NEW YORK, March 11, 2020 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global air ambulance services market reached $8.9 billion in 2019. Furthermore, the market is expected to attain $15.9 billion in revenue by 2030, with a CAGR of 5.4% during the forecast period (2020–2030). The hospital-based category, under the service type segment, is predicted to record faster growth during the forecast period.
Based on aircraft type, the rotary-wing category dominated the air ambulance services market during the historical period (2014–2019). This is primarily ascribed to the fact that in the developed countries such as the U.S. and the U.K., the majority of the patient transports are organized via helicopters.
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One of the major trends being witnessed in the air ambulance services market is the increasing efforts of the governments in various countries, especially in the emerging economies, to initiate air ambulance services in specific areas. For instance, the government of Tamil Nadu, India, announced in August 2019, the establishment of air ambulance facilities for the purpose of transporting patients or those injured in road accidents at faraway places to healthcare centers situated within a 200–300 km radius. The Chinese government has also launched a pilot project aimed at conducting air ambulance operations, for patients at those places which do not have adequate medical facilities.
Many countries around the world are witnessing the increasing number of helicopter fleets, which is resulting in the setting up of more and more air ambulance bases, thereby boosting the air ambulance services market. The major private and public hospitals, under partnership with the operators, are also providing air ambulance services, thus, leading to the acquisition and deployment of larger fleets, thereby causing growth of the market.
The rotary-wing category, under the aircraft type segment, dominated the air ambulance services market during the historical period. This is attributed to the fact that the rotary-wing aircrafts are more commonly used for short and medium distance transport as well as for transport within the city or state boundaries.
Under the service type segment, the hospital-based category is predicted to record faster growth than the community-based category, in the air ambulance services market, during the forecast period. The main factor contributing toward its high growth rate is the increasing implementation of air ambulance services by the public health centers, especially in the developing countries, especially for the patients in emergency situations.
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Globally, North America dominated the air ambulance services market during the historical period. It is also expected to hold a significant market share during the forecast period, on account of the rising rates of critical patients requiring immediate medical care, in the U.S. and Canada. Moreover, the region is home to the leading players in the market, which further contributes toward its market control.
Asia-Pacific (APAC) is expected to register the highest growth rate in the air ambulance services market during the forecast period. The factors contributing toward this high growth rate are ballooning presence of helicopter ambulance services and the increasing number of patients diagnosed with life-threatening diseases in the region. In addition to this, the governments of various countries in this region are making considerable efforts toward the deployment of air ambulance services in order to increase the survival rate of the patients.
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The air ambulance services market is partially consolidated in nature. Some of the major players operating in the market are Global Medical Response Inc., REVA Air Ambulance Inc., Yorkshire Air Ambulance Ltd., and PHI Air Medical LLC.
Svenskt Ambulansflyg, a Swedish air ambulance operator, announced, in August 2019, its plans to purchase six PC-24 twinjets from Pilatus Aircraft Ltd., thereby becoming the first European operator to acquire this type of aircraft for emergency medical transport.
The other key players operating in the global air ambulance services market are Native American Air Ambulance Inc., Babcock International Group PLC, Air Methods Corp. (American Securities LLC), Lifeguard Ambulance Service LLC, Falck Danmark A/S, Express Air Medical Transport LLC.
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