Report: Need for ambulances is expected to surge
Wednesday, January 24, 2018
The need for ambulances is not a topic often covered, but it might just be worth taking notice. Pardon the pun, but the future of this industry segment suggests that it's going to be a healthy one.
The value of the global ambulance service market was estimated to be worth about $22.5 billion in 2016, but that number is expected to balloon at an annual growth rate of 9.1 percent over the next 10 years.
There are many, many reasons for this, Grand View Research suggests, including the growth of the geriatric population, leading to rising incidence of chronic diseases; the entrance of new ambulance service providers; and increasing number of road accidents.
Rising incidences of cardiovascular conditions also are expected to bolster growth. Accordingly, these conditions — such as heart attack, stroke, etc. — require immediate medical attention and emergency medical services.
Citing World Health Organization numbers, the report states that cardiovascular conditions "are the leading cause of death and in 2015 and accounts for 31 percent of overall mortality ... 6.7 million deaths were (because of) stroke and 7.4 million were (because of) coronary heart disease." The Centers for Disease Control and Prevention (CDC) says that every year about 610,000 people die of heart disease in the U.S., which is 1 in every 4 deaths in the nation.
In addition to the factors mentioned above, the ambulance services market growth is anticipated to increase because of favorable reimbursement policies in developed nations.
"In the U.S., Medicare covers both emergency and nonemergency ambulance services, if it is medically necessary and the supplier fulfills Medicare ambulance requirements. In New Jersey, Pennsylvania, and South Carolina, for repetitive, nonemergency trips, the patient needs prior authorization from the Medicare Administrative Contractor," the report states.
The vehicles themselves include ground, air and water ambulance. Ground ambulance accounted for the largest share in 2016 because of the effectiveness and common usage of these services. Air and water ambulance services are niche segments, and air ambulance is anticipated to witness healthy growth during the forecast period.
The emergency service vehicles market is a segmented into emergency and nonemergency, and the clear leader is the emergency segment, as expected. The equipment segment includes basic life support and advanced life support ambulance.
Advanced life support ambulances are "expected to witness rapid growth owing to rising awareness of life support services among the patient and a high number of cardiovascular incidents, and increase in technologically advanced equipment and trained personnel," the report states.
North America dominated the ambulance services market in 2016, mainly because of the "presence of several key market players in this region, growing demand for quality healthcare services and well-established healthcare infrastructure." Paramedicine support also contributed to the continent's large share of the market. This community includes emergency medical service providers who offer an array of services that include preventive and primary care.
Interestingly, the rise in traffic accidents is expected to create a spike in the need for ambulances in the Asia-Pacific market. That could lead to the highest growth over the forecast period.
Per a report called "Road Safety in the South-East Asia Region 2015," published by the World Health Organization, every year road traffic injury kills approximately 316,000 people in the South-East Asia Region, which accounts for 23 percent of the global road traffic deaths. Thus, Grand View Research contends that the "high number of road traffic injuries, which require emergency medical services, is likely to drive the growth of ambulance services market in the Asia-Pacific region."
Nevertheless, despite the cause of the emergency, there are simply more people living longer, and the need for such services can only likely spike.
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