The global ambulance and air ambulance markets will post an annual growth rate of 8.9 percent, increasing from a 2021 value of $40.6 billion to $94.2 billion by 2031. That's according to a new report from consultancy Research and Markets.
The firm said the growth will be driven by dramatic increases in the use of automobiles and subsequent crashes, as well as an overall explosion in the world’s geriatric population, from 524 million in 2010 to two billion by 2050. The growth of the elderly population is due to improved regional medical care in markets, including China, Japan, and the U.S., according to the study. As a result, Research and Markets anticipates increased demand for ambulance services "as the elderly are more vulnerable to illnesses and infections.".
However, Research and Markets also pointed out that significant limits remain with regard to the growth of the air ambulance market, specifically “the requirement for specialized equipment and skilled medical personnel, the cost of deploying an air ambulance, the possibility that air ambulances may be unable to fly in bad weather, and the absence of modern tracking systems.”