As healthcare costs skyrocket, consumers are demanding advanced services that ensure convenience of patients and faster remission of illnesses. Quality healthcare is now usually available at lower costs than before for more people than before, a key development brought about by years of medical research. Patients, particularly in developed countries, are increasingly acknowledging this fact and becoming aware of their diverse options. They now seek better healthcare services to get proper value for their money. This has brought about several changes in the most intrinsic healthcare services, ambulance services market being one of them. Furthermore, a part of the push for enhanced ambulance services is also focused on eliminating the chances of hospital readmissions within a shorter period of time.
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Growing Prevalence of Chronic Illnesses to Boost Global Ambulance Services Market
Ambulance services are intrinsic to the overall healthcare industry because they help transport critically ill or injured patients to clinics or hospitals. These services play a major role in ensuring timely health interventions. Patients can either avail these services directly or via hospitals and other organizations. Nearly 17.3 mn emergency patient transports were reported around the world in 2012. This number, however, has increased dramatically in the last few years and is poised to surge exponentially in the near future. The increasing incidence of emergency cases, therefore, remains a major factor accelerating the market for ambulance services. Additionally, the increasing geriatric population and rising prevalence of chronic illnesses such as diabetes and cancer will also aid the market’s growth. Entrance of new ambulance service providers and favorable reimbursement policies in the global healthcare industry will drive the demand for ambulance services in the near future.
On account of the aforementioned factors, the global ambulance services market is expected to exhibit a positive CAGR of 8.30% between 2013 and 2019. The market is anticipated to reach US$29.8 bn by the end of 2019. However, the implementation of stringent regulations such as those imposed by the Federal Aviation Administration may act as a setback for the ambulance services market.
Entry of New Ambulance Service Providers to Augment Demand from Global Ambulance Services Market
The ambulance services market is segmented on the basis of mode of transport into ground, air, and water ambulance services. The market can also be classified on the basis of emergency type into non-emergency ambulance services and emergency ambulance services. Furthermore, on the basis of equipment type, the market can be segmented into basic life support or BLS ambulance services and advanced life support or ALS ambulance services. Among these segments, the market for air ambulance services is anticipated to exhibit the highest CAGR between 2013 and 2019.
Rising medical tourism in nations such as India, Thailand, and Brazil, together with the emergence of a large number of service provides, will fuel the global market for ambulance services in the near future. Since the cost of offering ambulance services is recompensed by increased revenue generation through it, it is expected that in the near future, the healthcare sector will invest more on research and development initiatives to offer patients the best facilities. This will give a significant boost to the global market for ambulance services.
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