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 surpass 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 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. Various organizations are taking initiatives to create awareness and to make ambulance services available in developing countries.
Growing number of road accidents will act as a foremost growth driver
The rising number of road accidents has been impelling the sales of the ambulance services market. The rapidly increasing 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. Road traffic crashes are one of the leading causes of deaths in the U.S. for individuals aged between 1 to 54 years. 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 segment in the ambulance services market will witness around 2% growth rate through 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 that eventually propelled the industry growth.
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 that effectively contributes towards the market progression.
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 dominated more than 60% of the ambulance services 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. In addition, emergency services provide out-of-hospital treatment and transport to definitive care that augments the market demand. Advanced quality of service, as well as quick response time when compared to non-emergency service further, drives the segment growth.
Presently, the COVID-19 outbreak has increased the demand for ambulance services. Owing to this, the strategies of emergency ambulance services to manage the COVID-19 outbreak are constantly changing and increasing the service demand.
Hospitals segment will dominate the market led by growing number of treatments related to road accident injuries and illnesses
The ambulance services market for hospital segment exceeded USD 9.0 billion in 2019. Hospitals require the maximum number of ambulances attributed to growing number of surgeries performed at the hospital settings. Various companies including Acadian and America Ambulance Services provide a 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. Thus, the demand for advanced ambulance services will rise to avoid transportation delays, thereby fostering the market value.
Public services segment is expected to show a lucrative growth
The public segment in the ambulance services market is estimated to attain a CAGR of 0.2% by 2026 on account of several government payers pay for the maximum portion of ambulance calls. 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 APAC region will accelerate the industry value
Asia Pacific ambulance services market is predicted to expand at a CAGR of more than 1.6% till 2026 due to the rising number of road accidents specifically in India and China. As per the WHO, in 2018, India reported 467,044 number of road accidents with an increase of 0.5% as compared to previous year 2017. Hence, the growing number of road accident cases in this country, enhances the demand for ambulance service. 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 will drive the market growth
Few of the prominent companies 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, among others. The business leaders are involved in numerous strategic agreements such as acquisitions and collaboration to gain significant revenue shares in ambulance services business.