Life Sciences Sector Sees Growth in March Jobs Report
Another 236K jobs were added and unemployment dropped slightly to 3.5% in March’s Bureau of Labor Statistics Jobs Report. Professional and Business services, the sector that includes life sciences, added 39K jobs with Manufacturing saw a slight loss last month, with just 1, jobs lost.
This month's jobs report is much more in line with analysts' predictions, which could signal a "cooling down" of the labor market with the possibility of the hiring activity losing momentum. However, with the shortage of in-demand skills in Life Sciences, our Real Staffing experts are still seeing ongoing demand for hiring. All eyes are now on the Federal Reserve as this is the last monthly employment snapshot before their next meeting in May where a decision of a third quarter-point rate hike will be made.
Key Life Sciences Jobs Report Insights
- 236K Total Jobs Added
- 25.7K Jobs Added in Life Sciences Sector
- 39K Jobs Added in Professional and Business Services
Role Needs in Life Sciences Workforce
Healthcare is undergoing a massive transformation. While the COVID-19 pandemic disrupted many industries, it actually catapulted Life Sciences to expand rapidly. However, organizations are faced with the challenges of talent scarcity. The STEM sector is more in demand than ever and many companies are desperately looking for specialist professionals.
The Professional and Business Services sector, which includes jobs such as scientific research and development, computer systems design and other scientific services is trending up and in need of job seekers to fill critical roles. In February 2023, there were 1.7 million job openings in this sector and only 968,000 hires.
Read more: Life Sciences In-Demand Jobs
The types of jobs available in the Life Sciences industry are evolving rapidly. For example, there is a shortage of project managers in Life Sciences. The hiring market for project managers who can oversee development cycles has intensified to meet demand. Projects need multiple layers of sign-offs and someone who can work with multiple departments. The shortage comes at a time when the industry is struggling to recruit experienced professionals.
It’s not slowing down. Looking to the future, there is expected to be a greater demand for a variety of healthcare services – driven by the aging population and increasing rates of chronic disease. Of the 8.3 million jobs projected to be added to the economy through 2031 – the frontrunner is the healthcare and social assistance sector. It’s projected to create the most jobs in that time frame, which should boost demand for various healthcare occupations.
Read more: The 8 Top Life Sciences Jobs To Watch
The Long Game: Life Sciences Employment Predictions Through 2031
There’s a wide variety of careers in the Life Sciences sector – from lab environments to manufacturing to tech and administrative roles. The U.S. Bureau of Labor Statistics drilled down on specific occupations and predicted their growth from 2021-2031. Some of those are listed below. The takeaway: the Life Sciences industry is strong and significantly growing.
The Life, Physical and Social Science industry is projected to grow 7% by 2031 – adding nearly 100,000 jobs.
- Medical & Health Services Managers: 28% growth
- Medical Scientists: 17% growth
- Health Information Technologists & Medical Registrars: 17% growth
- Biochemists/Biophysicists: 15% growth
- Bioengineers and Biomedical Engineers: 10% growth
- Phlebotomists: 10% growth
- Microbiologists: 9% growth
- Clinical Lab Technologists & Technicians: 7% growth
- Pharmacy Technicians: 5% growth
- Chemical Technicians: 4% growth
*All data: bls.gov
Trusted Partner in Life Science Recruitment
At Real Staffing, we’re inspired by the incredible work of life sciences. We connect professionals with companies in our global network so they can find the right opportunity. For the employer, we put our recruitment expertise to use to help design a recruitment solution that works for your business. We want to give you the top talent you need to change lives across the world. Connect with us today.