Market Research Report
Ambulance Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|Ambulance Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
Published: April 21, 2021
Mordor Intelligence Pvt Ltd
Content info: 120 Pages
Delivery time: 2-3 business days
The ambulance services market is expected to register a CAGR of nearly 8.01% during the forecast period, with a revenue of approximately USD 29,773.49 million in 2020 and expected to reach USD 47,081.90 million by 2026.
The global ambulance service market has proven to have a positive impact due to the outbreak of coronavirus. The growing demand for ambulance services to provide emergency care services to COVID-19 patients during the epidemic is driving the expansion of the market. The market is expected to continue its growth even if the crisis has stabilized.
The ambulance services market will show a sharp rise due to the new ambulance service providers globally, the increasing number of accidents and the introduction of the latest ambulances, and the huge increase in hospitals due to the epidemic.
Road accidents are found to be the leading cause of death from injuries and are also the tenth leading cause of death worldwide as they now form a surprisingly significant fragment of the burden on the sick world. An estimated 1.2 million people are killed in road accidents every year, and an estimated 50 million are injured, receiving 30 to 70 percent of bone marrow transplants in developing countries. With increasing risks, there are also effective emergency services that lead to the timely intervention of accident victims or patients suffering from chronic illness. These timely services play an important role in health. In addition, the growing number of road accidents, which require urgent medical attention, is increasing the market share for ambulance services.
In response to the COVID-19 disaster, market players devised a number of business strategies, such as strategic agreements, technological advances, and partnerships to survive in their business. For example, in June 2020, Mahindra announced the launch of a BS-6 Supro ambulance equipped with a foldable cum trolley, medical supplies, air-conditioning system, advertising system, and indoor lighting
In addition, the growing popularity of air ambulance services, as well as a large number of private insurance patients are also expected to improve this market in the coming years.
Air Ambulance is Expected to Grow With a Higher CAGR During the Forecast Period
The COVID-19 wave has had a huge impact on the air ambulance business. The operators need to be more careful to ensure the patients don't contract the virus as the chances of them getting infected are higher with their critical conditions. This increases the time of preparing the aircraft for the transfers and thus, requires to act faster than before. This brings a burden to the staff and the companies and an additional expense.
Air ambulances are the ambulance services that are vital for transportation in case of medical emergencies. Air ambulances are armed with medical equipment and medical staff that offers medical care in flight, while non-medically equipped and staffed aircraft assist in transporting patients and organs. These services offer various benefits, such as convenience, flexibility, and safety. The increasing burden of chronic diseases like cardiac arrests and other emergencies is boosting the segment growth.
In April 2019, Air Methods announced the expansion of its partnership with Anthem Blue Cross and Blue Shield. The company's services may be part of its in-network health coverage benefits in six states in the United States. Under the terms of the partnership, Anthem-affiliated health plan members in California, Georgia, Nevada, Colorado, Virginia, and New York may receive Air Methods' critical care air services at discounted in-network rates.
North America is Expected to Lead the Ambulance Services Market During the Forecast Period
North America has dominated the ambulance services market and the dominance of the market is mainly attributable to the presence of several key market players in this region, growing demand for quality healthcare services, and well-established healthcare infrastructure.
In addition, the presence of favorable reimbursement policies in the developed nations is also expected to drive the overall market. In the United States, Medicare covers both emergency and non-emergency ambulance services, if it is considered medically necessary and the supplier fulfils Medicare ambulance requirements. The budding community of paramedicine in North America also contributes to the large market size in this region.
According to the American Heart Association, in January 2019, stroke was the leading cause of death in the United States. Around 2.7 million people in the country live with atrial fibrillation and around 800,000 people encounter a stroke, annually, due to blockage in the blood vessel, which supplies blood to the brain
Prominent air ambulance service providers are present in the United States, such as Air Methods, Acadian Companies, Air Medical Group Holdings, and PHI Air Medical. Hence, the air ambulance services segment is growing at a significant rate, due to the increasing per capita healthcare expenditure and rise in the number of advanced hospitals and ER visits.
Moreover, advancements, such as online booking of ambulance services, are creating a positive outlook for the US market. Other factors driving the market growth include increasing emergency healthcare expenditure, growing number of hospitals providing proper air ambulance facilities, and improving medical facilities across various regions of the country.
The ambulance services market is a fragmented market with many players. There has been a presence of a considerable number of companies that are significantly contributing to the market growth. Various strategies and collaborations are being adopted by these key players to maintain their market share. some of the major companies of the market are Envision Healthcare Corporation, Falck Holding A/S, Acadian Ambulance Service, Inc., Ziqitza Health Care Limited, Medivic Aviation.