The ambulance services market is estimated to secure a valuation of US$ 32.5 Billion in 2023 and is estimated to rise to US$ 51.4 Billion by 2033. The market is anticipated at a CAGR of 4.7% during the forecast period. The factors accelerating the demand for ambulance service are as follows-
An increasing number of multispecialty hospitals equipped with proper ambulance services are fuelling market growth. Increased government investment in ambulance services to improve the healthcare infrastructure and increased development of new technologies and improved services provided by the manufacturer led to the development of the ambulance services market.
The increased number of ambulances with the latest technology and increased healthcare needs of the consumers and favourable government policies are likely to drive the ambulance services market during the forecast period.
The other factors likely to boost the demand for ambulance services include increased awareness among consumers about personal health, changing consumer preferences, increasing awareness of healthcare services, and increasing healthcare spending.
North America dominates the ambulance services market and accounted for the highest market share during the forecast period. the growth of the market in the region is attributed to increased demand for high-quality healthcare services and the presence of well-established healthcare infrastructure.
Europe accounts for the second highest share in the ambulance services market. The increased number of accident cases and rising old age population in the region driving the ambulance services market in the Europe region.
Asia Pacific is the fastest-growing region in the ambulance services market. Ambulance services are encountering significant demand from countries like China and India owing to the increased disposable income and increased utilization of medical services.
The leading players providing ambulance service include Envision Healthcare Corporation, Falck Holdings A/S, London ambulance Service NHS Trust, America Ambulance services Inc, Acadian Ambulance Service Inc, Ziqitza Healthcare Limited, Medivick Aviation, BVG India Ltd, Air methods corporation, Air Medical Group Holdings Inc, among others.
For instance, Acadian Ambulance Service Inc offers different services like specialized transport services, emergency transportation, and non-emergency transportation among others. The Acadian ambulance has contracted with hospitals, nursing homes, hospital agencies, managed care and most insurance companies to provide highly reliable, on-time medical emergency transportation.
The ambulance services market is expected to grow in coming years with increased demand for the most equipped ambulances and trained medical staff. Many leading ambulance service providers have ambulances equipped with advanced medical tools and equipment. Also, the easy availability of different types of ambulance services is likely to drive market growth during the forecast period. The increasing investment in research & development by market players and the launch of new advanced ambulances are anticipated to boost the demand for ambulance services specifically in emerging economies.
For instance, founded in 2015 - Medulance is an app-based platform for finding and booking an ambulance. The user needs to specify the destination and the type of ambulance. Medulance provides the ambulance for emergency services as well. They have different types of ambulances such as ADS advance life support, basic life support, patients support and mortuary vans.
| Data Point | Key statistics |
|---|---|
| Expected Market value in 2023 | US$ 32.5 Billion |
| Projected Market Value in 2033 | US$ 51.4 Billion |
| Growth Rate (2023 to 2033) | CAGR of 4.7% |
According to the latest research by Future Market Insights, the Ambulance Services market is set to witness steady growth from 2023 to 2033. The market is moderately fragmented and the demand for Ambulance Services will witness stable growth owing to the rising number of medical emergencies, a rapid rise in hospital visits due to this pandemic as well as regular doctor visits.
An increase in the utilization rate of personal and commercial vehicles by individuals for various purposes brings about a rising number of accidents. Accidents, Trauma cases, and other medical emergencies create the requirements for early hospital visits for clinical support and treatment.
There has been a demand from the geriatric population, who has a lower immunity level and is inclined to chronic diseases such as cardiac diseases, chronic kidney disease, cancer, and neurological disease, to drive the demands over the forecast years. According to WHO, worldwide, the number of individuals aged 65 or over is expected to develop from 524 million in 2010 to almost 1.5 billion in 2050.
Road accidents are observed to be the main reason for death from injuries and are likewise to be the tenth major reason for death worldwide as they presently form an exceptionally important part of the load on the sick world. A projected 1.2 million individuals die in road accidents each year, and a projected 50 million are harmed, obtaining 30% to 70% of bone marrow transplants in emerging nations.
With rising changes, there are likewise efficient emergency services that lead to the convenient intervention of accidents casualties or patients experiencing chronic pain. These convenient services assume a significant part in health. Moreover, the increasing amount of road accidents, which need emergency medical care, is rising the market for ambulance services.
North America has ruled the rescue vehicle administrations market and the strength of the market is primarily owing to the presence of a few key market major parts around here, developing interest in quality medical care administrations, and grounded medical care foundation.
Moreover, the presence of good repayment strategies in developed countries is additionally expected to drive the general market. In the USA, Medicare includes both non-emergency and emergency ambulance services, if it is observed as medically essential and the provider satisfies Medicare ambulance needs. The budding group of paramedicine in North America additionally adds to the huge market size around here.
As per the American Heart Association, in January 2019, stroke was the main reason for death in the USA Approximately 2.7 million individuals in the country suffer from atrial fibrillation and approximately 800,000 individuals experience a stroke, every year, making it an optimistic perspective for the USA market.
Europe accounted for the second-highest position in the worldwide demand for ambulance services. Significant European markets include the United Kingdom, Italy, France, Spain, and Germany.
The increasing number of travellers visiting the European nations is the primary reasons affecting the European tourism sector. If there should be an occurrence of accidental cases or unexpected health issues, travellers look for instant medical therapy. As per the European Commission (EC), in 2015, around 100 million individuals in Europe experienced at least one or more physical inabilities and this figure is required to increase because of the rise in injury rate over the forecast period.
The rising old-age population is relied upon to support the development of ambulance services in Germany. Germany has a large number ofs foreign patients' every year in hospitals. The ambulance services are encountering significant demand from the French population, attributable to the increasing disposable income between the French people, combined with the growing amount of patients with chronic disease.
The rapid utilization of ambulance services in the country is boosting the development of the European ambulance services market.
Some of the leading manufacturers and suppliers of Ambulance Services include
The ambulance services market is comparatively fragmented, with the existence of a couple of large-scale players available in global markets, and various small-scale participants in regional markets. Worldwide, they are involved in long term contracts with medical care organizations, and are involving in partnerships and strategic alliances with other players in various nations to extend their business.
Significant advancements by major players operating in the market are likewise going to fuel the development of the worldwide market.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Ambulance Services Market
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