The global Medical Transport Service Market Size accounted for USD 86 Billion in 2020 and is expected to reach USD 126 Billion by 2028, growing at a CAGR of 4.8% from 2021 to 2028.Medical Transport Service Industry share By Type, End User, Region
Medical Transport Service Market
The global Medical Transport Service Market accounted for USD 86 Billion in 2020 and is expected to reach USD 126 Billion by 2028, growing at a CAGR of 4.8% from 2021 to 2028.
The major factor driving the expansion of the Medical Transport Services market is that the rising healthcare complications requiring medical attention. Globally the amount of emergency hospital administration is on the increase. At an equivalent time, ambulances and therefore the vehicles that are used for the transportation of the patients and other medical goods needs regular servicing and quality check by the transport regulatory bodies of the respective regions.
Such a process involving routine checkups of the vehicles requires time hence to continue the services there should be additional vehicles or other substitute vehicles. Also, the upkeep cost incurred on vehicles and therefore the air ambulance is relatively high. Hence these factors are likely to limit the expansion of the market over the forecast period. Moreover advancing healthcare transport facilities is probably going to spice up the marketplace for Medical transport services over the forecast period.
Worldwide, there's a growing concern about the negative effects of infectious COVID-19. The COVID-19 pandemic has triggered diseases and deaths, created immense confusion for the world, and modified the solid waste management profile. This has resulted in increased demand for medical transport services across the world. The pandemic has changed the behavioral and consumption patterns of people, resulting in a sudden change in the generation amount, composition, and disposal rate of municipal solid waste, depending on location. However, in response to the COVID-19 disaster, market players devised several business strategies, such as strategic agreements, technological advances, and partnerships to survive in their business. For example, in June 2020, Mahindra announced the launch of a BS-6 Supro ambulance equipped with a foldable cum trolley, medical supplies, air-conditioning system, advertising system, and indoor lighting. In addition, the growing popularity of air ambulance services, as well as a large number of private insurance patients are also expected to improve this market in the coming years.
The demand for ambulance services is on an increase due to the favorable reimbursement policies, an increasing number of road accidents, rising medical tourism, and a growing geriatric population. Road accidents are rapidly increasing and such cases require immediate medical attention and ambulance services. Also, there has been an unceasing rise in life expectancy and more attention to quality. Consumers are progressively becoming more aware of their health and have started paying more attention to their quality lifestyles, hygiene and healthy diets, which has rushed the demand for Medical Transport Service across the globe.
|Report Attributes||Report Details|
|Report Name||Medical Transport Service Market Size Report|
|Market Size in 2020||USD 86 Billion|
|Market Forecast in 2028||USD 126 Billion|
|Compound Annual Growth Rate||CAGR of 4.8%|
|Number of Pages||140|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||ARAMARK Healthcare, ATS Healthcare Solution, Crothall Healthcare|
|Segments Covered||By Type,By end-user, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2016 to 2020|
|Forecast Year||2022 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Hospitals account for the very best market share of the worldwide medical transport services market by end-user segment. The worldwide market share of hospitals in 2017 was 45% and is probably going to succeed in the USD 43.2 billion by end of 2022. As most of the patients requiring emergency medical services are taken to hospitals due to better and advanced healthcare facilities as compared to clinics and ambulatory surgical centers, Hospitals contribute the utmost market share.
The Medical Transport Services market includes the transport services of patients as well as medical products. Global Medical Transport Services market belongs to the parent market “Transport services market”. The medical transport services include patient transport, Incubator transport, mobile treatment facilities, and medical products transport. within recent years, medical transport service has achieved a growing appreciation and is a crucial part of any medical health care program.
Medical product transport involves the transportation of the medical products from the manufacturer to the user. The segment is dominating and is estimated to grow at a healthy CAGR from 2021 till 2028. Patient transport is another lucrative segment that is growing at a better CAGR of 4% over the forecast period. The major growth factor for the growth of patient transport services is the rising number of patients requiring emergency as well as non-emergency transportation across the globe.
North America was the dominating area for the Medical Transport Service Market in 2020 in terms of income creation. North America was chased by Europe on the back of the availability of enhanced infrastructure and technology. North America adds up to almost 40% of the entire market share for the global Medical Transport Service Market. In addition to this, the Medical Transport Service Market has a huge chance in up-and-coming areas such as Latin America and the Asia Pacific owing to the government & public awareness, government initiatives, increasing aging population, and healthcare infrastructure.
The report includes detailed profiles of the prominent market players that are trending in the market. The list of the players that are compiled in the report ARAMARK Healthcare, ATS Healthcare Solution, Crothall Healthcare among others. The prominent market players maintain the competitive edge in the global market by making investments in the mergers and acquisitions and by increasing their product portfolio. In March 2017, American Medical Response and Lyft Announce Partnership to Provide Non-Emergency Medical Transportation Services for Patients. In October 2016, ATS Healthcare has developed coast to coast temperature management services with mission-critical pharmaceutical shipments in mind.
The global Medical Transport Service Market was valued at USD 86 billion in 2020.
The global Medical Transport Service Market is expected to reach USD 126 billion by 2028, growing at a CAGR of 4.8% between 2021 to 2028.
The ambulance services market will show a sharp rise due to the new ambulance service providers globally, the increasing number of accidents and the introduction of the latest ambulances, and the huge increase in hospitals due to the epidemic.
North America in 2020 ruled the Medical Transport Service Market and was believed to be the highest income-generating area all over the globe.
The major market players in the Medical Transport Services Market are ARAMARK Healthcare, ATS Healthcare Solution, Crothall Healthcare among others.