The global 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.
Key Takeaways
The Global Air Ambulance Services Market Size is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing accidents and trauma injuries. Air ambulances reduce time to reach critical care centers, thereby improving clinical outcomes.
North America is expected to dominate the global air ambulance services market due to well-established healthcare infrastructure, high rate of road accidents and favorable reimbursement policies for air ambulance transportation. Asia Pacific is anticipated to exhibit fastest growth rate attributed to growing demand for emergency care and rising road accidents in developing countries such as India and China.
Key players operating in the air ambulance services market are 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, ALPHASTAR. Major players are focusing on fleet expansion and technological advancements to consolidate their market position.
Market Overview
Air Ambulance Market refers to a specially designed helicopter or fixed-wing aircraft equipped with medical facilities to provide emergency medical services and transportation of critically ill or injured patients from the accident site or place of incident to the hospital. Air ambulance services can effectively handle critical care patients in emergency conditions and transport them to medical facilities in a short span of time when compared to road transportation. They provide several benefits over ground ambulances such as faster transportation, access to remote or hard to reach areas and ability to transport patients across long distances. With technological advancements, air ambulance fleets today feature trauma bays, ventilators, ECG monitors and other life-saving medical devices that enable en route critical care.
Market key trends:
One of the key trends in the market is the growing use of advanced air ambulance services. Technological advancements are playing a major role in enhancing the operational capabilities of air ambulances. For instance, many air ambulances today feature state-of-the-art medical facilities like onboard wifi connectivity, advance monitoring systems, autonomous navigation systems, telemedicine facilities etc. This allows continuous remote monitoring of patients, consultation with medical experts from a control room and enhanced safety during flights. Another major trend is the increasing demand for helicopter air ambulance services. Helicopters have distinct advantages over airplanes as they enable quick access in dense urban traffic, variable weather conditions and rough terrains. They require small spaces for take-off and landing and have high maneuverability near accident sites. This has driven their rising preference, especially for emergency scenarios in cities and mountainous regions. The market is also witnessing increasing strategic collaborations between air ambulance service providers and insurance companies or medical facilities. This ensures streamlined transportation and admission of critical patients.
Porter’s Analysis
Threat of new entrants: The risk of new players entering the air ambulance services market is moderate to high. Entering the market requires high capital investment for equipment such as helicopters and aircraft which are specially designed for air ambulance services. However, growing demand is an opportunity for new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers in the air ambulance services market is moderate. Buyers typically have less bargaining power due to emergency medical conditions that require urgent transportation from ground to hospitals. However, availability of few alternatives increases their bargaining power.
Bargaining power of suppliers: The bargaining power of suppliers in the air ambulance services market is low. Suppliers include medical equipment providers, aircraft lessors, and helicopter manufacturers among others. Due to presence of many suppliers, buyers can easily switch between suppliers.
Threat of new substitutes: Potential threat of substitutes in the air ambulance services market is low as ground ambulance transportation cannot be substituted in emergencies and remote locations. However, expansion of critical care ground ambulance services is a potential threat.
Competitive rivalry: The competitive rivalry in the air ambulance services market is high due to presence of numerous regional and global players. Players largely compete on factors such as fleet size, quality of patient care, coverage area, response time and pricing.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile