Visiongain has released a new report on Air Ambulance Market to 2031: Forecast By Service Type (Hospital Services & Community Services), By Aircraft Type (Helicopter, Drone / Ambulance Aircraft (Airplanes to rotary wing and fixed-wing aircraft), and seaplanes) PLUS COVID-19 recovery scenarios.
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Impact of COVID-19 on the air ambulance market
With travel constraints and isolation requirements in place across the globe, most air ambulance and assistance service providers have not had much opportunity to transport patients around the world. The industry had to adapt to a new environment with aero-medical procedures and brought in new equipment – the chances of profit are very low. Visiongain anticipated the impact of the COVID-19 lockdown on the market value of world leaders, followers and disruptors. As the lockdown has been executed differently across the world, the impact of the unforeseen lockdown is also different across countries. This report will help develop strategies for businesses by region / country.
Rising prevalence of chronic disease requires urgent medical intervention
Rising incidence and prevalence of cardiovascular disease, osteoarthritis and multiple cancers requires emergency medical intervention to save lives are expected to be major drivers of air ambulance market growth during the forecast period. According to estimates from Cancer Australia, around 1,405 new cases of brain cancer are expected in 2017. In addition, according to the World Health Organization (WHO), the common cause of death is cardiovascular disease (CVD) in the world. In addition, according to the Centers for Disease Control and Prevention (CDC), nearly 1.70 million people die of chronic disease each year in the United States. Although chronic disease is the leading cause of death for both men and women, as women face unique health issues. About 37% of women suffer from chronic diseases, compared to 30% of men. In addition, according to estimates by the World Health Organization (WHO), by 2050, around 130 million people are expected to suffer from osteoarthritis worldwide. Thus, the increasing high prevalence of cardiovascular disease and other chronic disorders requires appropriate management of treatment to maximize patient outcomes. In turn, it is expected to achieve substantial growth for the air ambulance market within the given time frame.
Medical services provided in remote locations will help expand market size
The technology used in the air ambulance for medical emergency services has observed significant improvement in recent years in terms of medical devices such as heart monitors, HER systems, defibrillators, communication equipment, to provide real-time medical assistance to a patient; and given health data to hospital staff. This is the key factor that drives the demand for air ambulance services in the respective region. For example, in April 2019, Air Methods announced that it had entered into a partnership agreement with Anthem Blue Cross and Blue Shield. The company’s air ambulance services will be part of their network health coverage benefits in six states in the United States. Under the agreement, members of Anthem’s associated health plan in Georgia, Virginia, Nevada, California, Colorado and New York City will benefit from Methods’ life-threatening care air services at discounted rates across the network.
In addition, the advantages of air ambulance service include less travel time and the chances of saving lives are greater, thus promoting the market in the long term. This, added to the fact that air ambulances can offer medical assistance even in remote locations, creates lucrative opportunities for the growth of the target industry within the given time frame.
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Rapid increase in health spending
The increase in health expenditure per capita is attributed to factors such as improving economic conditions in developing countries, better access to competent emergency treatment. For example, healthcare spending has increased dramatically in the United States over the past few decades. According to the Journal of the American Medical Association (JAMA), health care spending in the United States increased by nearly $ 1 trillion between 1996 and 2015. The association said that health care spending in the United States in 2017 were around $ 3.5 trillion, i. e, $ 11,000 per person. These expenditures are expected to rise to $ 6 trillion, or about $ 17,000 per person by 2027.
The major 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 .
Major players have adopted new product development, product launches, product approval, agreements, partnerships, and mergers as key business development strategies to tap the global air ambulance market. For example, on June 25, 2020, Book Air Ambulance launched the Cashless Program which provides security coverage to 6 people in the family for a twelve month subscription at $ 79.20 including GST.
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