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Ambulance Services - Industry Facts And Trends

|Includes: Meridian Resource Corp. (TMR)

Ambulance services help transport medically injured or ill patients to-and-from hospitals to ensure timely health check-up and treatment by healthcare professionals. These services are availed by patients directly or by hospitals and other organizations. According to an article published in daily newspaper of the U.S., around 17.3 million emergency patient transports occurred in the year 2012 across the world. Thus, increasing number of emergency cases remains one of the major drivers expected to augment the growth of this market. Further, increasing geriatric population and rise in prevalence of chronic diseases such as cancer and diabetes are some other key reasons held responsible for increasing the demand for ambulance services. Favorable reimbursement scenario, entrance of new ambulance service providers globally and increasing home healthcare are also anticipated to drive the market for ambulance services. Hence, on account of aforementioned factors the global market for ambulance services is expected to grow at a CAGR of 8.3% from 2013 to 2019 to reach an estimated value of USD 29,784.4 million in 2019. However, imposition of strict regulation by the Federal Aviation Administration (NYSEARCA:FAA) for air ambulance may set back the overall growth of ambulance services market.

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The market for ambulance services has been segmented based on the mode of transport as ground ambulance services, air ambulance services and water ambulance services. Similarly, the market has also been classified on the basis of emergency types such as emergency ambulance services and non-emergency ambulance services. Furthermore, based on equipment types that are installed in an ambulance, the market has been subdivided as advanced life support (ALS) ambulance services and basic life support (BLS) ambulance services. Of these, market for air ambulance services has been estimated to foresee the highest CAGR during the forecast period 2013 to 2019. Growth of this ambulance service is observed due to rising medical tourism in countries such as India, Brazil and Thailand coupled with entrance of large number of players for providing air ambulance services. Also, fees for availing air ambulance services results in high revenue generation.

Further, emergency ambulance services market accounted for the largest share by revenue in 2012 and is also expected to grow at the highest CAGR during the forecast period. ALS ambulance services market among the equipment types is expected to grow at the highest CAGR during the forecast period. Increasing number of emergency cases for which ALS ambulances are utilized extensively will undoubtedly propel the growth of this market. Similarly, shifting trends for utilizing ALS ambulances by hospitals for patients would also augment the growth of this market.

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Growing Prevalence of Chronic Illnesses to Boost Global Ambulance Services Market

Ambulance services are intrinsic to the overall healthcare industry because they help transport critically ill or injured patients to clinics or hospitals. These services play a major role in ensuring timely health interventions. Patients can either avail these services directly or via hospitals and other organizations. Nearly 17.3 mn emergency patient transports were reported around the world in 2012. This number, however, has increased dramatically in the last few years and is poised to surge exponentially in the near future. The increasing incidence of emergency cases, therefore, remains a major factor accelerating the market for ambulance services. Additionally, the increasing geriatric population and rising prevalence of chronic illnesses such as diabetes and cancer will also aid the market's growth. Entrance of new ambulance service providers and favorable reimbursement policies in the global healthcare industry will drive the demand for ambulance services in the near future.

On account of the aforementioned factors, the global ambulance services market is expected to exhibit a positive CAGR of 8.30% between 2013 and 2019. The market is anticipated to reach US$29.8 bn by the end of 2019. However, the implementation of stringent regulations such as those imposed by the Federal Aviation Administration may act as a setback for the ambulance services market.

Geographically, North America and Europe accounted for the largest share of the global ambulance services market, capturing more than 80% of the global market in 2012. This large market share of these two regions is justified by the presence of huge number of ambulance service providers in these regions. On the other hand during 2013 to 2019, Asia-Pacific region is expected to grow at the highest CAGR. The growth of this region is witnessed due to increasing geriatric population coupled with rising incidences of chronic diseases. The major players operating in the market include Envision Healthcare Corporation, Falck A/S, Rural/Metro Corporation, Air Methods Corporation and Acadian Ambulance Service.

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