Yahoo Finance Air Ambulance Market exhibiting a CAGR of 10.5% during the forecast period - Exactitude Consultancy
Air Ambulance Market size is projected to grow from USD 21.42 billion in 2023 to USD 43.08 billion by 2030
Luton, Bedfordshire, United Kingdom, June 28, 2024 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Air Ambulance Market.
"The global air ambulance market size is projected to grow from USD 21.42 billion in 2023 to USD 43.08 billion by 2030, exhibiting a CAGR of 10.5% during the forecast period."
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The growth of the air ambulance market is driven by increasing road accidents, military rescue operations, sea and remote area rescues, and the rising demand for emergency medical services. However, market expansion is expected to be slow due to limited healthcare infrastructure and a shortage of aircraft in underdeveloped nations. Government regulations and stringent procedures also pose challenges for healthcare facilities.
It is projected that over 9% of the global GDP will be spent on health by 2038. The per capita expenditure on health in high-income countries is projected to be USD 9,020. On the other hand, upper-middle-income countries are expected to spend USD 1,936.0 per capita on health. The lower-middle-income countries are projected to spend USD 504.0 per capita on health, whereas the low-income countries are expected to spend USD 165.0 per capita on health.
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Competitive Landscape:
The competitive landscape of the air ambulance market was dynamic, with several prominent companies competing to provide innovative and advanced air ambulance. - Acadian Ambulance Service, AeroCare Medical Transport System, Air Alliance Medflight, Air Evac Lifeteam, Air Methods Corporation, AirCare Critical Transport, Babcock International Group, Boston MedFlight, CareFlight, Falcon Aviation Services, Gulf Helicopters, Life Flight Network, London’s Air Ambulance, Med-Trans Corporation, Mercy Flight, Omniflight Helicopters, Capital Air Ambulance, Midlands Air Ambulance Charity, Cornwall Air Ambulance Trust, Scandinavian Air Ambulance
Recent Developments
February 23, 2024— CareFlight has recorded the highest number of patients its aeromedical crews have cared for in a single year, a review of 2023 statistic has revealed.
January 27, 2023— Life Flight Network announced the addition of a new critical care transport base in Hoquiam, Washington. Slated to begin operations in mid-spring, Life Flight Network’s industry-leading flight crew will be based at Bowerman Airport with both fixed and rotor wing aircraft. The new base, part of their continued effort to expand rural access to critical air medical resources, will provide lifesaving care to Washington’s western peninsula and the surrounding communities.
Report Scope:
ATTRIBUTE | DETAILS |
Study period | 2020-2030 |
Base year | 2022 |
Estimated year | 2023 |
Forecasted year | 2023-2030 |
Historical period | 2019-2021 |
Unit | Value (USD Billion) |
Segmentation | By Service Operator, Aircraft Type and Region |
By Service Operator | Hospital-based |
Independent | |
Government | |
By Aircraft Type | Fixed Wing |
Rotary Wing | |
By Region | North America |
Asia Pacific | |
Europe | |
South America | |
Middle East Asia & Africa |
Market Dynamics
Air Ambulance Market Drivers
While a number of factors contribute to the growth of the air ambulance market, the growing geriatric population remains one of the key forces behind the growing demand. According to the United Nations (U.N.), the population aged 65 years and above is expanding faster than any other age group globally. As per the U.N.'s World Population Prospects: the 2020 Revision, for the first time ever, the population aged 65 years and above grew larger than the population of children under five years of age. The rapidly expanding aging demographic is accelerating demand for better medical facilities and services, including air ambulances.
Air Ambulance Market Restraint
An air ambulance is significantly more expensive than a ground ambulance. Although government and private health insurance in developed nations pay for air ambulance services, the reimbursement rate is minimal when compared to what the air medical service providers charge. The high price of the air ambulance service serves as a roadblock to industry growth. The cost of air ambulance transportation has increased dramatically by more than 60% in the last five years. Up to 73% of flown patients could encounter an unexpected out-of-network bill, according to a recent study published in the May 2020 issue of Health Affairs. An air ambulance company's median price for helicopter transport is $36,400, while their median price for a plane flight is $40,600, according to a 2020 report by the U.S. Government Accountability Office.
On the basis of geography
North America dominates the global air ambulance market. The presence of an adequate infrastructure-defined regulatory framework and favorable reimbursement policies contribute to the region's eminent market position.
In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
North America (USA and Canada)
Europe (UK, Germany, France and the rest of Europe)
Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
Latin America (Brazil, Mexico, and the rest of Latin America)
Middle East and Africa (GCC and rest of the Middle East and Africa)
We have also focused on technological lead, profitability, company size, company valuation in relation to the industry and analysis of products and applications in relation to market growth and market share.
We Offer Customization on Report Based on Specific Client Requirement:
- Free Country Level analysis for any +5 countries of your choice.
- Free Competitive analysis of any +5 key market players.
- Free +40 analyst hours to cover any other data point.
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