Visiongain has published a new report on Air Ambulance Market Report to 2031: Forecasts 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) PLUS COVID-19 Recovery Scenarios.
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COVID-19 Impact on Air Ambulance Market
With travel constraints and isolation requirements in place across the world, most assistance and air ambulance service providers haven't had many chances to carry patients across the world. The industry has had to adjust to a new environment with aeromedical procedures and brought new equipment –the chances of any profit is very less. Visiongain has anticipated the impact of COVID-19 lockdown on the market value of global leaders, followers, and disrupters. As lockdown has been executed differently across the world, the impact of the unplanned lockdown is also different in the countries. This report will help to develop strategies for companies by region/countries.
Market Drivers
Rising Prevalence of Chronic Diseases Requires Emergency Medical Response
Rising incidence and prevalence of cardiovascular diseases, osteoarthritis disorder, and multiple cancer require emergency medical response support to save lives are expected to be major driving factors for the growth of the air ambulance market during the forecast period. According to Cancer Australia estimates, around 1,405 new cases of brain cancer are expected in 2017. Furthermore, as per the World Health Organization (WHO), the common reason for death is cardiovascular diseases (CVD) across the world. Also, as per the Centers for Disease Control and Prevention (CDC), nearly 1.70 million people die from a chronic disease every year in the USA. Although chronic diseases are the major reason for death for men and women alike because women face unique health issues. Around 37% of women suffer from chronic diseases, compared to 30% of men. Moreover, according to the World Health Organization (WHO) estimates, by 2050, around 130 million people are expected to suffer from osteoarthritis worldwide. Thereby, the rising high prevalence of cardiovascular diseases and other chronic disorders demands proper treatment management to maximize patient outcomes. In turn, it is projected to attain substantial growth for the air ambulance market in the given time frame.
Medical Services Provided in Remote Locations will Support to Expand Market Size
The technology used in the air ambulance for medical emergency services has observed significant improvement in the last few years in terms of medical devices such as heart monitors, HER systems, defibrillators, communication equipment, for delivering a patient’s real-time medical assistance, and given health data to the staff at the hospital. This is the key factor boosting the demand for air ambulance services in the respective region. For instance, in April 2019, Air Methods publicized the entered into a partnership agreement with Anthem Blue Cross and Blue Shield. The company’s air ambulance services will be part of their in-network health coverage benefits in six states across the U.S. According to the agreement, Anthem-associated health plan members in Georgia, Virginia, Nevada, California, Colorado, and New York will get Air Methods’ life-threatening care air services at discounted in-network rates.
Moreover, the advantages of the air ambulance service include less traveling time and chances of saving lives are greater thus, promoting the market in long run. This along with the fact that air ambulances can offer medical aid even in remote locations is creating lucrative opportunities for the target industry growth in the given time frame.
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Market Opportunities
Rapidly Increasing Health Care Expenditure
Rising health expenditure per capita is accredited towards factors such as improving economic conditions in developing countries, greater access to competent emergency treatment. For instance, healthcare spending has increased drastically in the U.S. in the past few decades. As per the Journal of the American Medical Association (JAMA), healthcare expenditure in the U.S. upsurge near a trillion dollars between 1996 and 2015. The association told that healthcare expenditure in the U.S. during 2017 was around $3.5 trillion, i. e, $11,000 per person. These expenditures are projected to be $6 trillion—approximately $17,000 per person by 2027.
Competitive Landscape
Key players operating in the global Air Ambulance market are Air Charter Service, Air Methods Corporation, Scandinavian Air Ambulance, AirMed International, Deccan Charters, Envision Healthcare Companies, Falck Danmark A/S, AMR Air Ambulance, Air Ambulance Specialists, and Express Aviation Services.
The key players have adopted new product development, product launches, product approval, agreement, partnerships, and merger as its key business development strategies to tap into the global Air Ambulance market. For instance, on 25th June 2020, Book Air Ambulance launched the cashless programme which offers a safety cover to 6 family individual for a twelve-monthly membership at $79.20 including GST.
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