Air Ambulance Services Market Size Worth $11.2 Billion By 2028
Air Ambulance Services Industry Overview
The global air ambulance services market size was valued at USD 5.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.0% from 2021 to 2028. According to the World Health Organization (WHO), chronic diseases are the leading cause of death worldwide and represent 60.0% of the total deaths. Nearly 80.0% of the deaths caused by chronic diseases occur in middle- and low-income countries. It is estimated that 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 2022, 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. Air ambulance 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.
Gather more insights about the market drivers, restrains and growth of the Global Air Ambulance Services market
There has been a drastic increase in global health expenditure since 1980. In 2012, the total global per capita healthcare expenditure was USD 6.5 trillion annually. The global healthcare expenditure is expected to reach USD 18.28 trillion by 2040. According to the World Health Organization (WHO) report (2012), the U.S. had the highest per capita healthcare expenditure (USD 8,362) and Eritrea had the lowest per capita healthcare expenditure. The Luxembourg government spent the highest amount per person annually on health (USD 6,906) and the Myanmar government spent the lowest amount per person annually on health.
It is projected that 9.0% of the global GDP will be spent on health by 2040. The per capita expenditure on health in high-income countries is projected to be USD 9,019. On the other hand, upper-middle-income countries are expected to spend USD 1,935.0 per capita on health. The lower-middle-income countries are projected to spend USD 507.0 per capita on health, whereas the low-income countries are expected to spend USD 164.0 per capita on health. An increase in per capita healthcare expenditure is expected to have a positive effect on the salaries of medical professionals, treatment facilities, and hospital administration and help reduce the cost of medical procedures and pharmaceutical products. The increase in per capita healthcare expenditure can aid in overcoming the problem of shortage of medical professionals and facilities. An increase in the availability of these resources is expected to contribute to the growth of the market for air ambulance services.
The presence of a large population pool over 60 years, which typically has a lower immunity level and are prone to neurological diseases, cardiac problems, cancer, and spinal injuries, is expected to be a high impact-rendering driver for the growth of the market over the forecast period. As per the WHO, globally, the number of people aged 65 or older is anticipated to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050. The geriatric population is highly susceptible to diseases such as arthritis, heart attacks, stroke, osteoporosis, and obesity. Patients suffering from such diseases may require an emergency as well as a non-emergency ambulance service model. Hence, the increasing geriatric population is likely to result in the growth of the market.
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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)
- Rotary-wing
- Fixed-wing
Air Ambulance Service Model Outlook (Revenue, USD Million, 2016 - 2028)
- Hospital-based
- Community-based
Air Ambulance Service Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- January 2016: REVA launched a new operations base in Schenectady, New York. The new base allows REVA to provide rapid response to medical missions in Europe and abroad. The new base also opened new opportunities with insurers and other leading facilities in the Northeast region.
Key Companies profiled:
Some prominent players in the global Air Ambulance Services market include
- AMR
- PHI Air Medical
- Babcock Scandinavian Air Ambulance
- Express Air Medical Transport
- REVA, Inc.
- Lifeguard Air ambulance
- Acadian Ambulance
- IAS Medical, Ltd.
- American Air Ambulance
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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