The global market for ambulance services is expected to grow at a CAGR of 8.3% from 2013 to 2019 to reach an estimated value of USD 29,784.4 million in 2019.
Albany, NY -- (SBWIRE) -- 01/13/2017 -- Ambulance services are provided to patients for their transportation to-and-from hospitals. The services can be availed by patients directly or by hospitals for the patients. The market for ambulance services is expected to show tremendous growth during the forecast period owing to rise in elderly population across the globe. Aged people usually suffer from various diseases and disorders that accentuate the utilization of ambulance for the transport.
The World Health Organization (WHO) has estimated that the total world's geriatric population will be more than 2 billion by 2050. Hence, this aging population will undoubtedly propel the growth of the market. Transparency Market Research, a leading U.S. based market research firm analyses the global market for ambulance services and predicts a CAGR of 8.3% for the period 2013 to 2019.
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Improving reimbursement scenarios in developing countries such as China and India for emergency ambulance services drives the overall growth of ambulance services market. Likewise, increasing medical tourism in the nations such as Thailand, Brazil and Taiwan will further augment the demand for ambulance services. Also, increasing home healthcare will support the growth of this market since, it will accentuate the frequency of hospital visits by patients for medical check-up.
Furthermore, increasing healthcare expenditure will also augment the growth by ensuring the availability of various medical services to the patient at affordable cost; hence uptake of the medical services by patient pool will increase. This in turn will augment the demand for ambulance services for transportation to hospital for availing improved medical services. Imposition of strict regulation by Federal Aviation Administration (FAA) for air ambulance service providers may slur the growth of overall ambulance market.
Ambulance services are provided through various mode of transport namely ground, air and water ambulance services. The market for ground ambulance services contributed largest share by revenue in 2012. This large revenue share is due to their popularity amongst majority of the population. Owing to increasing medical tourism along with increasing number of air ambulance service providers, the market for air ambulance services is estimated to grow at the highest CAGR during the study period.
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Aforementioned ambulances are categories as: emergency ambulance services and non-emergency ambulance services. The market for emergency ambulance services accounted for the largest share by revenue in 2012 and during the period 2013 to 2019 is expected to grow at the highest CAGR. This growth is attributed to improving reimbursement policies for emergency ambulance services.
Based on the equipment that are installed in an ambulance, the services are categorized as advanced basic life support (ALS) ambulance services and basic life support (BLS) ambulance services. The market for ALS ambulance services contributed the largest share in terms of revenue in 2012 and is expected to grow at the fastest CAGR during the forecast period. Rising incidences of emergency cases for which ALS ambulances are utilized propels the growth of ALS ambulance services market. Also, high fees for ALS ambulance services support the high revenue generation for the segment market.
In 2012, North American region accounted for the largest ambulance services market owing to favorable reimbursement scenario for ambulance services. Domicile of large number of ambulance service providers further accentuate the growth of the market in the region. Owing to rise in geriatric population in the countries such as Japan, India and China, Asia-Pacific is estimated to foresee the highest growth rate during the study period. Increasing healthcare expenditure also augments the growth of this market in the region. In addition, increasing medical tourism in the countries such as Thailand and India would also boost the growth of this market. The major players operating in the market include Acadian Ambulance Service, Falck A/S, Rural/Metro Corporation, Air Methods Corporation, Envision Healthcare Corporation and others.