Falck A/S, Acadian Ambulance Service, Air Methods Corporation, and Rural/Metro Corporation have been identified as key enterprises in the global ambulance services market by Transparency Market Research (TMR) in a new report. To keep pace with the competition prevailing in the market, the majority of these companies are seeking long-term contracts with diagnostic labs and hospitals. Through these long-term contacts, ambulance services providers are aiming for sustainable growth in the market.
TMR forecasts the global ambulance services market to reach US$29.7 bn by the end of 2019. It was valued at US$17.0 bn in 2012. The market is expected to report a CAGR of 8.3% between 2013 and 2019.
Regionally, North America led the market in 2012 and is expected to exhibit a CAGR of 8.7% between 2013 and 2019. With several major players domiciled in North America, the market’s growth is expected to remain positive through the forecast period.
By equipment type, the global ambulance services market was led by the advanced life support segment in 2012. Due to the rising incidence of emergency cases, the segment is expected rise at a CAGR of 8.5% between 2013 and 2019.
Demand for Ambulance Services to Increase as Number of Accidents Occurring Worldwide Rises
The number of accidents occurring globally has risen exceptionally, necessitating effective and prompt medical services. This has consequently created demand for advanced ambulance services. According to a report published in the journal of Orthopedics, Traumatology and Rehabilitation, over 1.3 million people around the world lose their lives annually to road accidents. The study also finds that nearly 20 to 50 million worldwide people suffer non-fatal injuries every year. There are few chances of the numbers to reduce in the coming years, thus creating demand for advanced ambulance services.
The market is also expected to gain impetus from the increasing incidence of chronic diseases such as cancer and diabetes. The rising prevalence of these diseases will fuel demand for ambulance services to avoid delays in reaching emergency care. Besides this, favorable reimbursement policies, and the launch of ambulance services with advanced medical facilities will also aid the expansion of the ambulance services market. Additionally, the rising geriatric and disabled population is one of the key factors boosting demand for ambulance services.
Stringent Regulations Mandating Skilled Staff Could Create Bottleneck for the Market
Stringent regulations imposed by the Federal Aviation Administration (FAA) and other international organizations are likely to have an adverse impact on the overall market. Rules imposed by the FAA, for instance, mandate increased staffing of skilled medical professionals. Such rules inflate the cost incurred per transportation, and, in turn, reduce the profit margins of ambulance services providers. This could negatively impact the ambulance services market in the forthcoming years.
“To counter the existing bottlenecks, ambulance service providers have been adopting forward integration,” states a lead TMR analyst. Many of them have started providing initial hospital care in the ambulance itself. This new practice could help critical patients and has been thus welcomed across the globe. This could help the ambulance services providers gain a competitive advantage in the forthcoming years.
“Since, a considerably large number of companies eye long-term contracts with renowned medical centers, the ambulance services market witnesses a high degree of competition,” observes the TMR report’s author. However, services offered by leading enterprises demonstrate less or no differentiation, which could lower the competition prevailing in any state or city. TMR thus expects the overall competitive rivalry in the global ambulance services market to remain at a medium level through the forecast period.
This review is based on findings published by TMR in a report, titled “Ambulance Services Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”
The report segments the global ambulance services market as:
- Ambulance Services Market, by Mode of Transport
- Ground Ambulance Service
- Air Ambulance Service
- Water Ambulance Service
- Ambulance Services Market, by Equipment
- Advance Life Support (ALS)
- Basic Life Support (BLS)
- Ambulance Services Market, by Emergency Type
- Ambulance Services Market, by Geography
- North America
- Rest of the World (RoW)
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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