The Global Air Ambulance Economy: What to expect from 2023-2027
The rising recognition of air ambulances as a critical medical service post-COVID is driving the growth of the market to new heights.
The global air ambulance services market was already valued at $5.24 billion in 2020, propelled by a surge in demand for quick responses by medical professionals during the Covid-19 crisis. That momentum of growth is expected to continue and further strengthen. According to a recent report by research and advisory company Technavio, the market is now projected to grow by approximately USD $5952.31 million from 2023- 2027. It will grow at a whopping compound annual growth rate (CAGR) of 9.76% over the forecast period.
Factors that are driving the market growth of air ambulances
Increase in participation in adventurous and recreational activities
The research study by Technavio points to a number of factors contributing to the growth of the market. An increase in people taking part in adventurous and recreational activities is identified as one of the main reasons.
Activities such as trekking, hiking, swimming, rafting, and paragliding have led to a rise in injuries like sprains, fractures, and even severe head injuries. In these cases – especially the latter – patients need to be treated within the ‘Golden Hour’ to have the best chance of survival. Because air ambulances can more quickly and effectively reach remote accident zones compared to ground ambulances, they are essential to swiftly evacuating patients and getting them to medical care.
Rising prevalence of infectious diseases
The prevalence of infectious diseases – such as COVID-19, Ebola virus, Zika virus, dengue, the Middle East respiratory syndrome, influenza, and severe acute respiratory syndrome – is also one of the key factors driving the growth of the market. Because speed is of the essence to get patients quick treatment as well as limit infection and viral spread, air ambulances can prove more efficient than ground transport, thereby resulting in more professionals choosing to use this mode of transport.
Growing geriatric population
According to the World Health Organization, the population of people aged 60 years and older will double by 2050. This increase in the number of elderly is expected to concurrently escalate the demand for air ambulance services, states the Technavio report. This is because as people grow older, it is likely they will experience a slew of age-related conditions and illnesses, such as osteoporosis or respiratory problems, cancer or cardiovascular diseases, and require transport to a doctor, hospital, or hospice as quickly, safely, and comfortably as possible.
Advanced onboard medical treatment
The adoption of cutting-edge medical technology by air ambulances has also created opportunities for the growth of the market around the world. For instance, some air ambulances are now equipped with advanced ventilator systems and heart monitoring systems that efficiently provide care to critically ill patients during transport. Others have advanced communication systems which enable professionals onboard to send patient data in real-time to the destination hospitals, enabling the resident doctors to prepare in advance. This improvement in the quality of care onboard has boosted confidence in the usage of air ambulances.
Challenges and other considerations
While the opportunities are clear, the Technavio report also lists challenges – such as the cost of services and the lack of regulations in the industry – that can impede growth. By capitalising on the trends mentioned in the report and proactively developing growth strategies, Bluedot is well-positioned to generate a tremendous amount of value in the years ahead.