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Geographically, the North American region is expected to showcase domination in the global ambulance services market.
The size of the global ambulance services market was worth USD 37.22 billion in 2022. This value is further estimated to be growing at a CAGR of 10.12% and reach USD 60.27 billion by 2027.
Coronavirus disease is an infectious disease caused by a newly discovered coronavirus. Most people who fall sick with COVID19 have experienced mild to moderate symptoms and recover without special treatment, but there is an increased need for ambulance services. Due to the movement restrictions imposed by the government across the world, there was no access to transportation which boosted the need for ambulance services. The burdened service has been marked with poor maintenance and long wait hours. Many ambulance owners are unclear if they should ferry Covid patients to designated hospitals and quarantine centers because of the transmission risk. The need to discern between Covid and non-Covid patients, sanitizing the vehicle after carrying Covid positives, lack of protective gear, and harassment by law enforcement authorities on interstate highways have restricted the small operators from hitting the road. The small number of ambulances creates many difficulties even for critically ill patients who need regulation. Therefore, although market demand is high, the market is slowing down due to production shortages.
The growing elderly population is primarily responsible for driving the global ambulance equipment market. This is mainly because older people are being admitted to hospitals for various health problems that may develop at that age.
The increasing prevalence of cardiovascular disease is also expected to increase the adoption of emergency hospitalization and related services that may include the use of ambulances and related equipment. These cardiovascular diseases are primarily caused by lifestyle changes, unhealthy diets, smoking, alcohol abuse, and other factors.
In addition, many governments spend enormous amounts of money on developing medical infrastructure, primarily in developed areas after covid19 pandemic. This also increases the demand for high-quality ambulance equipment and thus boosts the market growth. Except for major developed countries, healthcare services have experienced significant booms in several emerging markets, which has helped the global ambulance equipment market achieve exemplary growth.
The initiatives taken by the government for providing healthcare services to the people in remote areas by providing Ambulance services are positively influencing the market growth. Also, many private organizations are in emerging countries such as India, the U.S, China, and other countries coming up with investments and encouraging market growth.
Moreover, growing awareness of the need for prompt hospital care and easy accessibility of transportation facilities provides lucrative opportunities to the market.
Manufacturing the equipment needed for ambulances and other forms of high-speed medical transportation systems is so costly that it is hampering the global ambulance equipment market. This is mainly because the ambulance is an integral part of lifesaving and therefore bears the costs incurred. In addition, the lack of expertise needed to deliver such products in undeveloped areas where there may be urgent medical needs is also a significant obstacle to market expansion. Nevertheless, many players will broaden their horizons and remove most restrictions in the near future.
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