Air Ambulance Market

Market Synopsis:

The Global Air Ambulance Market was valued at USD 5.41 Billion in the year 2022 and is forecast to reach a value of USD 10.09 Billion by the year 2030. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 8.10% over the forecast period.

Air Ambulance services, also known as medical air transport services, are a type of air evacuation or transportation facility provided to patients in emergency cases. It can either be a helicopter or an airplane equipped with medical facilities for optimum patient care and convenience during transportation. In addition, the Air Ambulance system includes experienced medical workers who can provide immediate treatment to the patient till the ambulance reaches the hospital.

Various equipment in an Air Ambulance are breathing apparatus, defibrillators, and monitoring systems. It provides service to the areas where land-based services are unavailable or would take too long to reach. It decreases the risk of road congestion and is helpful in areas affected by wars, natural disasters, and epidemic outbreaks. It is used to transfer a patient from one country to another. The increased incidence of accidents and other life-threatening conditions like heart attack, major stroke, and other major medical illnesses creates an increased demand for Air Ambulance services, which leads to the growth of the Air Ambulance Market.

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Various advancements in Air Ambulances are occurring for advanced patient care, increasing the growth of the Air Ambulance Market. In addition, the adoption of advanced technologies to deliver simpler operations, such as the Internet of Things and artificial intelligence, is anticipated to support market expansion. Furthermore, the global pandemic created a great demand for these services, which accelerated market expansion.

Market Segmentation:

The Air Ambulance Market is segmented based on Service Operator, Service Type, Aircraft Type, and Region. Based on Service Operator, the market is sub-segmented into Hospital Based, Independent, and Government. Furthermore, based on the segment Service Type, the market is further sub-segmented into Domestic and International. Finally, based on the segment Aircraft Type, the market is sub-segmented into Fixed-Wing and Rotary-Wing.

Based on Mode of Service Type:

Based on the segment Service Type, the market is sub-segmented into Hospital Based, Independent, and Government. The Hospital-based sub-segment dominates the market. The growth of this sub-segment is related to improving facilities provided by hospitals. Various hospitals in developed countries offer Air Ambulance services. For example, the Hospital provides an experienced medical team and collaborates with an aviation service provider for aircraft, mechanics, and pilots. In some regions where there is a lack of specialty care, medical physicists have rapidly increased the use of Air Ambulance services to transfer patients to specialty hospitals.

Based on Aircraft Type:

Based on the segment Aircraft Type, the market is sub-segmented into Fixed-Wing and Rotary-Wing. The Rotary-Wing sub-segment holds the largest share in the Air Ambulance market. Rotary-wing helicopters are usually employed in the market for Air Ambulance services. The main advantage of Rotary-Wing Air Ambulance services is the low cost incurred and quick response time. Helicopters help people in emergencies, particularly when a speedy service is required. Helicopters are an excellent alternative to ground ambulances since they can land anywhere, including roads, parks, densely populated urban areas, fields, and paved locations. Hospitals use Rotary-Wing Air Ambulance services to transfer the medical team to the patient's location and then transport them back to the hospital.

Asia Pacific is Projected to Grow at the Highest CAGR During the Forecast Period

Asia Pacific is accounted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. The improving economic conditions in India and China and the developing aviation industry are expected to promote the growth of the Air Ambulance service market. The rising prevalence of chronic diseases such as cancer, diabetes, and others is likely to be a significant market driver. Government support and removal of airspace limitations, in particular, promote regional market growth. In addition, the use of sophisticated technologies, such as the Internet of Things and Artificial Intelligence, to simplify operational processes is likely to support market expansion. The expanding aviation industry in the Asia Pacific has also contributed to the development. Furthermore, the increased number of helicopter operators and rising demand for helicopters for various medical applications drive regional market growth.

Competitive Landscape:

The key players in the Global Air Ambulance Market include- Acadian Companies, Aeromedevac, Air Methods, ALPHA STAR, Babcock Scandinavian Air Ambulance, Gulf Helicopters, European Air Ambulance, Express Aviation Services, PHI Inc, REVA Inc., and others.

Segmentation of the Global Air Ambulance Market: