LOS ANGELES, May 03, 2021 (GLOBE NEWSWIRE) -- The Global Water Ambulance Services Market is expected to grow at a CAGR of around 5.3% from 2020 to 2027 and reach the market value of over US$ 6378.5 Mn by 2027.
North America is expected to grow at a faster rate in the coming years. This is due primarily to the presence of several key market players in this region, rising demand for high-quality healthcare services, and well-established healthcare infrastructure. Furthermore, favorable reimbursement policies in developed countries are expected to drive the overall market. In the United States, Medicare covers both emergency and non-emergency ambulance services if they are deemed medically necessary and the provider complies with Medicare ambulance requirements. The burgeoning para medicine community in North America also contributes to the region's large market size.
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Market Dynamics
The growing geriatric population, as well as the rising prevalence of chronic diseases such as diabetes and cancer, as well as complex medical needs, is expected to drive the global water ambulance services market forward. There are certain constraints and challenges that can obstruct market growth. Some restraining factors that may impede market growth include the risk of medication errors by a pharmaceutical professional and lower medical reimbursement rates in developing countries.
COVID-19 impact on the global water ambulance services market
In response to the COVID-19 disaster, market participants devised a variety of business strategies, such as strategic alliances, technological advancements, and partnerships, in order to stay in business. For example, Mahindra announced the June 2020 release of a BS-6 Supro ambulance outfitted with a foldable cum trolley, medical supplies, and air-conditioning system, an advertising system, and indoor lighting. Furthermore, the increasing popularity of air ambulance services, as well as a large number of private insurance patients, are expected to boost this market in the coming years.
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Segmental Outlook
The global water ambulances services market is segmented as a type of services, payer, and equipment. By type of services, the market is bifurcated into emergency medical services and non-emergency medical services. By payer, the market is segregated as public, private, and out-of-pocket. Furthermore, by equipment, the market is classified into Basic Life Support (BLS) Ambulance Services and Advanced Life Support (ALS) ambulance services.
Advanced Life Support (ALS) Ambulance Services are expected to have the largest market share in terms of equipment. The factors can be attributed to an increase in technologically advanced equipment and trained personnel, increased awareness of life support services, and the high prevalence of cardiovascular disorders. ALS is an extension of BLS, which requires medical monitoring, drug therapy, and IV therapy in addition to adequate ventilation and an open airway. It also addresses cardiac arrest situations. The next level of emergency care services is ALS, which includes a set of life-saving skills and protocols. In addition to BLS equipment, ALS ambulances have vascular access equipment, cardiac arrest treatment equipment, a nebulizer, a glucometer, a large-bore needle, medications, and pre-loaded needles. Patients who require a higher level of care during transport, such as a patient on a cardiac monitor, a potential airway-compromised patient, or obstetrical patients, require an ALS ambulance.
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Because of the prevalence of cardiovascular diseases such as cardiac arrest, stroke, and congestive heart failure, Emergency Services are expected to have the highest CAGR during the forecasted period. Patients with severe injuries or illnesses, as well as those in urgent need of medical attention, are served by emergency ambulances. BLS, ALS, paramedics, and Emergency Medical Technicians are available for emergency ambulance services (EMT). Emergency ambulance services provide medical and healthcare treatment to patients on-site and transport them to medical facilities. Envision Healthcare Holdings, Inc., Acadian Ambulance Service, Inc., BVG India Ltd., Falck A/S, Air Medical Group Holdings, Inc., and Ziqitza Health Care Limited are some of the companies that provide such services.
Competitive Landscape
Some of the leading competitors are Aeromedevac and SHM Shipcare, Falck A/S, Air Methods Corporation, Harmonie Ambulance, BVG India Limited, Babcock Scandinavian Air Ambulance, Acadian Ambulance Service, and among others.
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