Healthcare Job Market & Coronavirus

While a lot has been written about the potential impact of the coronavirus on the overall economy, little to no attention has been given to the impact of this virus on the healthcare job market. 

First, let’s objectively address current information about the coronavirus. 

Similarities between coronavirus & the flu: 

Both cause fever, aches, and fatigue Both can be mild, severe, and fatal. Potentially more than 80% of coronavirus cases are mild. Both can result in pneumonia. Both are treated by reducing the fever and addressing symptoms (e.g., fluid consumption, ibuprofen etc.) Severe cases can require more intensive support. Both can be prevented by frequent and thorough hand washing, staying home when sick, and other hygiene best practices. 

Infections: 

Coronavirus as of Feb 28th: 

  • 205,452 cases worldwide,
  • 6,519 cases in the U.S. *

*Source: John Hopkins University

Flu:

  • ~1 billion cases worldwide
  • 9.3 million to 45 million cases in the U.S. per year 
  • 291,000 to 646,000 deaths worldwide; 12,000 to 61,000 deaths in the U.S. per year

Now that we have covered the similarities between coronavirus and the common flu, let’s look at the impact of flu epidemics on the healthcare job market. 

The data below compares total job market growth vs. healthcare job growth from 2001 to 2013. The Red Line is the % growth in Healthcare. 

And here is the same data overlaying the employment statistics with major healthcare events and the start of the Great Recession of 2008. 

In times of major Economic and Healthcare events, the Healthcare job market is the one bright spot in the American labor market economy*. 

  • From 2001 to 2014, Healthcare jobs grew by 31.6%, while overall jobs grew by only 5.7%.
  • From 2007 to 2010, a period that captures the biggest economic recession of our times and one of the worst global pandemics, Healthcare jobs grew by 6.6%, while the rest of the labor market shrank by -6.9%

How does this impact you as a future medical professional? 

Right now is the right time to think about your medical career. The fast growth and opportunities, as reported by the U.S. Bureau of Labor are in the Allied Health sector of the market. We expect for the healthcare employment for professionals such as Patient Care Technicians, Certified Nurse Aides, and Medical Assistants to continue to grow and accelerate in the next 6 months and beyond. 

Consider your current credentials, your past experience, and your ideal job profile as you think about your next steps. If you are thinking about a career change, the right healthcare career education can help you earn the required credentials to enter this rapidly growing and in-demand profession. If you are a medical professional looking to extend and advance your career, acquiring additional credentials will open new opportunities for growth. Based on historic analysis and trend data, one fact is certain, as the world reacts to this new flu epidemic, and the economy contracts, the Healthcare job market is one of the only career paths positioned for growth. 

Sources: U.S. Bureau of Labor Statistics, World Health Organization, John Hopkins Medicine

Contact Us

Visit us at 17 Battery Place, Suite 636, New York, NY or call us at 212.335.0711 to learn more about our school, Institute of Career Continuity.

About Us

We are a women-owned business, and as most founders, we are inspired by our unique backgrounds and experiences. Our President spent most of her career in medicine and our Head of Academics is a 35+ year veteran of higher education academic administration with advanced degrees from Columbia University and 20 years of deanship experience.

We wholeheartedly believe that with our unique approach to career planning, education, and job placement support, we can make a real and lasting difference in your life.

We have developed over 20 NY licensed programs that provide students with credentials in clinical and administrative medical professions and allow them to sit for the national certification exams.

Call us today! We would love an opportunity to introduce ourselves and to help make an informed decision about your future!


Next up:

Contact Us

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.