The global air ambulance services market is set to gain impetus from the surging usage of an advanced technology demonstrator (ATD). It is capable of collecting reflections and broadcasting radio waves back from the atmosphere. Multiple companies are also launching new facilities to intensify competition. For instance, AirMed International added a Hawker 800XP aircraft to its Birmingham base. It will be used for medical purposes. This information is given by Fortune Business Insights™ in a report titled, “Air Ambulance Services Market, 2021-2028.” As per the report, the market size was USD 4.10 billion in 2020. It is projected to grow from USD 4.89 billion in 2021 to USD 9.58 billion in 2028 at a CAGR of 10.1% during the forecast period.
Declining Patient Volume amid COVID-19 Pandemic to Hamper Growth
The COVID-19 pandemic has had a negative impact on the emergency medical services industry because of the declining overall patient volume. This is happening because of the increasing concerns regarding the high risk of infections amid the pandemic. The Association of Air Medical Services, for instance, requested funding of USD 816 million in April 2020 to cover the huge losses suffered by these service providers because of COVID-19.
Segments-
Independent Segment to Be the Largest Stoked by Surging Partnerships among Companies
Based on the service operator, the market is trifurcated into hospital-based, independent, and government. Out of these, the independent segment is expected to generate the largest air ambulance services market share because of the rising engagement in partnership strategies between community health organizations and private companies. GAMA Aviation, for instance, received a five-year contract in July 2020 from the Government of Guernsey and the Government of Jersey to deliver services between the U.K. mainland and Channel Island.
Report Coverage-
The report analyzes the air ambulance services industry by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to analyze their core competencies in each segment. Apart from that, it ensures to help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
Drivers & Restraints-
Increasing Prevalence of Strokes, Heart Attacks, and Trauma to Boost Growth
The urgent need to transport patients suffering from trauma incidents, heart attacks, and strokes raises the demand for these ambulance services as these patients require time-sensitive therapies in hospitals. In the U.S., for instance, more than 4 million people suffer from serious injuries owing to road accidents every year. Similarly, in Europe, approximately a million people suffer from strokes annually. Hence, time-dependent surgical or medical intervention is necessary in numerous cases of chronic ailments.
However, compared to ground ambulance services, the mode of air transportation involves high-cost spending. It usually costs between USD 3,000 to USD 24,000 based on the distance. Hence, the majority of the population cannot afford it. This factor may obstruct the air ambulance services market growth in the upcoming years.
Information Source:-
https://www.fortunebusinessinsights.com/air-ambulance-services-market-102577
Regional Insights-
Presence of Air Methods and PHI Air Medical to Help North America Dominate
In 2020, North America procured USD 1.96 billion in terms of revenue. It is anticipated to remain in the dominant position on account of the presence of various air ambulance service providers, namely, PHI Air Medical, Acadian Companies, Air Medical Group Holdings, and Air Methods in the U.S. In Europe, the surging investment by prominent companies for the development of unique technologies for enhancing ambulance service operations is expected to bolster growth.
Competitive Landscape-
Key Players Focus on Introducing Novel Features to Compete in Market
The global market contains a large number of companies that are presently striving to gain a competitive edge. To do so, they are opening new bases or are investing in the development of cutting-edge products with advanced features. Below are the two industry developments:
- October 2020: Air Methods inaugurated its latest base in Evergreen, Alabama, for delivering emergency air medical services to the surrounding area and the city. Some of the counties that the base would serve are Escambia, Baldwin, Clarke, Covington, Monroe, Wilcox, Butler, and Conecuh.
- February 2020: European Air Ambulance (EAA) announced the addition of a ‘Traveler’ system to its list of high-tech equipment. It would secure and protect the baby in an incubator, even during the turbulence of the flight.
A list of renowned providers of air ambulance services present in the global market:
- Air Methods Corporation (The U.S.)
- Global Medical Response Inc. (The U.S.)
- Acadian Companies (The U.S.)
- PHI Inc. (The U.S.)
- REVA Inc. (The U.S.)
- Express Aviation Services (The U.S.)
- European Air Ambulance (Luxembourg)
- Babcock Scandinavian Air Ambulance (Sweden)
- Air Charter Services Pvt. Ltd. (India)
- Gulf Helicopters (Qatar)
