Ambulance Services Market to Exceed Valuation of US$ 70 billion by 2031: TMR Study
08 Jun 2022
Advancements in basic life support transport technologies underpins enormous revenue prospects for companies in the ambulance services market; Demand for advanced life support ambulance services rising, supported by government initiatives
Favourable reimbursement policies spurred adoption of ambulance services notably in North America; need for EMS in older patients expanding horizon for profitable avenues
ALBANY, N.Y., June 8, 2022 /PRNewswire/ -- Various companies in the ambulance services market are aiming at constantly advancing technologies notably in air ambulance services to meet wide-ranging provision of care to patients in emergency medical services. Rise in demand for emergency ambulance services for urgent and life-threatening health conditions has shaped the revenue prospects for players in the market. The global market for ambulance services is forecast to surpass US$ 70 Bn by 2031.
Recent developments in the ambulance services have underscored the trend of massive demand for services in basic life support (BLS). The opportunities in the segment are projected to expand at moderate pace in the near future, as a TMR study found analysing the growth dynamics of the ambulance services market. Emerging economies are witnessing growing need for expanding the scope of advanced life support (ALS) systems for patients in rural areas. The trend will likely influence future market demand for ambulance services considerably in the near future.
The global market for ambulance services has witnessed new revenue streams from the changing nature of demand from elderly population. Healthcare providers are geared toward addressing these needs in older patients especially the cohorts that need ALS transport. These have more comorbidities than young adults. Hence, rapidly aging populations in several developing and developed nations is spurring the use of products in the ambulance services market for meeting out-of-hospital medical emergencies.
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Key Findings of Ambulance Services Market Study
Wide Range of Demand for Emergency Medical Services (EMS) to Propel Revenue Growth: Changing nature of and rise in demand for emergency medical care have steered the prospects of the ambulance services market. In this regard, the analysts of TMR observed that air and boat ambulance services have created lucrative avenues for companies in the ambulance services market. Healthcare providers are leaning on expanding the scope of EMS by equipping the systems with advanced technologies and paramedics.
Widespread Demand for Basic Life Support Services Underpins Abundant Opportunities: Basic life support (BLS) services have witnessed massive demand in recent years. Number of hospital visits from sub-acute care facilities and demand for BLS services among psychiatric patients have increased considerably in various countries. The trend is likely to reinforce the revenue potential in ambulance services market from the BLS segment.
Companies to Reap Revenue Gains from Need for Fully Equipped Ambulance: Need for fully equipping ambulances to meet the complex needs of patients is generating incredible avenues. High equipped patients have gathered traction among high acuity patients, thus spurring profitable opportunities in the ambulance services market.
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Ambulance Services Market: Key Drivers
Favorable reimbursement policies have played a pivotal role in expanding the outlook of the ambulance services market. Growing initiatives by governments in some developed countries on funding EMS have shaped the evolution trajectories.
Need for reducing the response times to critical intervention especially in case of geriatric population is a key underpinning for expanding the scope of offering by companies in the ambulance services market
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Ambulance Services Market: Regional Growth Dynamics
North America held a major share of the global ambulance services market in 2021. Rise in demand for advanced services especially in geriatric population and favorable reimbursement frameworks have propelled the revenue growth of the regional market. Rising adoption of EMS in chronic and acute diseases has spurred enormous profitable avenues in the North America ambulance services market.
In 2021, Asia Pacific was fastest growing market for ambulance services globally. The region is anticipated to contribute sizable revenues to market players in the coming years. Presence of a vast target population especially in the emerging economies will fuel the growth of the Asia Pacific ambulance services market.
Ambulance Services Market: Key Players
Some of the prominent players in the market are Aeromedevac Air Ambulance, Air Methods, American Ambulance Service, Inc., BVG India Limited, and Babcock International Group plc.
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Ambulance Services Market: Segmentation
Mode of Transport
Ground Ambulance
Type of Equipment
Basic Life Support (BLS)
Service
Emergency
Non-emergency
Regions
North America
Latin America
Europe
Latin America
Middle East & Africa
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