller players to enhance their presence in suburban centers.
Recruiting companies are partnering with universities to gain access to a steady pool of fresh talent.
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Key Technology Trends: On-boarding Software, Smart Social Recruiting, and Data Analytics
According to Future Market Insights, the use of on-boarding software solution is gaining traction among medical recruiters, owing to its effectiveness and ease of use. On-boarding software solutions eliminate paperwork and speed up the process.
Use of smart social recruiting is also growing among medical recruiters in Western Europe. Recruiters are reducing their reliance on applicant tracking systems, and incorporating social recruiting and employee referrals into their operations. Further, use of data analytics software, including Hadoop, Voldermort, and Cassandra is growing among recruiters, as focus on maintaining and managing applicant volumes becomes a priority.
By vertical, nursing/healthcare is the most lucrative segment, accounting for nearly 29% revenue share of the market. Paramedical staff is the second largest segment, accounting for 11.4% share of the market.
In a bid to provide accurate analysis to readers, Future Market Insights has also segmented the Western Europe medical recruitment market on the basis of candidature. Healthcare professional was the most sought-after candidature profile, whereas pharmacovigilance and regulatory affairs was the least lucrative.
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On the basis of services, the market has been segmented into recruitment services, managed services, homecare services, and specialist care services. Future Market Insights estimates recruitment services segment to be most lucrative, followed by managed services and homecare services.
The U.K. remains the largest market, accounting for over 36% revenue share. Germany and France are the other leading markets in Western Europe. Norway and Denmark are among the least attractive markets.
Leading recruiters in Western Europe medical recruitment market include Medacs Healthcare PLC., Euromotion Medical, CPL Healthcare, ProClinical Recruitment, TFS Healthcare, EGV Recruiting, and CCM Recruitment International Limited.