MARKET OVERVIEW- UNITED STATES AIR AMBULANCE SERVICES MARKET
Air ambulances are a special type of aircraft designed to provide emergency medical services to patients. These include fixed-wing aircraft and helicopters with onboard medical facilities that are designed to provide healthcare in remote areas where it is challenging to access land-based ambulance services. Like land ambulances, air ambulances are equipped with all the medical equipment required for diagnosing, treating, and monitoring injured or ill patients. In air ambulances, it’s not unusual to find medications, ventilators, CPR equipment, stretchers, and other things. The air ambulance service both speeds up the process and helps save patient’s lives. Increased healthcare expenditures and the availability of reimbursement policies are projected to drive demand for United States ambulance services throughout the projection period.
MARKET DRIVERS
The rising geriatric population has led to the growth of the United States ambulance service market. The need for emergency medical intervention is high among the geriatric population, which is growing rapidly. Elderly people (aged ?65) are currently the fastest-growing group of the general population in the U.S. For instance, according to the 2017 National Population Projections by the U.S. Census Bureau, nearly one in four U.S. citizens is likely to be an older adult by 2060. Similarly, according to Rural Health Information Hub, the U.S. population is aging and by 2030, one in every five people in the U.S. is expected to be more than 65 years of age. Further, the constant increase in traumatic accidents is likely to drive market expansion. For instance, in 2019, according to the Insurance Institute for Highway Safety there were 33,244 fatal motor vehicle crashes in the U.S. of which 36,096 deaths occurred. Moreover, according to the National Highway Traffic Safety Administration (NHTSA), 2.74 million people were injured in the same year. Besides, as per the same source, there are an average of 99 fatalities due to vehicle accidents every day. In the U.S every day, 7,507 persons are injured in car accidents. These factors are expected to drive the air ambulance service market.
MARKET OPPORTUNITIES
The growing incidence of chronic diseases is expected to provide an ample opportunity or the United States ambulance services market. Cardiovascular diseases such as stroke, congestive heart failure, coronary artery diseases, and cardiac arrest, require instant emergency medical services and medical attention. For instance, as per CDC, every 30 seconds, one person dies in the U.S. due to a cardiovascular disorder. Moreover, as per a similar source, around 18.2 million people aged 20 and above have coronary artery disease in the U.S. Such factors are expected to create lucrative opportunities for the United States air ambulance services market.
MARKET RESTRAINTS
The high cost of air medical services, and the stringent rules and lengthy procedures, the market is supposed to face some hindrances. This is expected to act as a major hurdler for the market growth over the forecast period.
MARKET GROWTH CHALLENGES
The stringent government regulations for aviation license and high cost of air medical services and reimbursement challenge create a barrier to the growth of the air ambulance services market. This factor is expected to be a major challenge for the market’s growth over the forecast period.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the United States Air Ambulance Services market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. The increasing demand for air ambulance services in various applications has led the increasing demand and is expected to witness growth at a specific CAGR from 2023-2029.
UNITED STATES AIR AMBULANCE SERVICES MARKET SEGMENTAL OVERVIEW
The United States Air Ambulance Services market comprises of different market segment like type, service and applications.
UNITED STATES AIR AMBULANCE SERVICES MARKET BY TYPE
By type, the Air Ambulance Services market includes the key segments of
- Rotary Wing
- Fixed Wing
- Others
The rotary wing segment is expected to dominate the market over the forecast period. In 2021, the rotary type held the largest market share due to its versatility, which allowed it to land almost anywhere when a ground ambulance would have had trouble getting to the patient. Rotor-wing air ambulances are the name given to helicopters. The cost of and response time for helicopter-based air ambulance services are both favourable. Helicopters are a good substitute for land ambulances as they can land almost anywhere, including streets, parks, fields, congested urban areas and paved areas. Hospitals use rotary wing air ambulance services to transport the medical team to a patient's location and then escort them back to the hospital. This is a key factor which is expected to propel the growth of the segment.
On the other hand, the fixed wings segment is expected to witness the fastest growth over the forecast period. Air ambulances with fixed wings can cover long distances because they have a better fuel capacity than the rotating wing aircraft. Fixed wing aircraft can work in unpleasant weather conditions without compromising the comfort and quality of patient care.
UNITED STATES AIR AMBULANCE SERVICES MARKET BY SERVICES
The Air Ambulance Services market offers services like
- Hospital Services
- Community Services
- Government Services
- Independent Services
- Others
The hospital services segment is expected to dominate the market over the forecast period. In a hospital-based service model, a hospital generally provides the medical team and partners with an aviation service provider for aircraft, pilots, and mechanics. The hospital must pay the aviation service provider for the service model they provide and obtain a Federal Aviation Administration (FAA) certificate. An increase in the use of air ambulance services to rush patients to specialty hospitals is due to the lack of specialized care and medical professionals in some areas.
The community services segment is expected to register a considerable growth rate over the forecast period. In a community-based service model, an independent operator has a base set up in a community and serves various localities and service models. The increasing need for access to healthcare is expected to boost the demand for community air ambulance services. This is a key factor that is expected to propel the growth of the segment.
UNITED STATES AIR AMBULANCE SERVICES MARKET BY APPLICATION
The Air Ambulance Services market has major applications in
- Rescue Helicopter Service
- Inter-Facility
- Infectious Diseases Services
- Organ Transport Logistics
- Others
The inter-facility logistics segment is expected to dominate the market over the forecast period due to rise in prevalence of cardiovascular diseases which require critical and emergency medical care Inter-facility transport is the transport of patients between two healthcare facilities. The process is usually carried out by land transport or by air. It is an essential part of today's healthcare system, allowing facilities to move patients who need specialized care that cannot be adequately provided at their current facility. The deployment of emergency medical services (EMS) between facilities ensures that a patient receives the care they need in a quick and safe manner.
COVID-19 IMPACT ANALYSIS ON UNITES STATES AIR AMBULANCE SERVICES MARKET
Coronavirus disease 2019 (Covid-19) is an infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The pandemic has caused governments around the world to take drastic measures, especially in 2020 and 2021, affecting almost every aspect of life. The outbreak of the COVID-19 pandemic is expected to have a noticeable impact on market growth.
However, the COVID-19 has positively influenced the air ambulance service market as there was a rise in the need for air ambulances during the pandemic. The growth of the ambulance services market is significantly driven by increasing road accident injuries, the presence of a huge patient pool suffering from various chronic diseases, and the adoption of technological advancements. Due to the COVID-19 health emergency, the majority of the significant manufacturers are concentrating on multiple strategies to defeat the COVID-19 pandemic. These elements may offer positive opportunities for the growth of the ambulance services market, during the analysis period. By adopting such strategies, ambulance service manufacturers across the world are preparing for the post-pandemic impact.
The key players studied in market are
- Air Methods Corporation (US)
- Air Ambulance Specialists (US)
- AMR Air Ambulance (US)
- Lifeguard Ambulance Service LLC. (US)
- Acadian Ambulance (US)
- Acadian Companies (US)
- Aeromedevac (US)
- REVA Air Ambulance (US)
- Native American Air Ambulance (Mexico)
- Airmed International (US)
RECENT DEVELOPMENT:
April 2022: - Bermuda Air Ambulance Company Ltd (BAA), launched its ready to go” air ambulance service, for critically ill and injured patients.
April 2019: - Air Methods and Anthem Plc. expanded their partnership as a part of the in-network health coverage benefits across 6 states in the U.S.
