The air ambulance services market is estimated to be valued at US$ 6399.13 Mn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Air ambulance services involve transportation of patients by air through helicopters and fixed-wing aircrafts during medical emergencies. These services offer fast transportation with medical care capabilities for critically ill and injured patients over long distances. They are primarily used during emergencies like trauma cases, time-critical illnesses, and transfers between hospitals. With the increasing prevalence of chronic diseases and medical emergencies, the demand for air ambulance services is growing steadily.
Market Dynamics:
The air ambulance services market is driven by the rising number of medical emergencies cases across the world. According to the World Health Organization (WHO), road accidents account for around 1.35 million deaths annually across the globe. Developing regions report a high rate of trauma injuries, lacking proper emergency medical services. This is increasing the demand for fast transportation services. Furthermore, the increasing geriatric population suffering from chronic diseases and medical conditions also require emergency transportation during health complications, fueling the market growth. Additionally, technological advancements in medical appliances installed in air ambulances along with rising investments by government and private organizations are expected to create opportunities over the forecast period.
SWOT Analysis
Strength:
Air Ambulance services have highly skilled medical professionals on board to handle any medical emergency during transit. Their aircrafts are well equipped with ventilators, defibrillators and other advanced life support equipments which help save critical patients. They can reach remote areas in short time which helps increase chances of survival.
Weakness:
Air Ambulance services are very costly for general public to afford. The high cost is also a barrier for insurance companies to cover these services for customers. Bad weather conditions can delay air ambulance services and response time.
Opportunity:
Growing elderly population prone to chronic diseases and medical emergencies will boost demand for air ambulance services. Developing public-private partnerships and subsidies can help lower costs and increase affordability and accessibility of these services. Remote monitoring technologies can help paramedics track patients vitals remotely and provide early emergency response.
Threats:
Stringent regulations around air ambulance services poses challenges. Climatic changes are leading to unpredictable weather patterns affecting operations.
Key Takeaways
The Global Air Ambulance Services Market Size is expected to witness high growth, exhibiting a CAGR of 9.4% over the forecast period, due to increasing road accidents and demand for prompt emergency care.
Regional analysis
North America dominates the global market, accounting for over 40% market share due to the presence of major key players and well-established healthcare infrastructure in the region. Asia Pacific is expected to grow at the fastest rate over the forecast period due to increasing healthcare expenditure and rising cases of chronic diseases in developing countries such as India and China.
Key players
Key players operating in the air ambulance services market include Air Methods Corporation, Deccan Charters, Scandinavian Air Ambulance, Air Ambulance Specialists, Air Charter Service, Envision Healthcare Companies, Falck Danmark A/S, AMR Air Ambulance, AirMed International, Express Aviation Services, and ALPHASTAR. Air Methods Corporation is the largest player with fleet of over 500 aircraft globally.
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