According to our latest market study on " Air Ambulance Services Market Forecast to 2031 - Global Analysis - by Aircraft Type (Rotary Wing, Fixed Wing), by Service Model (Hospital-Based, Government Run, Independent) and by End User (Domestic, International), and Geography" the air ambulance services market size is expected to grow from US$ 10,540.17 million in 2023 to US$ 20,182.23 million by 2031. It is expected to register a CAGR of 8.5% from 2023 to 2031.
The growing consumer awareness of the advanced healthcare facilities offered by hospitals and care centers is pushing health insurance companies to cover air ambulance facilities in the policy coverage. The inclusion of air ambulance facilities in the insurance policy is providing growth opportunities for air ambulance services at the global level. Air ambulances are medically well-equipped with ventilators, ECG machines, required medical equipment, and healthcare professionals on board. This confirms that the patient receives their treatment within the best feasible time. However, advanced medical equipment and expert medical professionals, adding up to the expense of aircraft maintenance, make the aircraft ambulance charges quite expensive. While it is an important factor in critical needs, its expenditure becomes a financial burden on the patient.
An air ambulance cover offers financial coverage for the expenditure encountered when opting for an air ambulance in times of requirement. Many insurers offer air ambulance coverage in their health insurance policies. A few others provide it as an add-on service that can be obtained separately from the health insurance policy. However, the coverage and its features may differ across various insurance service providers. Reduced time for long-distance travel, well-equipped facilities to address critical patients, and safe and comfortable transport of patients are among the major attributes of air ambulance services. Digit General Insurance, HDFC ERGO, TATA AIG, and Aditya Birla are a few insurance companies that cover air ambulance services. The increasing number of insurance companies covering air ambulance services in health insurance policies is expected to offer opportunities for the air ambulance services market during the forecast period.
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Key Findings of Market Study:
In terms of revenue, North America dominated the air ambulance services market share in 2023. North American air ambulance services market analysis is categorized into the US, Canada, and Mexico. US dominated the air ambulance services market share in 2023. North America accounted for 39.8% of the total air ambulance services market in the year 2023 and is projected to maintain its dominance during the forecast period. The growing healthcare infrastructure in terms of building new multi-specialty hospitals and care centers, along with a rising focus on healthcare facilities such as emergency medical assistance services, is anticipated to boost the growth of the air ambulance services market in North America.
The mounting prevalence of chronic diseases such as cardiovascular diseases, cancer, and stroke and the growing consumer preference for emergency medical services for improved and immediate medical attention are boosting the demand for air ambulance services in North America. Moreover, the region has the presence of air ambulance service providers such as Air Methods, Global Medical Response, and PHI Air Medical. In 2023, Bell Textron Inc. announced that Life Flight Network had procured two additional Bell 407GXi helicopters and planned to obtain an additional Bell 429. In 2022, Tropic Ocean Airways and REVA partnered to provide comprehensive air medical service for patients in the Caribbean and other remote locations. Hospitals such as Barnes-Jewish Hospital, Brigham and Women's Hospital, Cedars-Sinai Medical Center, and Cleveland Clinic are collaborating with air ambulance service providers to offer enhanced emergency medical care support to their patients, driving the demand for air ambulance services in North America.
Contributions and market initiatives of the key players such as Air Methods, Aero-Dienst GmbH, Airlec Air Espace, Babcock International Group Plc, Trust Air Aviation Ltd, FAI Aviation Group, IAS Medical, Medical Air Service, PHI Air Medical, and Quick Air Jet Charter GmbH are influencing the air ambulance services market evolution globally. In addition, several other important air ambulance services market players have been studied and analyzed during the study to get a holistic view of the air ambulance services market and its ecosystem. The air ambulance services market report emphasizes key factors such as the rapid development in the healthcare sector.
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