Ambulance Services Market: Industry Demand, Analysis and Future Trends 2028

The global ambulance services market size was valued at USD 32.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.6% from 2021 to 2028

The global Ambulance Services Market size is expected to reach USD 67.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.6% from 2021 to 2028. Rising medical tourism and an increasing number of road accidents and CVD cases are the key driving factors for the market.

The growth of the market is due to favorable reimbursement policies in developed nations. In the U.S., Medicare covers both non-emergency and emergency ambulance services for medically necessary cases, if the supplier fulfills stipulated requirements. In some circumstances, Medicare also covers unscheduled and irregular non-emergency trips. Medicare covers 80.0% of the approved amount for emergency medical services and the remaining 20.0% is covered by the supplemental insurance policy of the patient. In New Jersey, Pennsylvania, and South Carolina, for repetitive, non-emergency trips, patients need prior authorization from Medicare Administrative Contractor (MAC). However, Medicare does not pay for ambulates (wheelchair-accessible vans that provide non-emergency transportation services).

In Victoria, Australia, patients can avail of emergency medical services by securing membership with Ambulance Victoria, which offers emergency medical services at subsidized prices. Ambulance Tasmania provides free emergency medical services to residents of Tasmania. Residents of Queensland (Australia) are covered with the cost of emergency services across Australia, by the QLD state government. Similarly, in the U.K., the public healthcare system provides free emergency and non-emergency medical services. In addition, patients receive NHS funding for their treatment. In Germany, public health insurance (Gesetzliche Krankenversicherung) is compulsory for every citizen and this insurance also covers non-emergency and emergency medical services. Private health insurance (Private Krankenversicherung) is usually opted by those who have high yearly income. Ease of payment through reimbursement policies encourages patients to opt for emergency medical services more frequently, which is likely to bolster the growth of the market.

Related Press Release @ Ambulance Services Market Report

Ambulance Services Market Report Highlights

• In terms of revenue, the ground ambulance segment held the largest share in 2020. The rising number of road accidents and increasing COVID-19 cases across the globe are major factors propelling segment growth
• The emergency services segment held the largest market share in 2020 and is expected to grow fast over the forecast period due to the increasing number of CVDs
• The Advanced Life Support (ALS) ambulance services segment held the largest market share in 2020. The growth of the segment is majorly driven by the increasing medical tourism across the globe
• In Asia Pacific, the market is expected to witness the fastest growth rate over the forecast period owing to the rising number of COVID-19 cases in the region