Ambulance Services Market

Ambulance Services Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Healthcare | Author Name: Sayali

Rising Number of Road Accidents to Drive Growth of Ambulance Services Market

Ambulance services are one of the most utilized medical facilities offered by the healthcare sector. It plays a quintessential role in saving lives, a bridge to life. Most hospitals offer ambulance facility on a 24/7 basis. Ambulances are not merely means of transporting an ill person to the hospital; they are mobile hospitals equipped with basic facilities required during a medical emergency. Equipped with life support facilities like stretchers, defibrillators, spine boards, oxygen and oxygen masks, collars, splints, bandages, medicines, oximeters, monitors, ventilator, heart rate monitor, facilities for intubation, stabilising blood pressure, and controlling haemorrhages. This service is very helpful for bedridden patients or those who face a medical emergency unexpectedly. The global increase in traumatic accidents is expected to drive the growth of ambulance services market.

According to the National Health Portal, nearly 5 million people die each year around the world because of various injuries. Road traffic accidents have been responsible for the greatest number of deaths globally. According to the Association for Safe International Road Travel (ASIRT), approximately 1.3 million people die in road accidents worldwide each year, with an additional 20-50 million injured or disabled. Similarly, over 37,000 people die in road accidents each year in the United States alone, and over 2.3 million are injured. The increased use of commercial and personal vehicles has increased the number of accidents. Road accidents and the increasing need for emergency medical care involve the requirement of necessary medical care, and ambulance services. The rise in road accidents increases demand for ambulance services, propelling the ambulance services market growth during the forecast period.

Moreover, the demand for ambulance services is growing due to an increase in the number of individuals suffering from various chronic diseases, as well as an increase in the geriatric population. For instance, according to the United Nations Department of Economic and Social Affairs, nearly 1 in every 6 individuals in the globe will be over 65 years old by 2050. As a result, the ambulance services market is expected to rise as the geriatric population grows. The development in medical tourism, and the availability of reimbursement policies are also expected to increase the demand for ambulance services during the forecast period.

Emergency Medical Services Segment to Lead the Ambulance Services Market

In 2021, the emergency services segment led the market, with a revenue share of 60.9%. This segment is expected to increase at a rapid pace throughout the forecast period. The prevalence of cardiovascular disorders such as cardiac arrest, stroke, congestive heart failure, and increased incidence of COVID-19 can be ascribed to the growth of the emergency services segment. For instance, as per the Heart and Strokes Organization of Canada, around 35,000 individuals in Canada suffer from cardiac arrest, while approximately 62,000 people suffer from stroke every year. Patients with severe injuries or illnesses, as well as those in immediate need of medical assistance, are provided by emergency ambulances. The emergency ambulance services have emergency medical technicians (EMT), ALS, and paramedics on standby mode. Each country has its emergency number, which is used to contact emergency ambulance services at the scene of an accident. These are the numbers 108 in India, 911 in the United States, and 999 in the United Kingdom. The emergency ambulance services provide on-site healthcare as well as medical treatment to patients and transport them to healthcare facilities.

Increased Demand for Quality Healthcare Services, and Favourable Reimbursement Policies in the Healthcare Sector to Fuel Growth of North America Ambulance Services Market

North America held the largest ambulance services market in 2021, accounting for 48.0% of total revenue. The presence of several key market players in this region, increasing demand for high-quality healthcare services, well-developed healthcare infrastructure, advantageous reimbursement policies, and strong government regulatory reforms in the healthcare sector are all contributing to the region's growth. For instance, in February 2019, the U.S. Department of Health and Human Services (HHS), Institute for Medicare and Medicaid Innovation (Innovation Centre), introduced a new payment model for emergency ambulance services that intends to allow Medicare Fee-for-Service (FFS) beneficiaries to access the most appropriate level of treatment at the right time and location, with the possibility for lower out-of-pocket expenditures. All of these reimbursement policies make ambulance services more accessible to the general public, enhancing the growth of ambulance services market.

The focus of the U.S. healthcare system on the quality of treatment and the usefulness of services has enabled the industry to grow. In addition, the introduction of community paramedicine in North America has enhanced the region's existing large market. The community paramedicine allows Emergency Medical Services (EMS) providers, who provide a variety of services including preventative and initial care, to operate outside of their normal crisis response and transportation responsibilities. The commencement of such a new concept, as well as an increase in customer demand for improved services within this region, have propelled ambulance services market in North America forward.

Moreover, the rapid growth of the ambulance services market in the Asia Pacific can be ascribed to the improved healthcare facilities, vast untapped market potential, and a rising number of traffic accidents. The expanding geriatric population in nations such as China, India, and Japan is also responsible for the rapid growth rate. According to the Japan Statistics Bureau, the population aged 65 and up in 2020 was estimated to be 36.19 million, accounting for 28.8% of the total population. Similarly, according to the World Health Organization, China's geriatric population is forecast to reach 28 percent of the entire population by 2040, and while the geriatric population is more sensitive to various ailments, the Asia Pacific region is expected to increase at the fastest rate. Furthermore, the federal government's support for healthcare infrastructure development is increasing, making healthcare more accessible, and affordable in this region.

Global Ambulance Services Market: Competitive Landscape

Companies in the market are introducing new products alongside initiation collaborations, alliances, and partnership agreements. For instance, in September 2020, the International Critical Air Transfer Team (ICATT) and the Kyathi in Karnataka, India, launched the country's first integrated air ambulance service. On the other hand, in October 2020, Advatech Healthcare Europe introduced HIPPO Mobility, the UK's first technology-driven, specialized, asset-light, and cost-effective transportation service for the elderly, handicapped, and non-emergency patients.

A few of the players in the ambulance services market include SHM Shipcare, Babcock Scandinavian AirAmbulance, Aeromedevac, Acadian Ambulance Service, Harmonie Ambulance, BVG India Limited, Ziqitza Health Care, America Ambulance Services, Air Methods, and Falck Danmark.

Global Ambulance Services Market is Segmented as Below:

By Mode of Transportation

  • Air ambulance
  • Ground ambulance
  • Water ambulance

By Services

  • Emergency medical services
  • Non-emergency medical services

By Payer

  • Public
  • Private
  • Out-of-pocket

By End-use

  • Hospitals
  • Nursing homes
  • Home healthcare settings
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Ambulance Services Market

  • Ambulance Services Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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