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Healthcare Transportation Service Market to Record 7% CAGR Growth Through 2029 | Global Analysis Report
Healthcare Transportation Service
Healthcare Transportation Service Market Outlook: How is the Market Expected to Grow by 2025?
The size of the healthcare transportation service market has seen significant expansion in the preceding years. It's anticipated to rise from $103.25 billion in 2024 to $109.41 billion in 2025, showcasing a compound annual growth rate (CAGR) of 6.0%. The surge during the historic period can be credited to economic influences as well as insurance coverage, focus on patient satisfaction and ease, shift towards value-based care practices, increase in chronic conditions, and growth in urban population density.
Healthcare Transportation Service Market Forecast: What Size Will It Reach By 2029?
In the ensuing years, the healthcare transportation service market is anticipated to witness robust expansion, with predictions suggesting a rise to $143.16 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.0%. Factors contributing to this growth during the forecast period include an increased need for specialized vehicles, proliferation of telehealth services, a rise in patient-focused, personalized care, an upswing in chronic health conditions, and a heightened emphasis on environmental sustainability. Key trends for the forecast period encompass adjustments to demographic shifts, the incorporation of value-based care, diversification in the services provided, focus on community health programs, and initiatives favoring environmental sustainability.
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Which Key Market Drivers Will Shape Healthcare Transportation Service Industry Trends in 2025-2029?
The anticipated surge in accidents is projected to stimulate the expansion of the healthcare transportation service market. An accident refers to an unforeseen and involuntary event that inflicts harm, damage, injury, or loss of life. Healthcare transportation has a key function in accidents as it affords prompt and specific transportation services to cater to the medical requirements of accident victims. For instance, the National Highway Traffic Safety Administration, a US transportation safety federal agency, reported in August 2022, that during the initial quarter of 2022, approximately 9,560 fatalities were caused by motor vehicle accidents in the United States. This figure represents a 7% rise compared to the estimated 8,935 deaths during the same period in 2021. Additionally, the mortality rate for the first three months of 2022 escalated to 1.27 fatalities per 100 million vehicle miles driven, an increase from the estimated rate of 1.25 fatalities per 100 million vehicle miles during the same period in 2021. Consequently, the escalation in accidents will propel the expansion of the healthcare transportation service market.
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What Are the High-Growth Segments in the Healthcare Transportation Service Market?
The healthcare transportation service market covered in this report is segmented -
1) By Type: Medical Product, Patient Transport, Incubator Transport, Mobile Treatment Facilities, Non-Medical Transport
2) By Mode Of Transportation: Air Transport, Water Transport, Ground Transport
3) By End User: Hospitals, Private Paying Customers, Nursing Care Facilities, Medical Centers
Subsegments:
1) By Medical Product: Transportation Of Pharmaceuticals, Transportation Of Medical Devices, Transportation Of Laboratory Specimens
2) By Patient Transport: Emergency Medical Transport, Non-Emergency Patient Transport, Air Ambulance Services, Ground Ambulance Services
3) By Incubator Transport: Neonatal Transport Incubators, Pediatric Transport Incubators
4) By Mobile Treatment Facilities: Mobile Clinics, Field Hospitals, Mobile Surgical Units
5) By Non-Medical Transport: Transport Of Medical Staff, Logistics For Healthcare Facilities, Transport Of Equipment And Supplies
Which Global Trends Are Driving Healthcare Transportation Service Market Expansion?
Key players in the healthcare transportation service market, such as DocGo On-Demand, are leveraging advanced AI-powered applications to boost their profitability. AI technology is being incorporated into healthcare transportation services to improve efficiency, safety, and patient satisfaction. For example, in November 2022, a US-based home health service firm, DocGo Inc., introduced a mobile health service application named DocGo On-Demand, utilizing AI technology. This innovative application offers on-demand medical services to patients at their residences or other places. The app is available to registered members of the Ambulnz by DocGo Web Requestor platform, enabling them to conveniently schedule urgent care house visits, further enhancing healthcare accessibility.
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Who Are the Fastest-Growing Companies in the Healthcare Transportation Service Industry?
Major companies operating in the healthcare transportation service market report are 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.
What Is the Regional Outlook for the Healthcare Transportation Service Market by 2029?
North America was the largest region in the healthcare transportation service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare transportation service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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