Ambulance Services Market worth over $50bn by 2026
Published Date: June 9, 2020 Authors: Sumant Ugalmugle, Rupali Swain
Ambulance Services Market size is set to exceed USD 50 Billion by 2026, according to a new research report by Global Market Insights, Inc.
Improving healthcare infrastructure and race to provide better services to the patients are some of the major factors driving the ambulance services market growth. Ambulance services respond to emergency medical situations effectively and quickly, by providing care and saving lives. Ambulance services provide the expertise, equipment, and experience in the emergency assessment, intervention, and transport of patients in a variety of controlled, uncontrolled, and disaster environments.
The surging number of road accidents has been boosting the ambulance services market demand. The rapidly growing road accidents require immediate medical attention and ambulance services to further avoid severe health problems. As per the World Health Organization (WHO) estimations, over 1 million individuals die globally in road collisions every year. Therefore, patients require emergency medical services for better and effective care. Moreover, different schemes are being introduced by the government and non-government organizations to deliver faster transportation through the air or ground ambulance services.
Rapid technological development will provide opportunities for improved ambulance services
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The air ambulance services market will expand at around 2% CAGR till 2026. Air ambulance services are used for transporting patients either from the accident scene to a hospital, or between hospitals so that the patient may receive more sophisticated and accurate medical care. Air ambulances are either fixed-winged aircraft or helicopters that are equipped to transport seriously injured persons requiring specialized treatment. These services are majorly covered by Medicare for emergent cases only. Air ambulance services are widely expanded into underserved rural areas worldwide to effectively as well as quickly manage patient health.
Moreover, due to the current outbreak of COVID-19, the number of air ambulance services has surged in developing and developed countries. These ambulances are equipped with specialized medical equipment that allows injured or ill patients to be transported comfortably and quickly over remote areas or long distances. Additionally, it has trained medical professionals, monitoring functions and medical equipment along with patient-specific flight medicine.
Browse key industry insights spread across 220 pages with 216 market data tables & 17 figures & charts from the report, “Ambulance Services Market Size By Mode of Transportation (Air Ambulance, Ground Ambulance, Water Ambulance), By Service (Emergency Medical Services, Non-Emergency Medical Services), By Payer (Public, Private, Out-of-Pocket), By End-use (Hospitals, Nursing Homes, Home Healthcare Settings), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Differentiating characteristics including quick response time will offer lucrative growth opportunities
The emergency medical services segment held around 60% market share in 2019. Emergency medical services are the most common type of ambulance services that provide care to patients with an acute injury or illness. Emergency ambulance services provide advanced life support care as well as basic life support care to patients requiring immediate medical care. Moreover, emergency services provide out-of-hospital treatment and transport to definitive care. Additionally, advanced quality of service, as well as quick response time when compared to non-emergency service will further drive the segment growth.
Hospital end-use segment will dominate the ambulance services market share
The hospital segment value was over USD 9 billion in 2019. Hospitals require the maximum number of ambulances due to growing number of surgeries performed at the hospital settings. Moreover, various companies including Acadian and America Ambulance Services provide large number of ambulance services including water and air for effectively managing patient care. These ambulances have well-equipped medical instruments and medications to immediately treat patients.
Public services segment will show a lucrative growth trajectory
The public services segment is estimated to witness more than 0.2% growth rate during the forecast timeframe. Several government payers pay for the maximum portion of ambulance calls that foster the segment growth. Medicare and Medicaid hold for the maximum share when compared to private payers as the ambulance calls are directly paid by the government.
Developing healthcare infrastructure in the Asia Pacific region
Asia Pacific ambulance services market is predicted to register growth of 1.6% through 2026. The increasing number of road accidents specifically in India and China is expected to favor the regional market growth. Moreover, rising government spending on developing better healthcare infrastructure may improve the affordability as well as accessibility of healthcare in the region.
Adoption of organic and in-organic strategies by market players
Prominent players operating in the market are Babcock Scandinavian AirAmbulance, Acadian Ambulance Service, BVG India Limited, America Ambulance Services, Falck Danmark, Air Methods, Ziqitza Health Care, Harmonie Ambulance, Aeromedevac, and SHM Shipcare. The business players are involved in numerous strategic agreements such as acquisitions and collaboration to gain significant market revenue share.