Global Air Ambulance Services Market, by Service Type (Hospital-based Services and Community-based Services), by Aircraft Type (Helicopter, Drone Ambulance Aircraft/Airplane (Rotary Winged Aircraft and Fixed Winged Aircraft), and Seaplanes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa), is estimated to be valued at US$ 4,934.9 million in 2020 and is expected to exhibit a CAGR of 9.4% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
2017 was the major year for air ambulance services in terms of technological advancements as key players operating in the market are focusing launch and approvals of novel products is expected to drive the market growth over the forecast period. For instance, integration of newly available satellite and cellular-based data communication technologies have become a new trend in the market to improve air ambulance services.
Moreover, presence of favorable reimbursement policies in developed economies, such as the U.S., helped these services grow at a lucrative rate by helping them to overcome the challenges associated with high prices. As per statistics provided by the Government Accountability Office (GAO), the Medicare and Medicaid payments accounted for around 30.0% and 12.0% of market revenue, respectively, while private insurers accounted for approximately 50.0% out-of-pocket payments, which is rare as service is expensive.
Furthermore, key players operating in the market are focusing on strategic expansion for increasing their geographic presence and market share in the global market. For instance, in April 2019, Air Methods announced the partnership with Anthem Blue, a health insurance company and Blue Shield, a healthcare plan provider company. These two companies are providing health coverage benefits in six states in the U.S. Under the terms of the partnership, Anthem affiliated health plan members in California, Georgia, Nevada, Colorado, Virginia, and New York will receive Air Methods’ critical care air services at discounted rates.
Global Air Ambulance Services Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has impacted the global economy and in turn, the air ambulance services market. Quarantine, traveling constraints, and social distancing measures are likely to lead to a steep decline in business and consumer spending until the end of the second quarter of 2020.
Moreover, increasing patient population suffering from COVID-19 in emerging economies such as India and others provide opportunity for market players to launch air ambulance services for patients in order to transfer them from remote villages to urban sprawls in quick time.
For instance, in September 2020, Bengaluru’s Jakkur aerodrome will be the first air base in South India with air ambulance services, which will commence in September. The helicopter and aircraft ambulance service will pick and drop patients even from the remote villages to swanky urban sprawls in quick time. They will have a doctor, a paramedical officer, a nurse, and two pilots. The service is being launched by Icatt Kyathi Air Ambulance.
Browse 36 Market Data Tables and 30 Figures spread through 180 Pages and in-depth TOC on “Air Ambulance Services Market”- Global Forecast to 2027, by Service Type (Hospital-based Services and Community-based Services), by Aircraft Type (Helicopter, Drone Ambulance Aircraft/Airplane (Rotary Winged Aircraft and Fixed Winged Aircraft), and Seaplanes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa).
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Key players in the air ambulance market are focusing on collaborating with small players and investing in technologically advanced products across the globe. For instance, in April 2017, Air Medical Group Holdings, Inc. (AMGH) acquired Air Medical Resource Group (AMRG) of South Jordan in order to increase critical care aircraft services and improve its presence in other geographies across the globe.
Key Takeaways of the Global Air Ambulance Services Market:
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