North America Ambulance Services Market Share, Regional Outlook, Survey Report 2030

Posted on 2023-05-31 by researchinsights in Internet & Online // 0 Comments

North America Ambulance Services Industry Overview

The North America ambulance services market size was valued at USD 17.08 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.08% from 2022 to 2030.

The demand for ambulance services is growing owing to a surge in the number of people suffering from different chronic diseases, as well as a spike in the geriatric population. Furthermore, increased healthcare expenditures and the availability of reimbursement policies are projected to drive demand for ambulance services throughout the projection period.

Gather more insights about the market drivers, restrains and growth of the North America Ambulance Services Market

The constant increase in traumatic accidents is likely to drive market expansion. For instance, according to the Insurance Institute for Highway Safety, in 2019, there were 33,244 fatal motor vehicle crashes in the U.S. of which 36,096 deaths occurred. Moreover, according to the National Highway Traffic Safety Administration (NHTSA), 2.74 million people were injured in the same year. Besides, as per the same source, there are an average of 99 fatalities every day due to vehicle accidents. In the U.S every day, 7,507 persons are injured in car accidents.

Upsurge in road accidents and an increase in the demand for ambulance services are fueling the market growth. Rising geriatric population has led to the growth of the North America ambulance services market. The need for emergency medical intervention is high among the geriatric population, which is growing hastily. Elderly people (aged ≥65) are currently the fastest-growing group of the general population in the U.S. For instance, according to National Population Projections by the U.S. Census Bureau 2017, nearly one in four U.S. citizens is likely to be an older adult by 2060.

Similarly, according to Rural Health Information Hub, the U.S. population is aging and by 2030, one in every five people in the U.S. is expected to be more than 65 years of age. Besides, according to Statistics Canada, the number of people aged 85+ increased by around 12% from the year 2016 to 2021. Thereby, this factor is expected to boost the ambulance services market in this region. Rising cases of chronic diseases such as cancer, diabetes, cardiovascular diseases, etc. are expected to surge the demand for ambulance services.

Cardiovascular diseases such as stroke, congestive heart failure, coronary artery diseases, and cardiac arrest, require instant emergency medical services and medical attention. For instance, as per CDC, every 30 seconds, one person dies in the U.S. due to cardiovascular disorder. Moreover, as per a similar source, around 18.2 million people aged 20 and above have coronary artery disease in the U.S. CVD is among the leading causes of death and usually requires immediate medical attention, which increases the need for ambulance services.

Furthermore, according to the Association of Air Medical Services, more than 550,000 patients in the U.S. use air ambulance services annually. The growing incidence of chronic diseases is projected to bolster the growth of the North America ambulance services market. The market was positively impacted during the COVID-19 pandemic, as the ambulance services operators were experiencing an upsurge in services for emergency medical services from hospitals and health insurance firms. In November 2020, Air Methods Corporation collaborated with HealthPartners, a consumer-governed, non-profit healthcare organization.

This contract will comprise air methods to provide vital air medical services at reduced pricing to HealthPartners plan members in Wisconsin, Minnesota, Lowa, Illinois, South Dakota, and North Dakota. The necessity for precise real-time data and safety procedures has fueled the development of air ambulance software companies, particularly meteorological software companies. The Federal Aviation Administration (FAA) has identified an increase in accidents as one of the main reasons for installing real-time data management software. Real-time data tracking aids the pilot in making critical flying decisions.

Furthermore, the flight management software installed in the air ambulance provides information on helicopter equipment and software. The pilot’s overall operating tasks have been simplified because of the usage of artificial intelligence (AI) and the internet of things (IoT). Airbus SAS and Honeywell Corporation Inc. are working together to create and build lightweight, highly autonomous helicopters for air ambulances. Furthermore, the increased deployment of “smart ambulances” is predicted to result in a major increase in demand for ambulance services post the coronavirus epidemic.

Private health care, as well as national agencies throughout the region, are investing extensively in new technologies to improve the efficiency of patient experiences before hospital admission. Furthermore, technological improvements such as online booking of ambulance services are boosting the industry in the U.S. Other factors driving market expansion include rising emergency healthcare spending, an increase in the number of hospitals offering adequate air ambulance services, and improved medical facilities across the country.

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