Ambulance Services Market Expected to Reach $94.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Ambulance Services Market," The ambulance services market was valued at $40.6 billion in 2021, and is estimated to reach $94.2 billion by 2031, growing at a CAGR of 8.9% from 2022 to 2031.

The demand for ambulance services has grown due to a growth in the number of persons suffering from different chronic conditions, as well as an increase in the senior population. Furthermore, the increase in medical tourism and the availability of reimbursement policies are projected to increase demand for ambulance services throughout the forecast period. The global increase in traumatic accidents is likely to drive market expansion. According to the National Health Portal, around 5 million individuals worldwide die each year as a result of different injuries.

However, the expense of air ambulance services is one of its limitations. Depending on the distance travelled and the type of aircraft utilized, the cost of employing an air ambulance can range from a few hundred dollars to several thousand dollars. These factors are anticipated to hinder the ambulance services market size.

The basic life support (BLS) category held a sizable part of the worldwide ambulance services market. During the projection period, the segment is expected to increase at a modest rate. In BLS ambulances, emergency medical practitioners and partially trained workers offer medical services. Patients with complicated fractures, medical or surgical patients, patients being released home or to subacute care institutions, and mental patients are typically served by BLS ambulance services. As the number of operations increases across the world, BLS ambulance services may be required to transfer patients from hospitals to homes and vice versa. These factors are anticipated to boost the ambulance services market growth in the upcoming years.

The global ambulance services market share is segmented based on mode of transportation, service type, emergency ground ambulance, operating type, and region. As per mode of transportation, it is classified into air ambulance, ground ambulance, and water ambulance. According to service type, it is classified into emergency medical transport, and non-emergency medical transport. Depending on emergency ground ambulance, it is classified into basic life support ambulance, and advance life support ambulance. By operating type, it is classified into public private partnership, government, private, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the ambulance services market report include Babcock International Group PLC, Acadian Ambulance Service, BVG India, Falck A/S, Ziqitza HealthCare, Air Methods, Harmonie Ambulance, Envision Healthcare, Medivic Aviation, and Aeromedevac Air Ambulance.

The report offers a comprehensive analysis of the global ambulance services market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working toward the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of Covid-19 on the Global Ambulance Services Industry

• The COVID-19 outbreak had a substantial influence on the ambulance services industry due to the increased demand for ambulance services to offer emergency care to COVID-19 patients during the pandemic.
• As a result, there was a larger demand for ambulance services during COVID-19, but the supply side's challenges had a significant influence on the market under examination because of the global incidence of chronic illnesses and emergency patients.
• Social distancing norms, closed borders, and production constraints due to the pandemic, across various countries such as China, India, and the U.S. have affected the global market.

Key Findings of the Study

• Based on mode of transportation, the ground ambulance sub-segment emerged as the global leader in 2021 and air ambulance sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on service type, the emergency medical transport sub-segment emerged as the global leader in 2021 and as well as this segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on emergency ground ambulance segment, the basic life support ambulance sub-segment emerged as the global leader in 2021 and advance life support ambulance sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on operating type, the government sub-segment emerged as the global leader in 2021 and private sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on region, the Asia-Pacific market registered the highest market share in the ambulance services market and is projected to maintain the position during the forecast period.