Air Ambulance Services Market was
worth USD 3.7 billion in 2016 which is anticipated to grow at a CAGR of more
than 9.3% during the forecast period. The factors contributing to the growth of
the market are increasing the prevalence of chronic diseases, for instance,
cardiac disorders which need an emergency medical response, accessibility of
reimbursement policies, rising per capita healthcare expenditure and
improvement of medical infrastructure in entertainment & sports industry.
An exponential rise in the per capita healthcare spending is
observed worldwide in the past twenty years. According to the statistics given
by The World Bank Group, in 1996, the per capita healthcare expenditure was
approximately USD 467.6 and this figure raised exponentially to USD 1,060.9 in
2014. The 55.0% growth in per capita healthcare spending can be associated with
better access to quality care, better economic conditions, and rising awareness
amongst the population. These factors also contribute towards a rise in demand
for air ambulance services in the last five years.
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The air ambulance service operators, particularly in
developing nations, are offering a wide spectrum to air ambulance services to
leverage the increasing demand. Additionally, increase in the number of service
providers has intensified the competition in this market. For instance, there
exist more than 1,300 aircrafts provided by 300 air ambulance operators,
cumulatively, in the U.S.
The incidence of chronic disorders which require an
emergency response, for instance, cardiovascular conditions, are increasing at
alarming rate. According to a report published by the WHO, cardiovascular
diseases contributed to the highest number of total global fatalities. In 2012,
17.5 million deaths translating to 31.0% of the global deaths occurred due to
cardiovascular disorders. Air ambulances are highly useful in life-threatening
conditions and therefore, these services have continued to hold a steady demand
in spite of being expensive.
Developed economies, for instance, the U.S., provide
reimbursement policies which enable the air ambulance service providers to
overcome the issues related to high service prices and helped the market grow
at a remunerative rate. The Government of Accountability Office (GAO) published
statistics which say that Medicaid and Medicare payments contributed to
approximately 12.0% and 30.0% of market revenue correspondingly whereas private
insurers contributed to nearly 50.0% of market revenue. The air ambulance
services are expensive, therefore, out of pocket payments are infrequent.
Based on the type, the global air ambulance market is
segmented into fixed wing services and rotary wing services. The rotary wing
services, involving helicopter based air medical transport, held more than
68.0% of market share in 2016. These services are used for medical transfer of
patients for shorter distances. Additionally, helicopters can easily land on
streets, rooftops, and ground thereby increasing the accessibility of these
services.
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Market Segment:
Air Ambulance Service
Types Outlook (Revenue, USD Million; 2014 - 2025)
• Rotary-Wing
• Fixed-Wing
Air Ambulance
Service, Service Model Outlook (Revenue, USD Million; 2014 - 2025)
• Hospital
Based
• Community
Based
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