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Healthcare Transportation Service Market Report 2024 - Healthcare Transportation Market Size And Trends By 2033
Healthcare Transportation Service Market
According to The Business Research Company's, The healthcare transportation service market size has grown strongly in recent years. It will grow from $97.21 billion in 2023 to $103.25 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to economic factors and insurance coverage, emphasis on patient experience and comfort, shift towards value-based care models, rise in chronic diseases, urbanization and population density.
The healthcare transportation service market size is expected to see strong growth in the next few years. It will grow to $132.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to demand for specialized vehicles, expansion of telehealth services, personalized patient-centric services, rise in chronic conditions, focus on environmental sustainability.. Major trends in the forecast period include adaptation to demographic changes, integration of value-based care, diversification of service offerings, community health initiatives, environmental sustainability initiatives.
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Market Drivers and Trends:
The increase in accidents is expected to propel the growth of the healthcare transportation service market going forward. An accident is an unexpected and unintentional event or occurrence that causes harm, damage, injury, or loss of life. Healthcare transportation plays a critical role in accidents by providing timely and specialized transportation services to meet the medical needs of accident victims. For instance, in August 2022, according to the National Highway Traffic Safety Administration, a US-based federal agency for transportation safety, in the first quarter of 2022, there were approximately 9,560 fatalities resulting from motor vehicle crashes in the United States, a 7% increase compared to the projected 8,935 deaths in the first quarter of 2021. Moreover, the fatality rate for the first quarter of 2022 increased to 1.27 fatalities per 100 million vehicle miles traveled, up from the projected rate of 1.25 fatalities per 100 million vehicle miles in the first quarter of 2021. Therefore, the increase in accidents will drive the growth of the healthcare transportation service market.
Major companies operating in the healthcare transportation service market are developing innovative AI-powered applications such as DocGo On-Demand to increase their profitability in the market. AI-powered technology is applied to healthcare transportation services to enhance efficiency, safety, and patient experience. For instance, in November 2022, DocGo Inc., a US-based home healthcare service company, launched an application called DocGo On-Demand using AI-powered technology. DocGo On-Demand is a mobile health service that provides on-demand medical care to patients in their homes or other locations. The application is accessible to registered users of the Ambulnz by DocGo Web Requestor platform, allowing users to book urgent care house calls, making high-quality healthcare conveniently accessible.
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Major Key Players of the Market:
Centene Corporation, Molina Healthcare Inc., DHL International GmbH, ARAMARK Holdings Corp., Lyft Healthcare Inc., ModivCare Solutions LLC, Piedmont Healthcare Inc., Air Methods Corporation, FirstGroup plc, Blue Star Ltd., Air Medical Group Holdings Inc., Crothall Healthcare Inc., Medical Transportation Management Inc., ProHealth Care Inc., Superior Air-Ground Ambulance Service Inc., ProTransport-1, ATS Healthcare Ltd., Patriot Transportation Holding Inc., Medspeed LLC , SCR Medical Transportation Inc., Acadian Ambulance Service Inc., Ziqitza Healthcare Limited, Medi-Trans Inc., Watts Healthcare Corporation, Midwest Medical Transport Company Llc, Veyo LLC, Ride RoundTrip Inc., Goodfaith Medical Transportation Company Inc., Hope Medical Transport and Training LLC., WellMed Medical Management Inc.
Healthcare Transportation Service Market 2024 Key Insights:
• The Healthcare Transportation Service Market is expected to grow to$132.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Rising Accident Rates Fueling Growth In The Healthcare Transportation Service Market
• Innovative Ai-Powered Technology Revolutionizes Healthcare Transportation Services
• North America was the largest region in the healthcare transportation service market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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