New York, USA, June 21, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the state of Oregon ambulance service market is projected to generate a revenue of $429.4 million and rise at a CAGR of 3.7% during the estimated timeframe from 2022 to 2031.
As per our analysts, the rising prevalence of chronic diseases among people and the increasing adoption of a sedentary lifestyle are expected to fortify the growth of the state of Oregon ambulance service market during the analysis timeframe. Besides, the increasing consumption of alcohol and tobacco among people leads to an increase in the Oregon population which is predicted to amplify the growth of the market over the forecast period. Moreover, the introduction of advanced technologies in the ambulance services to provide patients with fast and effective care is expected to create expansive growth opportunities for the market throughout the estimated period. However, the extensive capital investments for ambulance vehicles and costs involved in regulatory licenses & certification may hinder the growth of the market throughout the forecast timeframe.
Segments of the State of Oregon Ambulance Service Market
The report has divided the market into various segments based on mode of transportation, service type, and operating type.
Mode of Transportation: Ground Ambulance Sub-Segment to be Most Lucrative
The ground ambulance sub-segment held the highest market share in 2021. This is mainly because the ground ambulance vehicle is equipped, maintained, and used to transport patients to the required destination such as a resource hospital. Moreover, the ground ambulance service is cost-effective, accessible, and always available for any life-threatening emergencies, which is expected to bolster the growth of the state of Oregon ambulance service market sub-segment during the forecast timeframe.
Service Type: Emergency Medical Transport Sub-Segment to be Most Productive
The emergency medical transport sub-segment is expected to have the fastest growth during the forecast timeframe. This is mainly because emergency medical transport is a vital component of emergency medical services that involve the transportation of sick or injured people to medical facilities for further evaluation and treatment. In addition, ambulance services are mainly provided by various organizations including private companies, non-profit organizations, and government agencies to provide optimum care to patients during transport which is expected to augment the growth of the market sub-segment in the coming period.
Operating Type: Private Sub-Segment to be Most Profitable
The private sub-segment is anticipated to have wide growth opportunities during the analysis timeframe. There are several private ambulance services providing companies such as Life Flight Network, Metro West Ambulance, Medix Ambulance Service, and many more, that provide emergency medical services and non-emergency medical transportation services in Oregon state which is expected to boost the growth of the market sub-segment over the forecast timeframe.
Covid-19 Impact on the State of Oregon Ambulance Service Market
Initially, the outbreak of the Covid-19 pandemic has had a positive impact on the state of Oregon ambulance service market. This is mainly due to the rapid rise in Covid-19 cases necessitating hospitalization and emergency care during the pandemic. However, due to the shortage of hospital beds including ICU and non-ICU, Oregon emergency departments have shifted patients to other hospitals which has strained ambulance resources and delayed patient transport. In addition, many ambulance service providers have faced revenue losses due to the cancellation of non-essential medical procedures. Such factors have declined the growth of the market over the crisis.
Key Players of the State of Oregon Ambulance Service Market
The major players of the market include
- Falck Northwest
- Lake District Hospital
- MEDIX AMBULANCE SERVICE
- Mercy Flights
- Bay Cities Ambulance
- Mercy Flights
- Life Flight Network
- Global Medical Response
- Metro West Ambulance
- Harney district hospitals
- Cal-Ore Life Flight
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the industry.
For instance, in February 2023, Bell Textron Inc., a leading American aerospace manufacturer announced that Life Flight Network, a non-profit air and ground critical care transport service aimed to add four additional Bell 407GXi helicopters in the Pacific Northwest and Intermountain West. By adding these helicopters, Life Flight Network would expand its state-of-the-art transport resources and medical capabilities.
Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic developments.
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