The market size for global air ambulance services was worth USD 3.7 billion in 2016 which is anticipated to grow at a CAGR of more than 9.3% during the forecast period. The factors contributing to the growth of the market are increasing the prevalence of chronic diseases, for instance, cardiac disorders which need an emergency medical response, accessibility of reimbursement policies, rising per capita healthcare expenditure and improvement of medical infrastructure in entertainment & sports industry.
An
exponential rise in the per capita healthcare spending is observed worldwide in
the past twenty years. According to the statistics given by The World Bank
Group, in 1996, the per capita healthcare expenditure was approximately USD
467.6 and this figure raised exponentially to USD 1,060.9 in 2014. The 55.0%
growth in per capita healthcare spending can be associated with better access to
quality care, better economic conditions, and rising awareness amongst the
population. These factors also contribute towards a rise in demand for air
ambulance services in the last five years.
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The
air ambulance service operators, particularly in developing nations, are
offering a wide spectrum to air ambulance services to leverage the increasing
demand. Additionally, increase in the number of service providers has
intensified the competition in this market. For instance, there exist more than
1,300 aircrafts provided by 300 air ambulance operators, cumulatively, in the
U.S.
The
incidence of chronic disorders which require an emergency response, for
instance, cardiovascular conditions, are increasing at alarming rate. According
to a report published by the WHO, cardiovascular diseases contributed to the
highest number of total global fatalities. In 2012, 17.5 million deaths
translating to 31.0% of the global deaths occurred due to cardiovascular
disorders. Air ambulances are highly useful in life-threatening conditions and
therefore, these services have continued to hold a steady demand in spite of
being expensive.
Developed
economies, for instance, the U.S., provide reimbursement policies which enable
the air ambulance service providers to overcome the issues related to high
service prices and helped the market grow at a remunerative rate. The
Government of Accountability Office (GAO) published statistics which say that
Medicaid and Medicare payments contributed to approximately 12.0% and 30.0% of
market revenue correspondingly whereas private insurers contributed to nearly
50.0% of market revenue. The air ambulance services are expensive, therefore,
out of pocket payments are infrequent.
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Based
on the type, the global air ambulance market is segmented into fixed wing
services and rotary wing services. The rotary wing services, involving
helicopter based air medical transport, held more than 68.0% of market share in
2016. These services are used for medical transfer of patients for shorter
distances. Additionally, helicopters can easily land on streets, rooftops, and
ground thereby increasing the accessibility of these services.
Fixed-wing
services refer to aircraft equipped with medical instruments and a medical
crew. These services are used to transfer patients to longer distances. These
aircrafts are most commonly business jets or private jets modified to
accommodate medical equipment and crew.
Service Model Insights
Based
on the service model, the global air ambulance market is segmented into
hospital-based and community-based services. Hospital-based services held the
largest share in 2016 and are projected to grow at a lucrative rate during the
forecast period. A majority of hospitals in developed nations provide these
services wherein the medical crew is supplied by hospitals in emergency
response situations.
Community-based
services operate owing donations provided by businesses or public in general.
These services function by partnering with community health centers or private
players. For instance, in the U.S., Air Methods provides a variety of
community-based services such as Air Idaho Rescue in Montana, Idaho, and Wyoming.
Regional Insights
North
America dominated global air ambulance market in 2016. Availability of the
supportive air medical transport infrastructure, the presence of reimbursement
plans, and the local existence of a large number of air ambulance operators has
fueled the growth of the market in this region.
On
the other hand, Asia Pacific is expected to grow at a lucrative rate of more
than 11.0% over the forecast period. The economic conditions in this region are
improving and countries like China and India are leading countries on global
investments. Accessibility of large labor pool and affordable services are
promoting many multinational companies to invest in this region. Many
multinational business conglomerates provide air ambulance services as safety protocol
component.
Competitive Insights
The
global air ambulance market consists of many key players such as PHI Air
Medical, Native American Air Ambulance, Acadian, Lifeguard Air Ambulance,
Express AirMed Transport, REVA Air Ambulance, IAS Medical, AMR, and
Scandinavian Air Ambulance.
These
market players undertake various strategic initiatives such as collaborations,
service portfolio expansion and partnerships with entertainment events, sports
events, and business firms. For instance, in January 2016, REVA launched a new
operations base in Schenectady, New York. The new base allows REVA to provide
rapid response to medical requirements in Europe and abroad. The new base also
opened new opportunities with insurers and other leading facilities in Northeast
region.
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