Air Ambulance Services Market Growth & Trends
The global air ambulance services market size is expected to reach USD 11.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.0% from 2021 to 2028. The increasing number of accidents, the impact of COVID-19, and technological advancements are the key driving factors for the market.
Air ambulance services are used generally in case of medical emergencies. Patients or their family members have to bear high costs in case the services are availed in dire situations. Thus, reimbursement plans help patients recover costs and reduce this burden. Many companies offer reimbursement for the services such as Medicare and Medicaid. Moreover, the majority of the medical insurance guidelines and employee benefit plans offer some type of air ambulance coverage. The United States Department of Health and Human Services has included an air medical reimbursement plan in the Affordable Care Act. In February 2017, lawmakers in Montana supported two air ambulance regulation bills with an aim to reduce the economic burden on patients.
It was estimated that around 49.0% of the U.S. population will be affected by chronic diseases by 2025. Cardiac diseases and stroke account for 30.0% of the deaths in the U.S. Cardiovascular diseases are the leading cause of death globally. Stroke is the second most common cause of death worldwide. According to the WHO, it is estimated that by 2020, chronic diseases will account for 3/4th of the total deaths globally, out of which, 71% will be caused by ischemic heart diseases and 75% of deaths will be caused by stroke. India and China have a high prevalence of cardiac diseases. Chronic diseases, such as cardiac diseases and stroke, usually require an emergency medical response. The services provide rapid response in case of such emergency medical situations. Air ambulances are equipped with advanced and innovative medical care for cardiac, stroke, chronic obstructive pulmonary disorder, and trauma patients.
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Air Ambulance Services Market Report
Air Ambulance Services Market Report Highlights
- In terms of revenue, the rotary-wing segment held the largest revenue share in 2020. The rising number of cardiovascular diseases across the globe is the major factor propelling segment growth
- The hospital-based segment held the largest market share in 2020 and is expected to witness a considerable growth rate over the forecast period due to the increasing number of emergency cases
- In Asia Pacific, the market is expected to witness the fastest growth rate over the forecast period owing to the rising prevalence of chronic diseases
Air Ambulance Services Market Segmentation
Grand View Research has segmented the global air ambulance services market on the basis of type, service model, and region:
Air Ambulance Service Type Outlook (Revenue, USD Million, 2016–2028)
Air Ambulance Service Model Outlook (Revenue, USD Million, 2016–2028)
List of Key Players of Air Ambulance Services Market
- PHI Air Medical
- Babcock Scandinavian Air Ambulance
- Express Air Medical Transport
- REVA, Inc.
- Lifeguard Air ambulance
- Acadian Ambulance
- IAS Medical, Ltd.
- American Air Ambulance