Fact MR: The global air ambulance market is expected to grow at high CAGR over the assessment period, starting from 2021 to 2031.
Fact MR: The global air ambulance market is expected to grow at high CAGR over the assessment period, starting from 2021 to 2031. As per Fact.MR, air ambulance market revenues will increase considerably in forecast period due to increasing demand for efficient services despite of unfavorable conditions and enhanced medical care services standards.
According to the Health Service Model, by the Directorate-General of Commercial Intelligence report 2017 there are approximately 58,000 medical tourists on medical visas in India. The rapidly expanding medical tourism industry in developing economies like India will boost demand for air ambulances.
As compared to a road ambulance, air ambulance services have ability to reach faster and accommodate advanced medical facility. Furthermore, the rising prevalence of chronic disease and severe road accidents has resulted in critical situations necessitating the use of a critical care facility.
According to a World Health Organization (WHO) report, 17.5 million people die each year as a result of cardiovascular disease. Prompt assistance is considered indispensable for averting any medical emergency. Hence, there is increasing focus towards investment in the healthcare sector to accommodate modern facilities such as air ambulance services.
The U.S. non-emergency and emergency ambulance services are covered under Medicare. Hence, well established and developed healthcare infrastructure of U.S. is expected to drive the market for air ambulance services over the forecast period.
“Increasing occurrence of critical medical situations such as stroke, car accident, and earthquake injuries is fuelling the demand for air ambulance services. Advanced air ambulances make it easy to transport critical patients from their residences or the location of an accident to hospitals. This is expected to be a major catalyst for the expansion of the air ambulance market,” said a Fact MR analyst.
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Key takeaways:
- The U.S dominates air ambulance market due to easy accessibility of the infrastructure required for air medical transportation.
- Availability of favorable reimbursement policies is expected to drive air ambulance market in U.K.
- In terms of service, independent air ambulance services will remain highly sought-after through the forecast period.
- Based on type of vehicle, rotary wing air ambulances will register higher demand in the coming years.
Growth drivers:
- Capability of reaching concerned location faster and ability to accommodate advance medical facilities as compared to a road ambulance will boost market growth.
- Favorable policies for reimbursement and rising demand for quick medical assistance will accelerate the market growth.
- Rising number of hospitals with air ambulance facilities and rising healthcare expenditure will propel market growth.
Key restraints:
- Strict safety guidelines for air ambulance services implemented by Federal Aviation Administration will hamper the market to some extent.
- High cost of services is impeding market growth in developing economies.
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Competitive landscape:
Key players are focusing on geographical expansion and investing heavily in research and development to manufacture technologically advanced products. For instance,
- In August 2019, AirLife North Carolina, introduced its new base in Lumberton, North Carolina to advance technology in air ambulance market.
Some of the leading manufacturers and service provider of air ambulance are Air Methods Corporation, Air Medical Group Holdings, PHI Air Medical, Aviation, Rega, ADAC Service GmbH, Royal Flying Doctor Service, REVA Air Ambulance, Capital Air Ambulance, Native American Air Ambulance, Scandinavian Air Ambulance, Airmed International, Babcock Scandinavian Air Ambulance, and Yorkshire Air Ambulance
More Insights into the Air Ambulance Market:
Fact.MR offers unbiased analysis of the air ambulance market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of service type (hospital-based, independent, government, and community-based),on the basis of type of vehicle (rotary wing, aircraft/airplanes, fixed wing, helicopters, seaplanes and others) on the basis of application (interfacility, rescue helicopter service, organ transplant logistic, scene response, and others) on the basis of region (North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa)
Explore Fact.MR’s Coverage on the Healthcare Domain -
Ambulance Services Market- During the years 2021-2031, the market for ambulance services is expected to increase steadily. Because of the increased number of medical emergencies, a rapid rise in hospital visits as a result of the pandemic, and frequent doctor visits, the market is moderately fragmented, and demand for ambulance services will continue to expand steadily. The market for ambulance services is also growing as the number of road accidents that require emergency medical care increases.
Ambulance Cots Market- Increased awareness and use of ambulance services, increased healthcare spending, and an ageing population are some of the factors predicted to boost revenue in the worldwide ambulance cots market. Manual cots currently hold the largest proportion of the ambulance cots market and will continue to do so in the future. The ambulance cots market in APAC is expected to increase due to expansion and local manufacture of ambulance cots in the area.
Ambulance Equipment Market- The use of ambulance equipment has increased as the frequency of accidents has increased, particularly in emergency situations. The vast patient population base, along with an increase in the incidence of trauma and emergency accidents, provide profitable growth possibilities for ambulance equipment manufacturers. As a result, increased investment in medical instrument innovation has created openings for the ambulance equipment market to expand its global footprint and record significant growth.
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Source: Fact.MR