Published on : Aug 23, 2016
The rising incidence of chronic ailments and the increasing occurrence of accidents have resulted in high demand advanced ambulatory services. Regionally, North America has emerged as leading market for ambulance services. It owes its dominance to the fact that several leading ambulance service providers are domiciled in the region. Furthermore, favorable reimbursement facilities in the region also drives the market for ambulance services in North America. The growth of the market is also supported by the high disposable income of patient population.
Besides this, the uptake of ambulance services is expected to increase in emerging economies of Asia Pacific. Japan, China, Indian subcontinent, South Korea and North Korea, New Zealand, South-east Asia, and Australia have emerged as the lucrative markets for ambulance services in Asia Pacific. The incidence of chronic ailments is increasing in the region. It is also witnessing a rising occurrence of accidents. These factors, combined with the increasing geriatric population, will fuel demand from the Asia Pacific ambulance service market.
According to TMR, spurred by the aforementioned factors, the global ambulance services market, which stood at US$17.0 bn in 2012, is expected to reach US$29.7 bn by the end of 2019. The market is therefore expected to report a CAGR of 8.3% between 2013 and 2019.
Rising Occurrence of Accidents to Fuel Demand for Emergency Ambulance Services
Over a million people around the world lose their lives due to accidents and even more number of people suffer non-fatal injuries leading to disability. Efficient ambulance services are considered indispensable to ensure timely treatment to accident victims. The rise in number of accidents globally, has been fuelling demand for ambulance services.
The market is also expected to gain impetus from the increasing geriatric population and the rising cases of disabilities around the world. Mobility in such cases is considered a serious concern. Efficient ambulance services are thus considered crucial to ensure such patients timely access to required treatments. Besides this, the demand for ambulance services is also expected to surge in response to the rising prevalence of chronic ailments such as diabetes and cancer.
Despite witnessing favorable opportunities for all these years, stringent regulations have been posing challenge for ambulance service providers. The recent regulations mandate increased staffing of skilled medical professionals. This reduces the profit margin of ambulance service providers thus adversely influencing the overall market.