Global Ambulance Services Market To Record US$ 50 Billion Revenue By 2026
Revenue By 2026
According to a research report by Global Market Insights Inc., the global ambulance services market is likely to surpass a valuation of $50 billion during forecast timeframe.
The increasing geriatric population across the world is expected to push the global ambulance services market share over the coming years. In fact, as per the U.S. Census Bureau data from 2017, all baby boomers will cross the age of 65 by 2030, significantly contributing to the overall size of the geriatric population. Furthermore, by 2060, the number of Americans aged 65 and above is projected to be twice that of today, reaching about 98 million from the current 46 million. The elderly are vulnerable to several diseases owing to their weak immune systems as well as the functional and anatomic changes happening with their bodies. In addition, a tremendous impact of the COVID-19 pandemic is increasing the use of ambulances globally, thereby propelling the market size.
Considering these developing industry conditions, several industry players are introducing new ambulances and launching new technologies to enhance ambulatory care, which would majorly instigate the industry share over the coming years. Taking May 2019 for instance, IMMI, a leading developer and manufacturer of advanced safety systems, reportedly launched Per4Max, an innovative, unique 4-point restraint designed for ambulances.
This technology allows medical technicians to effectively look after the patients while ensuring their own safety. The restraint is essentially a seat belt that allows them to move freely in the cabin while also ensuring that they do not get thrown around the vehicle cabin I case of an accident.
Given below is a brief overview of the top 3 trends that are driving ambulance services market outlook:
Increasing Adoption of Water Ambulance
With reference to transportation, water ambulance accounted for more than 8% industry share in 2019. Numerous remote regions of the world are very difficult to reach owing to a lack of roads. Such as the geographic regions that are surrounded by water, which are highly inaccessible, but can be accessed easily using alternat forms of transportation, which is where water ambulances come in.
Water ambulance is used at all such places to provide emergency medical services. A water ambulance is essentially a boat that is majorly used for delivering emergency medical services in remote areas that are surrounded by a body of water.This type of ambulance is essentially equipped with all equipment necessary tohelp patients, which are increasing their demand in such regions globally.
Expanding Scope in Home Healthcare Settings
With reference to end-use, home healthcare settings contributed to more than 35% industry share in 2019. The ambulance services utilized by home-based healthcare settings aid individuals to enhance function and live with higher level of independence.
Home healthcare settings also allows the patients to stay at home and avoid being admitted to institutions that offer long-term care services. Moreover, as it facilitates a significant growth in patient satisfaction, home healthcare settings are likely to bolster the market share over the projected timeframe.
Increasing Government Support Across North America
North America ambulance services industry registered a momentous market share of about 35% in 2019. North America is further forecast to record substantial growth over the coming time period. Increasing government support towards ambulance is slated to majorly push the market demand over the coming years.
Previously, emergency ambulance services were only offered through road transport, However, in 1972, U.S. was introduced to a medical helicopter transport for emergencies as an air ambulance. Since then, more regulations were introduced to enhance ambulance services, consolidating industry outlook. Meanwhile, the presence of major market players is also likely to push the regional market size through 2026.
Major market players are actively implementing strategies such asacquisitions, partnerships, and investments to expand their presence. Taking February 2019 for instance, Acadian Ambulance Service completed the acquisition of Memphis based EMHC (Emergency Mobile Health Care). Through the transaction, the company looked to enhance its ambulatory care portfolio.
The competitive landscape of the global ambulance services market is inclusive of players such as SHM Shipcare, Aeromedevac, Harmonie Ambulance, Ziqitza Health Care, Air Methods, Falck Danmark, America Ambulance Services, BVG India Limited, and Babcock Scandinavian AirAmbulance among others.