Newark, NJ, June 02, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global air ambulance services market is expected to grow from USD 4637.47 million in 2020 to USD 10027.92 million by 2028, at a CAGR of 10.12% during the forecast period 2021-2028
Certain factors are boosting the growth of the global air ambulance services market. Some of them include rising medical tourism, increasing geriatric population, new ambulance service providers' entrance, favorable reimbursement policies, and an increasing number of road accidents and CVD cases. In addition to this, enhanced access to efficient emergency treatment, increasing health expenditure per capita attributed to improving economic conditions, appropriate reimbursement policies, growing number of multinational hospitals equipped with proper air-ambulance services, improving medical infrastructure in rural regions, rising prevalence rate of cardiovascular diseases worldwide, and strategic collaborative initiatives from significant market players, are fueling the growth of the global air ambulance services market.
Air ambulances services are specially equipped aerial vehicles with advanced medical equipment with a highly skilled medical team. The system also includes qualified medical professionals who provide immediate treatment to the patient till the ambulance reaches the nearest hospital. Also, air ambulance services are equipped with advanced life care services (ALS). The Federal Aviation Administration (FAA) has laid strict safety rules for air ambulance services. The equipment present in an air ambulance usually includes defibrillators, monitoring systems, and breathing apparatus. Air ambulance services directly transport patients from their residence or accident to the health care establishment such as multispecialty hospitals.
The global air ambulance services market is expected to witness significant growth due to the need to maximize air ambulance assets to provide better emergency care and generate more profitable returns. Moreover, advancements such as online booking of air ambulance services create a positive outlook for the market. The factors restraining the market growth are the governments' stringent rules and regulations that have put a strain on medical services. Also, every producer and manufacturer must adhere to the guidelines and permissions issued by the governing bodies. An insufficient number of aircraft are expected to challenges the market growth. The growing number of service providers is expected to provide a significant opportunity for market growth.
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Key players operating in the air ambulance services market include IAS Medical, Ltd, Lifeguard Air ambulance, American Air Ambulance, AMR, Babcock Scandinavian Air Ambulance, REVA, Inc. PHI Air Medical, and Express Air Medical Transport. To gain a significant market share in the global air ambulance services market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. AirMed International, REVA, Inc., and Lifeguard Air ambulance are vital manufacturers operating in the air ambulance services market.
- For instance, in October 2020, Lifeguard Air ambulance Corporation subsidiary, stated to open a new operation helping base in Evergreen, Alabama, the U.S., to give emergency air medical services.
- For example, in May 2020, AirMed International, a Global Medical Response Inc. subsidiary, declared that the Company obtained a fixed-wing, medically configured Hawker 800XP aircraft to its Birmingham, Ala. Base.
- For instance, in April 2020, REVA Inc. declared that the company has begun to give its life-saving service to the COVID-19 positive Patients. The company announced to follow all feasible steps to keep security. Thus the company has created a new isolation system in the air ambulance, the ISOVAC CAPSULES Patient Isolation Unit.
The hospital-based segment dominated the market and held the largest market share of 55.16% in 2020
Based on the service model, the global air ambulance services market is segmented into community-based and hospital-based. The hospital-based segment dominated the market and held the largest market share of 55.16% in 2020. This growth is attributed to the improving business and types of service models of hospitals.
The rotary-wing segment dominated the market and held the largest market share of 57.05% in 2020
Based on type, the global air ambulance services market is segmented into includes fixed-wing and rotary-wing. The rotary-wing segment dominated the market and held the largest market share of 57.05% in 2020. This growth is attributed to the easy landing on the ground, streets, and rooftops increase accessibility of these facilities. Also, the increasing development of helicopters by key manufacturers dedicated to providing healthcare services is predicted to support market growth.
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Regional Segment Analysis of the Air Ambulance Services Market
- North America (U.S, Canada, Mexico)
- Europe (Germany, France, U.K, Italy, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- Latin America (Brazil)
- The Middle East and Africa (South Africa, Saudi Arabia and the Rest of MEA)
Based on geography, the air ambulance services market has been classified into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. North America held the most significant market share of 28.16 % in the year 2020. This growth is attributed to the strong presence of external and local service providers, supportive reimbursement policies, and availability of favorable organizations for air medical transportation in the region. On the other hand, the Asia Pacific is anticipated to significant growth due to its improving economy of emerging countries and a considerable increase in air medical facilities in nations such as Japan, India, and China and the increasing healthcare investment by the government.
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About the report:
The global air ambulance services market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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