Air Ambulance Market to Reach Valuation of USD 8.8 Billion by 2028 – Increasing Medical Tourism Industry Drives the Market

Vantage Market Research

Jul 25, 2022

In terms of revenue, the Global Air Ambulance Market is expected to reach USD 8.8 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 8.2% from 2022 to 2028.

The increased prevalence of chronic disease and increase in the cost of the healthcare sector are anticipated to augment the growth of the Air Ambulance Market during the forecast period.

Key Highlights from Report:

  • The Hospital-Based sub-segment dominated the growth of the Air Ambulance Market in 2021. In a hospital-based service model, a hospital usually provides a medical team with partners who have a flight service provider, pilots, and mechanics. The airline service provider is required to have a Federal Aviation Administration (FAA) certificate and is paid by the hospital for the service model provided by them.
  • The Community-Based sub-segment is expected to witness a high growth rate during the forecast period. In a Community-Based service model, an independent operator has a community-based foundation and works for a variety of areas and service models. The user has an FAA certificate and employs his medical and aviation staff. Increased demand for access to health care in rural areas has led to an increase in Community-Based Air Ambulance services. In a community-based model, revenue is realized through patient transfers instead of fixed contracts with Hospitals. These service models are based on public donations and businesses.

  • Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. The growing public sector health care investment, increasing investment in the healthcare sector, and population growth are factors contributing to the growth of the Air Ambulance Market in this region. Furthermore, the presence of developing countries such as China, India, and Japan are expected to boost the growth of the Air Ambulance services market in the region. In addition, the rapidly growing medical tourism industry in these countries is also contributed to the growth of the Air Ambulance Market in the region.

Market Dynamics:

Over the past few years, the global market has seen a dramatic increase in the demand for Air Ambulances. This growth is accounted owing to the rise in chronic diseases. According to the World Health Organization (WHO), chronic diseases are the leading cause of death worldwide and account for about 60.0% of all deaths. About 80.0% of chronic illness deaths occur in middle- and low-income countries. Heart disease and stroke account for 30.0% of U.S. cardiovascular deaths. The leading cause of death worldwide is heart disease. Stroke is the world's second leading cause of death. According to the WHO, it is estimated that by 2022, chronic diseases will account for 3/4 of the world's mortality, of which 71% will be from ischemic heart disease, and 75% of deaths will be from a stroke. India and China have high rates of heart disease. Chronic diseases like heart disease and stroke often require immediate medical attention. Air Ambulance services provide quick response in the event of medical emergencies. Air Ambulances include advanced medical and cardiovascular care, stroke, chronic obstructive pulmonary disease, and traumatized patients. Therefore, an increase in chronic diseases is expected to increase the Air Ambulance Market demand during the forecast period.

held the largest revenue share in the Global Air Ambulance Market in 2021. This surge is owing to the growing investment by the key players in developing and adopting advanced technology to provide aviation ambulance services in the region. The increase in the number of older adults, increasing infrastructural and technological advancement, increase in the incidence of chronic diseases, favorable rehabilitation policies, and the increased tendency of patients to a more efficient & faster delivery system are accelerating the growth of the Air Ambulance Market in this region.