The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Air ambulance services refer to emergency medical air transportation for patients requiring urgent medical assistance. It involves the use of airplanes or helicopters equipped with essential medical equipment to transport patients from the site of incident to advanced trauma centers or specialty hospitals. These help transport critically ill or injured patients in a timely manner over long distances. They are commonly used for inter-facility transfers during medical emergencies and natural calamities.
Market Dynamics:
Growing prevalence of chronic diseases and medical emergencies requiring rapid transportation is expected to drive the growth of air ambulance services market over the forecast period. According to World Health Organization (WHO), chronic diseases accounted for over 70% of total deaths globally in 2020. Furthermore, rising road accidents and injuries also demand prompt medical assistance, thereby augmenting the market growth. The market is also anticipated to gain traction owing to rising awareness about the benefits of air ambulance such as being swifter than ground transportation and ability to access remote areas. However, high operational costs associated with air medical services may hamper the market growth.
SWOT Analysis
Strength: Air Ambulance services provide critical care during medical emergencies which helps save lives. They have highly skilled paramedics and pilots who can navigate varied terrains. The services have advanced medical equipment to provide emergency healthcare mid-air or during transit.
Weakness: Air Ambulance services have high operational costs due to expensive aircraft and medical equipment. Adverse weather conditions can impact operations and lead to delays.
Opportunity: Growing elderly population who are high-risk patients can drive the demand for Air Ambulance services. Technological advancements in aircraft and medical equipment provide an opportunity to enhance service quality.
Threats: Stringent regulations around aircraft and pilot certification increase entry barriers. Rising fuel costs and risk of aviation accidents are key threats.
Key Takeaways
The global Air Ambulance Services market is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing demand for emergency medical evacuation. Road accidents and rising cases of chronic diseases have increased the need for time-critical patient transport via air.
Regional analysis: North America dominates the global market owing to robust healthcare infrastructure and helicopter emergency medical services in the US. Europe is the second largest market supported by government funding for Air Ambulance services in various countries. Asia Pacific is expected to grow at the fastest pace due to improving healthcare standards and growing medical tourism in 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. These players are focusing on fleet expansion and addition of advanced aircraft to expand their service coverage. Partnerships with hospitals have also increased to facilitate prompt emergency responses.
Get More Insights Here
https://www.trendingwebwire.com/air-ambulance-services-market-share-size-forecast-outlook-2023-2030/
