by Ambulance services, a critical component of the healthcare sector, are poised for substantial growth as they play a pivotal role in saving lives and providing essential medical assistance during emergencies. These mobile healthcare units are equipped with a range of life-saving equipment and are increasingly in demand due to the surge in road accidents globally. According to data from the Association for Safe International Road Travel (ASIRT), road traffic accidents alone account for approximately 1.3 million annual fatalities worldwide, with an additional 20-50 million people sustaining injuries. In the United States, over 37,000 individuals succumb to road accidents annually, with more than 2.3 million sustaining injuries. The rising use of commercial and personal vehicles has contributed to this alarming trend, necessitating an increased demand for ambulance services and driving the growth of the ambulance services market.
Furthermore, the growing prevalence of chronic diseases and the expanding geriatric population are contributing factors to the escalating demand for ambulance services. As per the United Nations Department of Economic and Social Affairs, nearly one in every six individuals worldwide will be over the age of 65 by 2050, highlighting the increasing need for healthcare services tailored to this demographic. Additionally, the development of medical tourism and the availability of favorable reimbursement policies are expected to further boost the demand for ambulance services in the coming years.
Emergency Medical Services Segment Takes the Lead
In 2021, the emergency services segment emerged as the market leader, capturing a significant revenue share of 60.9%. This segments growth can be attributed to the rising incidence of cardiovascular disorders, such as cardiac arrest, stroke, congestive heart failure, and the heightened demand for immediate medical assistance during the COVID-19 pandemic. Emergency ambulances are staffed with highly trained medical professionals, including emergency medical technicians (EMT), advanced life support (ALS) personnel, and paramedics, who provide critical care to patients in need. Each country has its designated emergency number, such as 108 in India, 911 in the United States, and 999 in the United Kingdom, ensuring prompt access to vital medical assistance.
North America Leads the Ambulance Services Market
In 2021, North America emerged as the largest market for ambulance services, accounting for 48.0% of the total revenue. This regions growth is fueled by the presence of key market players, a strong emphasis on the quality of healthcare services, well-developed healthcare infrastructure, and favorable reimbursement policies. Notably, the U.S. Department of Health and Human Services introduced a new payment model for emergency ambulance services to enhance accessibility and reduce out-of-pocket expenditures for Medicare beneficiaries.
Furthermore, the introduction of community paramedicine in North America, which extends the scope of services provided by Emergency Medical Services (EMS) providers, has contributed to market expansion. This innovative approach allows EMS providers to offer preventative and initial care in addition to their traditional crisis response and transportation responsibilities, meeting the growing demand for improved healthcare services.
Asia Pacific Emerges as a Rapidly Growing Market
The Asia Pacific region is experiencing rapid growth in the ambulance services market, driven by improved healthcare facilities, a substantial untapped market potential, and a rising number of traffic accidents. The aging population in countries such as China, India, and Japan is a significant factor contributing to this growth, as these individuals are more susceptible to various medical conditions. As per the Japan Statistics Bureau, the geriatric population in Japan accounted for 28.8% of the total population in 2020. Similarly, the World Health Organization forecasts that Chinas geriatric population will reach 28% of the total population by 2040. Additionally, robust government support for healthcare infrastructure development is enhancing accessibility and affordability of healthcare services in the region.
Competitive Landscape
Market players are actively introducing innovative products and forging collaborations to stay competitive. For instance, the International Critical Air Transfer Team (ICATT) and Kyathi in Karnataka, India, launched the countrys first integrated air ambulance service in September 2020. Meanwhile, Advatech Healthcare Europe introduced HIPPO Mobility, the UKs first technology-driven transportation service for elderly, handicapped, and non-emergency patients in October 2020.
Key players in the ambulance services market include SHM Shipcare, Babcock Scandinavian AirAmbulance, Aeromedevac, Acadian Ambulance Service, Harmonie Ambulance, BVG India Limited, Ziqitza Health Care, America Ambulance Services, Air Methods, and Falck Danmark.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/ambulance-services-market
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This press release first seen on Brilad
COMTEX_442019738/2840/2023-10-17T12:05:10
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.