Global Air Ambulance Services Market Thriving: Projected to touch USD 8.8 Billion by 2027
Published | May 2021
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that the global air ambulance services market was worth USD 5.0 Billion in the year 2020. It is estimated to grow at the CAGR of 7.9 %, earning revenue of around USD 8.8 Billion by the end of 2027. Air Ambulance services are a form of air rescue and transportation provided to patients in the event of a serious emergency. The air ambulance, which could be a helicopter or an airplane, is equipped with all of the necessary emergency medical and first-aid equipment, as well as the tools to ensure adequate convenience and optimal healthcare. The evolving healthcare sector, technological advancements, and the expanding global economy are driving the market growth of air ambulance services. Furthermore, rising rates of life-threatening diseases such as cancer, diabetes, neurological disorders, coronary heart disease, and HIV are propelling market growth. Furthermore, governments have increased their focus on improving emergency care standards, which is driving the market growth.
Rising cases of life-threatening diseases and number of accidents
The number of cases of life-threatening diseases is on the rise, necessitating urgent medical assistance. Furthermore, an increase in the number of accidents around the world is affecting business development. Air ambulance facilitates faster emergency service than traditional on-road ambulance services. In case of critical ailments such as road accidents or burn incidents, this provides a timely and well-organized passage. Air ambulance services are extremely beneficial in ensuring that patients are transported to a nearby medical facility as soon as possible.
The communication systems in an air ambulance enable doctors to send real-time data about their patients' conditions to doctors at the hospital, enabling them to prepare for the emergency ahead of time. Also, advanced life care services are now readily available in air ambulance services. Previously, air ambulances were used only on battlefields. However, as the number of serious medical situations increased and ambulance technology progressed, ambulances began to be used for emergency patient transportation to and from hospitals.
High-priced and operational constraint
The growth of the air ambulance services sector is being hampered by an increase in the number of air ambulance accidents, as well as the high costs associated with the service and operational constraints. Additionally, the entrance of new entrants into the market is hampered by high initial capital investments. The cost of maintaining an air ambulance is very high since it needs routine maintenance. Also, restricted space in the aircraft is another limitation impeding the growth of the air ambulance services market.
Impact of COVID-19 in the industry
Various sectors across the globe were heavily impacted as a result of the COVID-19 outbreak. During the pandemic, when the whole world was under lockdown, there was a surge in demand for air ambulance medical services from hospitals, independent end-users, as well as health insurance providers. Furthermore, the demand for air ambulance services for medical emergencies is projected to rise sharply as a result of increased investments in the healthcare sector as a result of COVID-19. In addition, air ambulance companies are enforcing strict safety regulations to protect patients, their relatives, and attendants
The rotary wings aircraft occupies the largest share of the global air ambulance services market
Based on aircraft type, the global air ambulance services market is divided into Helicopter, Drone Ambulance Aircraft/Airplane, and seaplanes. The airplane segment is further divided into Rotary Winged Aircraft and Fixed Winged Aircraft. The rotary wings aircraft is projected to be the largest and fastest-growing segment during the coming years. The surge in demand for helicopter air ambulance, especially during the COVID-19 emergency, contributed to the market's growth. Furthermore, the consistent development of helicopters by manufacturers dedicated to providing healthcare services is expected to support growth.
North America is expected to witness significant growth in the market during the forecast period
Based on region, the air ambulance services market is divided into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to dominate the global air ambulance services market during the forecast period. Favorable reimbursement policies and increased use of medical facilities are driving market growth.
The Asia Pacific region is another major contributor to the market revenue. The market in the Asia Pacific is expected to grow during the forecast period as a result of widespread acceptance of healthcare infrastructure aimed at creating a more benevolent and less taxing healthcare system experience. Furthermore, the increasing number of multispecialty hospitals is a key factor influencing market growth in the emerging countries.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global air ambulance services market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global air ambulance services market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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