Ambulance Services Market Growth & Trends
The global ambulance services market size is expected to reach USD 82.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.8% from 2022 to 2030. Rising cases of chronic disorders such as cardiovascular disorders, increase in global geriatric population and rising cases of traumatic accidents are expected to be the key driving factors for the ambulance services market.
The growth of the market is due to favorable reimbursement policies in developed nations. In the U.S., Medicare covers both emergency and non-emergency ambulance services for medically necessary cases, given that the supplier fulfills stipulated requirements. In some cases, Medicare also covers irregular and unscheduled nonemergency trips. Medicare covers around 80.0% of the amount for emergency services while the remaining 20.0% is covered by the insurance policy of the patient.
Moreover, there have been constant increase in number of traumatic accidents globally. For instance, as per Association for Safe International Road Travel, around 1.35 million people die due to road accidents, whereas 20–25 million people suffer injuries leading to permanent disability. Thus, with rise in number of road accidents, the demand for air ambulance is expected to increase, thereby impelling the ambulance services market.
Furthermore, the ambulance services market witnessed a tremendous spike during the COVID-19 pandemic. For instance, as per Maharashtra Emergency Medical Service (MEMS), during the second wave of COVID-19, there was 33% spike from 2020, and 18% increase from the pre-pandemic period. Additionally, with decline in COVID-19 cases, the demand for ambulance services might affect negatively during the year 2022–2023. However, the ambulance services market is expected to grow at a significant pace post 2023. This can be attributed to increase in number of ambulances globally. For instance, as per The Hindu, in May 2021, the greater Chennai Corporation launched 250 COVID-19 special ambulances for 15 zones of the city.
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Ambulance Services Market Report Highlights
On the basis of transport vehicle, the ground ambulance segment dominated the market and held the largest revenue share of 64.6% in 2022. This can be attributed to rising accident cases globally
Based on emergency services, the emergency services segment dominated the market and held the largest revenue share of 60.6% in 2022
On the basis of equipment, the Advance Life Support (ALS) ambulance services segment dominated the market and held the largest revenue share of 64.2% in 2022
North America dominated the ambulance services market and accounted for the largest revenue share of 48.1% in 2022. The growth can be attributed to factors such as presence of several key market players in this region, growing demand for high-quality healthcare services, well-established healthcare infrastructure, and favorable reimbursement policies and regulatory reforms in the healthcare sector
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