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The Rising Prevalence of Chronic Diseases is Expected to Proliferate the Ambulance services Market! Acadian Ambulance Service, Inc., Air Methods Corporation, AirMed International LLC
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Market Overview
The ambulance services market is expected to register a CAGR of around 8% over the period of 2021-2027. This is mainly due to the increased medical tourism, frequency of road accidents, and diseases such as cardiovascular diseases, heart attack, and chronic diseases coupled with the growth of the geriatric population and the stringent government regulations coupled with the growing focus of major stakeholders in the healthcare industry to adopt to make products and services more sustainable and eco-friendlier. Major healthcare companies are investing heavily in their services due to the rising prevalence of traumatic road accidents are becoming more common, demanding quick medical attention and ambulance assistance.
According to the Association for Safe International Road Travel (ASIRT), Approximately 1.35 million people die in road crashes each year; on average 3,700 people lose their lives every day on the roads. Moreover, as per National Health Portal, 20 million people in India are hospitalized to due injuries such as road accidents, burns, and falls. Furthermore, various factors such as the rise in medical transportation and the availability of reimbursement policies, and health innovation will drive the awareness of using ambulance services. Therefore, the market for ambulance services is also expected to boost the demand for ambulance services over the forecast period.
COVID-19 Impact
The COVID-19 pandemic has positively impacted the global ambulance services industry. Several countries enforced nationwide lockdowns as part of measures to limit the spread of the coronavirus. As a result, the growing demand for ambulance services to provide emergency care services to COVID-19 patients during the epidemic is driving the expansion of the ambulance services market. The market is expected to continue its growth even if the crisis has stabilized. Moreover, despite the pressures of the COVID-19 pandemic, market players have devised a number of business strategies, such as strategic agreements, technological advances, and partnerships, to survive in the market. For example, in June 2020, Mahindra announced the launch of a BS-6 Supro ambulance equipped with a foldable trolley, medical supplies, air-conditioning system, advertising system, and indoor lighting. These factors have positively impacted the ambulance services industry.
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The global ambulance services market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Services, the market is primarily bifurcated into:
• Emergency medical services
• Non-emergency medical services
Based on services, the market is categorized into emergency medical services and non-emergency medical services. Among these, the emergency medical services segment is expected to witness the highest CAGR during the forecast period. This is mainly due to the prevalence of cardiovascular disorders such as cardiac arrest, heart failure, stroke, and increased cases of coronavirus pandemics all over the world are all contributing to the expansion of the emergency services. The continuous development of the new products due to technological advancements that will lead to the production of innovative instruments and procedures is likely to strengthen the market of the segment during the forecast period.
By Equipment, the market is primarily bifurcated into:
• Basic Life Support (BLS)
• Advanced Life Support (ALS)
Based on equipment, the market is segmented into basic life support (BLS) and advanced life support (ALS). Advanced life support dominated the market and is expected to maintain its dominance throughout the forecast period. This is mainly due to the people suffering from emergency healthcare situations and various traumatic accidents which propelling the need for life support are expected to boost the segment growth. However, the growth in technology and advanced equipment for the healthcare industry is the major factor driving the advanced life support over the forecast period.
By End User, the market is primarily bifurcated into:
• Hospitals
• Nursing homes
• Home Healthcare Settings
• Others
Based on the end-user, the market is categorized into hospitals, nursing homes, home healthcare settings, and others. Among these, the hospitals are expected to witness the highest CAGR during the forecast period. This is mainly due to the rising rate of hospital admissions coupled with increasing emphasis on the enhancement of healthcare facilities is expected to propel the segment growth of the ambulance services market.
Global Ambulance Services Market Geographical Segmentation Includes:
• North America
United States
Canada
Rest of North America
• Europe
Germany
UK
France
Italy
Spain
Rest of Europe
• Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
• Rest of World
For a better understanding of the market adoption of the ambulance services industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Spain, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. North America is expected to witness the highest CAGR during the forecast period on account of the increasing acceptance of ambulance services along with the execution of emergency medical services, and non-emergency medical services are desirable solutions by healthcare suppliers, for giving better patient care at lesser operating costs are the important factors, stirring the market in North America.
For instance, in February 2019, the U.S. Department of Health and Human Services (HHS), Center for Medicare and Medicaid Innovation (Innovation Center), announced a new payment model for emergency ambulance services that aims to allow Medicare Fee-For-Service (FFS) beneficiaries to obtain the most appropriate level of care at the right time and place with the potential for lower out-of-pocket costs. Additionally, these reimbursement regulations make ambulance services accessible to the patient population, and various developmental strategies adopted by the regional market will drive market growth.
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The major players targeting the market include:
• Acadian Ambulance Service, Inc.
• Air Methods Corporation
• AirMed International LLC
• American Medical Response
• Babcock Scandinavian AirAmbulance
• BVG India Ltd.
• European Air Ambulance
• Express Air Medical Transport, LLC
• Falck Danmark A/S
• Global Medical Response
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global ambulance services market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the global ambulance services market?
• Which factors are influencing the global ambulance services market over the forecast period?
• What are the global challenges, threats, and risks in the global ambulance services market?
• Which factors are propelling and restraining the global ambulance services market?
• What are the demanding global regions of the global ambulance services market?
• What will be the market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by the companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature. Please let us know If you have any custom needs.
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About UnivDatos Market Insights-
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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