The global ambulance services market was valued at $27.6 billion in 2019 and is estimated to surpass $34.8 billion by 2027, at a CAGR of 1.2%. The ambulance services primarily consist of an accident and emergency paramedical function for faster and more cohesive patient care.
Ambulance services are offered by a licensed ambulance provider in air or ground transportation for injured or sick persons in an equipped and specially designed vehicle which consists of a trained ambulance attendant. The extensive growth of the ambulance services market is significantly attributed to the increasing prevalence of chronic diseases, growing numbers of road accident injuries, rising emphasis on medical tourism, and aging population. In 2020, the global ambulance services market is expected to observe a significant surge in the global market due to the existence of established companies worldwide.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|1.1%||1.2%||10||USD 27.8 Billion||USD 32.1 Billion|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
The growing emphasis on technological innovations in the ambulance services is expected to boost the demand for ambulance services, which will ultimately drive the global ambulance services market, during the forecast period. For instance, in May 2019, Indiana Mills & Manufacturing Inc (IMMI), a pioneer in advanced safety systems has made an announcement of the launching of the Per4Max ambulance. Per4Max ambulance is easy to use and it includes controlled deceleration technology that has the potential to decrease the severity of g-force related injuries to the chest and head of ambulance crew. These advancements are expected to create huge demand for ambulance services, in the global marketplace.
Moreover, the huge presence of a major patient pool suffering from chronic diseases is one of the key factors driving the demand for ambulance services in the global market, throughout the analysis period. In addition, the tremendous growth in road accidents worldwide is also creating a massive need for ambulance services in the global market. For instance, as per the recent publication of the World Health Organization (WHO), annually around 1.35 million people die in the road traffic crash. Also, around 20 to 50 million more people suffer from life-changing injuries. These figures showcase that the global ambulance services will have lucrative opportunities in the global market, in the upcoming years.
The unprecedented situation of COVID-19 pandemic across the globe has led to the shutdown of business for an uncertain time period. The processes of industries such as manufacturing, logistics, and supply chain are disrupted owing to complete lockdown, which will eventually create a negative impact on the global marketplace. However, the communal spread of coronavirus disease has significantly affected the global ambulance services industry. In order to combat the COVID-19 pandemic, the government, and semi-governmental bodies are also focusing on the deployment of ambulance services. For instance, as per the online newsletter published in July 2020, Delhi-based NGO has made an announcement of launching the WB (Wishing & Blessings) Ambulances project in partnership with the government of Delhi for the underprivileged COVID-19 patients' service. The ambulance provides zero-charge transportation to quarantine centers, hospitals, and treatment facilities. These factors may provide massive growth for the global ambulance services market, during the pandemic period.
Furthermore, to strengthen the footprint in the global industry some of the organizations are focussing more on strategic collaborations, amid the pandemic with an aim to fight against the coronavirus. For instance, in the early stages of transmission, London has been a 'hotspot' of COVID-19 in the UK. Therefore, in April 2020, London Ambulance Service NHS Trust has announced the partnership with London Fire Bridge to fight against the spread of coronavirus. In addition, they have acquired access to 200 additional ambulances. These strategic steps of companies operating in ambulance services are expected to generate a remarkable revenue in the global market, during the forecast period.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The post coronavirus outbreak period is expected to witness a significant hike in the demand for ambulance services mainly because of the increasing adoption of ‘smart ambulances’. The private health, as well as national services worldwide, are heavily spending on innovative technology to enhance the efficiency of the experience of patients prior to hospital admission. For instance, WAS (Wietmarscher Ambulanz- und Sonderfahrzeug GmbH) leading European ambulance manufacturer, develops around 1,300 vehicles annually by utilizing the latest developments in technology for appropriate and convenient handling of patients. These factors may offer significant opportunities to the global ambulance services market, after the COVID-19 pandemic.
Furthermore, the community transmission of the COVID-19 outbreak poses a great challenge for healthcare services. Currently, there is no approved treatment or vaccine available for coronavirus disease. Therefore, to achieve the loyalty and confidence of customers, employees, and suppliers, global leaders are focussing on numerous business development strategies such as capacity expansion, technological innovations, or strategic tie-ups. For instance, in January 2020, Digi Telecommunications in tie-up with Collaborative Research in Engineering, Science & Technology (CREST), and Hospital Sultanah Maliha has showcased Malaysia’s 1st ‘5G-connected ambulance’. The ambulance has provision to pass on real-time critical medical information to the hospital. In addition, to enhance the patient care experiences, the ambulance is developed with continuous streaming of data from the paramedics arrive at the emergency location to the patient arriving at the hospital. These innovative researches are expected to create future opportunities after the COVID-19 pandemic crisis.
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- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Ambulance Services Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity