Ambulance Services Market to Reach More than US$ 70 Bn by 2031

Ambulance Services Market Outlook 2031

• The global ambulance services market was valued at US$ 46.7 Bn in 2021

• The global market is projected to register a CAGR of 4.5% from 2022 to 2031

• The global ambulance services market is anticipated to reach more than US$ 70 Bn by the end of 2031

Overview of Ambulance Services Market

Ambulances or ambulance services provide emergency pre-hospital treatment and stabilization of serious illnesses & injuries, as well as patient transport service for definitive care. Ambulance services are an important link between medical care and disaster management systems, providing pre-hospital care for the injured.

The scope of ambulance services covers treatment for the people in need of emergency care or arrangement of timely transportation of patients to the next point of care.

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Global emergency medical services (EMS) are advanced enough to make a significant contribution to the overall functioning of the healthcare system.

The World Health Organization considers the EMS system to be an integral part of an effective and functional healthcare system.

Increase in number of accidents, introduction of new ambulances with the latest technology that addresses primary healthcare needs, and favorable reimbursement policies drive the demand for ambulance services.

Increase in Number of Accidents to Propel Global Ambulance Services Market

Rise in adoption rate of commercial and personal vehicles has resulted in a higher number of accidents. Accidents often create a need for immediate hospital visits for medical treatment and support. Hence, patients require ambulance services for transportation to-and-from hospitals. The U.S. is one of the busiest countries in the world in terms of road traffic accidents. Around 10 million road accidents take place every year in the U.S.

Among these, nearly 2 million to 4 million drivers experience permanent injuries every year. According to the Ministry of Road Transport & Highways (MORTH) of India, about 6,800 people died and 18,000 were injured in drunk driving accidents in 2015-2016. Thus, surge in number of accidents is anticipated to propel the ambulance services market from 2022 to 2031.

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Improved Care Services for Geriatric Population to Augment Global Ambulance Services Market
Improving healthcare reforms in various regional markets such as the U.S., Japan, and China has increased the life expectancy of the population.

According to the World Health Organization (WHO), the global geriatric population stood at around 524 million in 2010 and is expected to reach around 2 billion by 2050. Thus, constant rise in geriatric population is likely to propel the demand for ambulance services, as the elderly are more prone to acquiring diseases and infections.

The geriatric population is also prone to physical disabilities such as immobility, which is likely to drive the demand for ambulance services for transportation to hospitals for medical treatment on a regular basis.

Brazil, China, Thailand, and South Korea are expected to have a large geriatric population in the next few years. Japan, the U.S., and the U.K. are also likely to follow suit.

The ratio of geriatric population to adult population in these countries is projected to be higher in the near future. Thus, increase in geriatric population is estimated to augment the ambulance services market.

Introduction of Highly Equipped Ambulances to Drive Ambulance Services Market

Established and new players are launching new and advanced ambulances and services to provide high level of comfort and medical services to patients.

This is expected to drive the ambulance services market. In 2019, the State Government Health Department of Odisha, India, launched the first-ever boat ambulance service at Batighar in the Kendrapara district. Large numbers of riverside villagers in Odisha still depend on passenger boats, which are not available at night.

The boat ambulance service plays a key role during medical emergencies. The government plans to launch five more such boats in the near future.

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Dutch Health BV launched a new water ambulance, Rescue Eagle 1, in Djibouti during 2014-2015.

The boat has been designed to accommodate advanced life support (ALS) systems in compliance with the guidelines of functional requirements set by the Ministry of Health in Djibouti.

Favorable Reimbursement Policies to Propel Ambulance Services Market

Favorable reimbursement policies in various countries such as the U.K., the U.S., and Japan are driving the ambulance services market.

Reimbursements are provided for availing ambulance services in order to make these services affordable for the patient population. For instance, Canada-based Sun Life Assurance Company reimburses around 80% of the total amount for availing emergency ambulance services. Bupa Australia Pty Ltd. provides emergency ambulance cover per person in Australia (insured person).

Similarly, the State Ambulance Insurance Plan of New South Wales provides insurance cover for ambulance services in various states such as Queensland and South Australia. Availability of such reimbursement policies in various countries is augmenting the ambulance services market.

High Demand for Basic Life Support Services Benefits Healthcare Providers
The basic life support (BLS) segment accounted for a relatively large share of the global ambulance services market in 2021. The segment is projected to grow at a moderate pace during the forecast period.

Medical services are provided by emergency medical practitioners and partially-trained personnel in BLS ambulances.

BLS ambulance services are usually provided to patients with complex fractures; medical or surgical patients; patients being discharged home or sub-acute care facilities; and psychiatric patients.

Increase in number of surgeries across the globe is likely to drive the segment, as BLS ambulance services could be needed to transport patients from hospitals to homes and vice-versa.

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Patients who have undergone surgery and do not require medical monitoring are advised to avail BLS ambulance services, as personal vehicle transport could create post-medical surgery complications (because of their build). This is projected to propel the demand for BLS ambulance services.

Regional Outlook of Global Ambulance Services Market

North America dominated the global market, with more than 36% share in terms of revenue in 2021. High share of the region can be ascribed to the growth in adoption of advanced treatment approaches and favorable reimbursement policies due to the increase in geriatric and obese population that is more susceptible to various chronic and acute diseases.

Asia Pacific was the fastest-growing market in 2021. The market in the region is expected to grow at a CAGR of 4% during the forecast period. Large patient population in countries such as India and China accounts for significant share of the market in Asia Pacific.

Analysis of Key Players in Ambulance Services Market

The global ambulance services market is consolidated, with a small number of key players accounting for a significant share. Most companies are making substantial investments in technology development.

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Diversification of product portfolios and mergers & acquisitions are the key strategies adopted by market players. Prominent players operating in the market include Acadian Ambulance Service, Inc., Babcock International Group plc, BVG India Limited, American Ambulance Service Inc., Air Methods, and Aeromedevac.

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