Air Ambulance Services Market
Air Ambulance Services Market Size Valued at USD 12.6 billion by 2032, market Grow at a CAGR Of 9.30% by 2023 -2032.
We will provide COVID-19 impact analysis with the air ambulance services market report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Air Ambulance Services Market Insights is composed of aircraft equipped with features useful in ambulances. They are useful in medical emergencies when air evacuation and transportation are required. The air ambulances are fitted with respirators, defibrillators, and monitoring systems. As chronic health problems are increasing at an all-time high rate, air ambulances reduce the risk of road congestion and blocks. This reduced travel time becomes the prerequisite during war break-out, epidemics, and/or natural disasters.
Top Boosters and Main Challenges
The per capita healthcare spending worldwide has surged exponentially in the past few decades. The World Bank Group says that the healthcare spending per capita in 1996 was nearly USD 467.6, and by 2014, the number shot up to a whopping USD 1,060.9. The substantial increase of close to 55.0% in per capita healthcare spending has been responsible for the rising access to high quality treatment, and the rise in awareness among population. These factors have translated into fostered demand for air ambulance services in the past couple of years. To cater to the escalating demand, service vendors, especially in emerging countries, are offering an extensive range of air medical transport services. The mounting number of service providers offering a wide product range has intensified the competition between the service firms in the industry.
The disconcerting surge in chronic ailments like cardiovascular disorders that require fast medical response has led to higher demand for air ambulance services market. These services are quite helpful during life-threatening conditions and therefore, enjoy consistent demand despite their high costs. The high costs of these services are also rendered pointless in the wake of improving reimbursement policies across developed countries like the US and more. Advances in medical infrastructure and the significant growth of the entertainment and sports industries across developing countries are expected to present lucrative opportunities to the global players in the coming years.
Strategic efforts made by players include service range expansion, partnerships, collaborations, and new aircraft launch to boost their growth prospects in the air ambulance services industry. A case in point, in November 2020, an electric aero ambulance called Vertiia was developed, with the project being the result of the combined efforts of AMSL Aero, Care Flight and the University of Sydney. The air ambulance has been designed for travelling nonstop for over 500 miles, with hydrogen used as an alternative fuel.
Competitive Landscape
IAS Medical (UK), REVA, Inc. (US), Acadian Companies (US), European Air Ambulance (Luxembourg), Express Aviation Services (US), ALPHASTAR (Saudi Arabia), Babcock Scandinavian Air Ambulance (Sweden), PHI Air Medical (US), Air Medical Group Holdings (AMGH) (US), Air Methods (US), are some of the highly reputed companies boosting the air ambulance services market size.
Market Drivers
Increased events of chronic illnesses generate a high demand for Air Ambulance Services. The need to reduce travel time, and avoid congestion are key drivers of the Air Ambulance Services Market Outlook. Air ambulances can also be fitted with an isolation pod to isolate critical patients along with the provision of safe transport.
Restraints
To avoid violations and trespassing of the air space, governments must set up strict policies.
The air ambulance services market faces restraints concerning following the set charter and obtaining the correct permissions from the governing agencies in individual nations.
Market Segmentation
Air ambulance services industry has been categorized in terms of transport vehicle, aircraft type, service model, and mission profile.
Depending on transport vehicle, the primary segments are air as well as ground.
The aircraft type-based market segments are rotary-wing and fixed-wing. Rotary-wing aircraft have vertical lift rotors and offer a number of benefits, including hover capabilities, easy maneuverability as well as vertical take-off and landing (VTOL). Therefore, these aircraft types are extensively used in rescue operations. As a result, it is presumed that the rotary-wing segment can charge forward at a rate of 2.45% over the review period.
Service models considered in the report are hospital-based, hybrid and community-based.
With respect to mission profile, the market caters to scene response, inter-facility transport, and others.
Regional Insight
Asia Pacific or APAC, North America, Europe and RoW or Rest of the World are the key regions studied in the air ambulance services market report by MRFR.
In 2018, North America had touched USD 6,298.6 million, thus taking the lead, while the second and third places were secured by Europe and APAC, respectively.
Easily accessible healthcare infrastructure required for air medical transport, supportive reimbursement schemes, and the extensive network of a huge number of renowned service providers compliment the market growth in North America. Significant per capita income that raises the purchasing power rate combined with the escalation in road accidents in Canada and the US are fostering the need for emergency services, such as air ambulance services. The US alone accommodates a vast pool of reputed air ambulance service providers including Acadian Companies, Air Methods, PHI Air Medical and Air Medical Group Holdings.
APAC is one of the fastest emerging markets, in view of the rising health spending per capita in conjunction with economic advances, surging access to top quality emergency treatment and the heavy burden of cardiovascular disorders. Developing reimbursement schemes, rise in the number of well-equipped multinational hospitals and strategic alliances between major companies also encourage market growth. The improvement in medical infrastructure across rural areas and multinational firms spending on the region due to the availability of cheap labor also favors the APAC market.
Air Ambulance Services Market Information by Transport Vehicle (Air and Ground), Aircraft Type (Fixed-Wing and Rotary-Wing), Service Model (Community-Based, Hospital-Based and Hybrid), Mission Profile (Inter-Facility Transport, Scene Response and others) and Region (North America, Europe, Asia Pacific and Rest of the World) - Forecast to 2030
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