Ambulance Services Market Size

Ambulance Services Market Analysis

The ambulance services market is expected to register a CAGR of around 8.01% during the forecast period.

The COVID-19 outbreak had a significant impact on the ambulance services market owing to the high demand for ambulance services to provide emergency care services to COVID-19 patients during the epidemic. For instance, according to an article published in the BMJ Journal, due to extreme pressures and a significant number of staff absences, hospitals, and ambulance services in England led to declare critical incidents and issue warnings about 12-hour patient wait times in emergency rooms for around 10,000 patients in November 2021. The Queen Alexandra Hospital in Portsmouth and South Central Ambulance Service both declared critical incidents, and the hospital issued a warning that its emergency room and beds were both full of patients only critical patients needed to be admitted. The ambulance service noted increased challenges in releasing some of the ambulances from busy acute hospitals and a large volume of calls being received throughout the day and into the night. As a result, there was a higher demand for ambulance services during COVID-19, but the supply side's difficulties had a profound impact on the market under investigation. Owing to the high prevalence of chronic diseases and emergency cases patients globally, the market is expected to grow during the forecast period.

The ambulance services market is likely to show a sharp rise due to the new ambulance service providers globally, the increasing number of accidents, and the introduction of the latest ambulances.

An article published in British Paramedic Journal in December 2021 stated that people with diabetes frequently contact the ambulance service about acute problems. Also, as per IDF, the number of adults (20-79 years) with diabetes globally was 536.6 million in 2021 and it is predicted to reach 783.2 million by 2045. The prevalence of diabetes worldwide was 10.5% in 2021 and is projected to be 12.2% in 2045. The high burden of diabetes worldwide is projected to boost the market growth during the analysis period.

Furthermore, road accidents are found to be the leading cause of death from injuries and are also the tenth leading cause of death worldwide as they now form a surprisingly significant fragment of the burden on the sick world. As per the Road Accidents in India report, number of traffic accidents in the country have increased to 4,22,659 in 2021, an increase of around 13% compared to the previous year. Also, as per EC, on average, 44 road deaths per million inhabitants in 2021, representing a 5% increase compared to 2020 was reported in European Union. The high burden of road accidents and increasing injury and trauma worldwide that require urgent medical attention is increasing the market share for ambulance services.

In response to the COVID-19 pandemic, several market players have devised a number of business strategies, such as strategic agreements, technological advances, launches, and partnerships, to survive in the market. For example, in May 2021, United States-based helicopter transport services provider Blade's Indian subsidiary launched air ambulance services amid an increase in demand. The growing popularity of air ambulance services is expected to improve this market in the coming years.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, the high cost of air ambulances and stringent regulations by the federal aviation administration (FAA)are likely to impede the market growth.