Ambulance is basically a medical equipped vehicle whose primary role is to provide medical treatment to patients while transporting them to the nearest medical facility like a hospital. Ambulance services, also known as medical emergency services, typically provide basic medical amenities like stretchers, oxygen masks, defibrillators, bandages, etc. Advanced ambulance services are specifically used when the medical condition of the patient is critical and the patient may need life support while transporting him/her to the hospital.
Forecast Analysis of the Ambulance Services Market
Over the years, there has been a steep increase in the number of automobile accidents across the globe which is expected to be the primary growth driver of the ambulance services market in the 2022-2031 timeframe. Along with this, there has been an increase in demand for air ambulance services for quick and skilled medical assistance, especially in crowded and large areas. This growth in demand for air ambulance services is predicted to boost the ambulance services market in the analysis timeframe. Moreover, growing awareness regarding the importance of emergency medical services to lower mortality and disability rates is expected to offer numerous growth opportunities to the market in the forecast years. However, according to the market analysts, lack of ambulance services in developing countries is expected to a barrier in the full-fledged growth of the ambulance services market in the forecast period.
Regionally, the ambulance services market in the North America region is expected to be the most dominant in the forecast period. The well-established healthcare industry and rising demand for advanced medical care are predicted to be the main contributing factors to the growth of the market in this region.
As per a report by Research Dive, the global ambulance services market is expected to reach a revenue of $94,204.9 million in the 2022–2031 timeframe, thereby growing at CAGR of 8.9% by 2031. Some prominent market players include Babcock International Group PLC, Ziqitza HealthCare, Envision Healthcare, Acadian Ambulance Service, Y Air Methods, Medivic Aviation, BVG India, Harmonie Ambulance, Aeromedevac Air Ambulance, Falck A/S, and many others.
Covid-19 Impact on the Market
The Covid-19 pandemic and the subsequent lockdowns have had a catastrophic impact on various businesses and markets worldwide. The ambulance services market, however, faced a positive impact of the pandemic. The growth in the demand for emergency medical services on account of rising Covid-19 cases across the world during the pandemic resulted in a massive surge in the growth rate of the market.
Significant Market Developments
The key players of the market are adopting various business strategies such as partnerships, mergers & acquisitions, and launches to gain a leading position in the market, thus helping the ambulance services market to flourish. For instance:
- In June 2021, Empress Ambulance Service, a New-York based emergency medical services provider, announced the acquisition of Empire State Ambulance Corp. This acquisition is predicted to boost the market share of the acquiring company substantially in the coming period.
- In August 2022, StanPlus, one of the largest emergency response networks in India, announced a partnership with Narayana Hrudayalaya, a multispecialty hospital in India. This partnership is aimed at developing basic and advanced life support systems for patients and provide critical care through ambulance services within 15 minutes. The partnership is expected to cater to the demands of the medical sector in a holistic manner.
- In January 2023, Swiggy, an online food ordering and delivery company based in India, announced that it was launching an ambulance service for its delivery executives and their dependents to address their medical emergencies. The delivery agents can dial a toll-free number or tap an SOS button to avail the ambulance service prior, during, or after a delivery.