The global air ambulance service market size is anticipated to hit USD 10.30 billion by 2029 and exhibit a CAGR of 8.56% during the forecast period. The rising cases of chronic diseases such as cancer, diabetes, and others are expected to fuel the market growth. Fortune Business Insights has presented this information in its report titled, “Air Ambulance Service Market, 2022-2029”. The market size stood at USD 4.89 billion in 2021 and USD 5.79 billion in 2022.
Furthermore, the adoption of modern technologies and implementation of swift technological developments in such services are estimated to stimulate market growth in the forthcoming years.
Air Ambulance Services Witnessed a Speedy Recovery from COVID-19 Impact by Mid 2020
The coronavirus pandemic dramatically impacted several markets and industries. However, the services demand rose during the pandemic. Several health insurance and assistance firms, independent end-users, and helicopter emergency medical services from hospitals created a vast demand for air ambulance services and helped the market flourish. The optimization in response time by establishing more operation bases is likely to foster the growth for the market in the coming years.
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List of Key Market Players
- Air Methods Corporation (U.S.)
- Global Medical Response Inc. (U.S.)
- Acadian Companies (U.S.)
- PHI Inc. (U.S.)
- REVA Inc. (U.S.)
- Express Aviation Services (U.S.)
- European Air Ambulance (U.K.)
- Babcock Scandinavian Air Ambulance (Sweden)
- Air Charter Services Pvt. Ltd. (U.K.)
- Gulf Helicopters (Qatar)
On the basis of service operator, the market is trifurcated into government, independent, and hospital-based. On the basis of application, the market is segmented into neonatal and pediatric transport, infectious disease service, overweight patient transport, organ transplant logistics, rescue helicopter service, inter-facility, and others. On the basis of aircraft type, the market is bifurcated into rotary-wing and fixed-wing. Geographically, the market is classified into Europe, Asia Pacific, Europe, and the Middle East & Africa.
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Drivers & Restraints-
Rising Prevalence of Chronic Diseases to Fuel Market Growth
The increasing cases of chronic diseases such as cancer, diabetes, and others are expected to be a key factor boosting the global market. The growing prevalence of chronic diseases fuels the services demand, prominently in cases of strokes. Moreover, the global pandemic has provided a significant demand for such services and boosted the market growth.
The increasing technological developments in air ambulance services and the improvements in air ambulance communication technologies are expected to bolster the market growth.
Additionally, the growing demand for safety measures and real-time data fuels the demand for real-time data tracking software. Real-time data can help pilots take appropriate decisions when required during the flight. Moreover, the incorporation of advanced technologies, such as the Internet of Things and artificial intelligence, to provide simplified operational activities is expected to complement the market growth.
However, the high prices of air medical services may restrain the market growth during the forecast period.
North America to hold the Lion’s Share
North America is predicted to attain the largest air ambulance service market share. The large helicopter fleets present in the U.S. and the vast numbers of helicopter pilots in the region are expected to fuel the region’s market growth. Moreover, the key players present in the region, such as Acadian Companies, PHI Air Medical, Air Methods, and others, stimulate the market growth.
Asia Pacific is likely to exhibit tremendous growth during the forecast period. The improving economic situations across India and China and the expanding aviation industry are predicted to favor the air ambulance service market growth.
Europe is predicted to witness substantial growth due to rising modern technology-based aircraft and leasing facilities.
The rest of the world is projected to exhibit considerable growth due to expanding healthcare sector and improving economic conditions of the region.
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Key Players Form Partnerships to Garner Growth
The major market players invest heavily to deliver advanced air ambulance services. They emphasize strategic mergers, contracts, partnerships, and others to improve their market penetration. For instance, Air Methods signed the largest Hcare Maintenance support contract with OEM in February 2021.
Key Industry Development-
February 2021: Reva and GainJet Ireland formed a partnership to set up a European hub at Shannon Airport. They also aim to provide employment for nine staff and a mix of aircrew and medical personnel.
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