Global Air Ambulance Services Market Thriving: Projected to touch USD 8.8 Billion by 2027
Published | 10 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.
Growth Drivers
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.
Technological
Advancements
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.
Restraints
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.
Do not miss the business
opportunity of the global air ambulance services market. Consult our analysts
to gain crucial insights, and facilitate your business growth.
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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