Air Ambulance Services Market Projected to Witness a Rapid Growth by 2024
Research Reports
Jan 19, 2021
Market Overview
Global Air Ambulance Services Market is expected to reach USD 11,456.3 million by 2024 at a CAGR of 2.95% during the Forecast Period.
Air ambulance manufacturers are investing heavily in advanced technologies to reduce costs and improve turnaround time. For instance, 3D printing is dramatically changing the way structures and components of aircraft are currently designed and manufactured. It reduces the design constraints that engineers face when using conventional fabrication techniques. Furthermore, the ability to fabricate functional electronics into complex structures using 3D printing allows manufacturers to offer air ambulances that operate effectively in adverse conditions such as inclement weather, tsunamis, droughts, and cyclones.
Competitive Analysis
The key players in the global Air Ambulance Services Market are Air Methods (US), Air Medical Group Holdings (AMGH) (US), ALPHASTAR (Saudi Arabia), Babcock Scandinavian AirAmbulance (Sweden), Acadian Companies (US), European Air Ambulance (Luxembourg), Express Aviation Services (US), IAS Medical (UK), PHI Air Medical (US), and REVA, Inc. (US).
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Key Developments
In March 2018, Air Medical Group Holdings and American Medical Response merged to form Global Medical Response with an aim to enhance their position in the air ambulance services market.
Segment Analysis
Global Air Ambulance Services Market has been segmented on the basis of transport vehicle, aircraft type, service model, and mission profile.
Based on Aircraft Type, Global Air Ambulance Services Market has been divided into fixed-wing and rotary-wing. The rotary-wing segment is expected to lead the market with a value of USD 6,086.8 million in 2018 and reach USD 7,039.9 million by 2024. Rotary-wing aircraft are equipped with vertical lift rotors. These aircraft offer various benefits such as vertical take-off and landing (VTOL), hover capabilities, and easy maneuverability. As a result, these aircraft are widely deployed in rescue operations, as air ambulances, and related applications. The fixed-wing segment is expected to register a 2.958% CAGR during the forecast period.
Based on Service Model, the global air ambulance services market has been classified as community-based, hospital-based, and hybrid. The hospital-based segment is accounted for the largest market share in 2018. Hospital-based models provide air medical transportation services to patients. Under this service model, the hospital owns the program and provides the medical personnel, while air ambulance service providers offer aircraft operation and maintenance. Air ambulance services and facilities can, therefore, vary from hospital to hospital. This model is suitable for organized, advanced hospitals where investments in air ambulance service facilities are possible.
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Regional Analysis
The global air ambulance services market has been segmented, by region, into North America, Europe, Asia-Pacific, and Rest of the World.
North America is leading the market with a valuation of USD 6,298.6 million in 2018. The presence of major market players, such as Air Methods, Air Medical Group Holdings (AMGH), and Acadian Companies, is expected to drive market growth in North America. The regional market is expected to grow at a CAGR of 2.08% during the forecast period.
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