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.
Market Overview:
Air ambulance services offer emergency medical transportation to critically ill or injured patients via aircraft to medical facilities often over hundreds of miles in short period of time. This mode of transport enables transferring patients from remote or rural areas to the nearest hospital for advanced treatment within the golden hour.
Market key trends:
One of the key trends driving the air ambulance services market is increasing incidence of time-critical illnesses and injuries worldwide that require immediate medical attention. According to World Health Organization, road accidents claim around 1.35 million lives across the globe each year. Also, strokes, heart attacks and injuries caused due to extreme weather conditions are on the rise. Since air ambulance services can transport critical patients to hospitals much faster than ground transportation, their demand is growing rapidly. Furthermore, introduction of advanced aircraft models, sophisticated medical equipment onboard, and rising medical insurance coverage for air ambulance services are few other factors projected to contribute to the market growth over the forecast period.
SWOT Analysis
Strength: Air ambulance services offer a fast mode of transportation for critical patients to the nearest healthcare facility, saving precious time in life-threatening medical conditions. They are equipped with ICU-level medical equipment and a team of trained medical professionals to provide emergency medical care en route.
Weakness: High operational costs associated with maintaining and operating air ambulances round the clock. Dependency on weather conditions limits its usage, especially during extreme weather such as heavy fog.
Opportunity: Increasing cases of trauma injuries due to road accidents and sports injuries have fueled the demand for air ambulance services. Growing health infrastructure and demand for timely medical care in remote areas also present opportunities.
Threats: Stringent regulatory norms and certification requirements by aviation regulatory bodies increase operational challenges. Dependency on weather poses flight safety threats. Intense competition from relatively cheaper ground ambulance services.
Key Takeaways
The Global Air Ambulance Services Market Share is expected to witness high growth, exhibiting a CAGR of 9.4% over the forecast period, due to increasing incidences of time-critical illnesses and injuries, especially in remote locations.
Regional analysis: North America currently dominates the air ambulance services market owing to a well-developed healthcare infrastructure and rising healthcare expenditure. However, Asia Pacific is expected to grow at the fastest rate due to growing healthcare awareness, rising medical tourism, and improving medical facilities in developing countries.
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. Some of the key players are focusing on expanding their fleet of air ambulance aircraft and international expansion to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it