New York, USA, Feb. 20, 2023 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global ambulance services market is predicted to grow at a tremendous CAGR of 8.9%, thereby garnering a revenue of $94,204.9 million in the 2022-2031 timeframe. This holistic report provides an overarching overview of the nature of the ambulance services market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2022-2031 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the nature and working of the market.
Dynamics of the Market
Drivers: Increasing rate of accidents due to growth in use of automobile all across the world is expected to be the primary growth driver of the ambulance services market in the forecast period. Additionally, increasing demand for air ambulance services for providing quick and highly skilled medical assistance and equipment is expected to help the market grow in the forecast period.
Opportunities: Growing awareness regarding importance of ambulance services in lowering mortality and disability rates is anticipated to offer numerous growth opportunities to the market in the forecast period. Moreover, increasing demand for air ambulance services in areas where transportation is problematic due to crowding is estimated to augment the growth rate of the market in the forecast period.
Restraints: Lack of ambulance services in developing countries, however, might restrict the growth of the ambulance services market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The ambulance services market, however, has been an exception. As the pandemic spread across the globe, the number of hospital admissions surged massively and the demand for emergency medical services also multiplied. Hence, the demand for ambulance services increased exponentially which helped the market to post high growth rate during the pandemic period.
Segments of the Market
The report has divided the market into certain segments based on mode of transportation, service type, emergency ground ambulance, operating type, and region.
Mode of Transportation: Ground Ambulance Sub-Segment to be Highly Dominant
By mode of transportation, the ground ambulance sub-segment is expected to garner huge market share by 2031. Ground ambulances furnished with fundamental respiratory systems, stretchers, oxygen cylinders, etc., are the most frequently used type of ambulances. This huge demand for ground ambulances is anticipated to help the market register a positive growth during the forecast period.
Service Type: Emergency Medical Transport Sub-segment to Have a Huge Market Share
By service type, the emergency medical transport sub-segment of the ambulance services market is expected to be highly dominant during the forecast timeframe. Increasing need for transportation of patient with an emergency medical condition to a medical facility, typically a hospital, due to growing number of accidents is predicted to augment the growth rate of this sub-segment.
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Emergency Ground Ambulance: Basic Life Support Ambulance Sub-Segment to Grow Rapidly
By emergency ground ambulance, the basic life support ambulance sub-segment is predicted to offer numerous growth opportunities by 2031. Basic life support ambulance helps in handling medical cases wherein the patient won't need extensive medical care until they arrive at the hospital. Growth in demand for such ambulances is anticipated to help the market register a positive growth during the forecast period.
Operating Type: Government Sub-segment to Flourish Immensely
By operating type, the government sub-segment of the ambulance services market is expected to grow significantly during the forecast timeframe. The support provided by regional, provincial, or federal governments for running emergency medical services and ambulance services is predicted to augment the growth rate of this sub-segment.
Market in the North America Region to be Most Lucrative
By regional analysis, the ambulance services market in the North America region is projected to be the most profitable in the analysis timeframe. Presence of leading market players and increasing demand for high-quality healthcare services are expected to be the two main factors behind the growth of the market in this region.
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Prominent Market Players
Some prominent market players of the ambulance services market are
- Babcock International Group PLC
- Ziqitza HealthCare
- Envision Healthcare
- Acadian Ambulance Service
- Y Air Methods
- Medivic Aviation
- BVG India
- Harmonie Ambulance
- Aeromedevac Air Ambulance
- Falck A/S
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
For instance, in January 2022, Acadian Ambulance Services, a leading ambulance service company in the US, announced the acquisition of MedicOne Medical Response’s operations in three states of Tennessee, Mississippi, and Texas. The acquisition will help Acadian Ambulance Services to expand its footprint in the market in the coming period.
Finally, this report published by Research Dive, also offers many vital facets of the global market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Ambulance Services Market:
- How are Drones Revolutionizing Emergency Ambulance Services?
- How Implementation of Innovative Ways during COVID-19 Pandemic Can Improve Collaboration between Hospitals and Ambulance Services
- Global Ambulance Services Market to Generate $94,204.9 Million in the 2022–2031 Timeframe Due to Growing Number of Automobile Accidents Across the Globe
