Ambulance Market Size

Ambulance Market size was valued at USD 12.9 billion in 2023 and is estimated to register a CAGR of over 5.8% between 2024 and 2032. The growing investments in the healthcare sector across the globe and subsequent initiatives taken by healthcare companies are the major factors driving market growth. For instance, according to a report by the India Brand Equity Foundation, between April 2000 and December 2023, inflows into the medical and surgical appliance and hospital and diagnostic center sectors in India totaled USD 3.26 billion and USD 9.81 billion, respectively.

Moreover, the increase in accident rates is another major factor driving the ambulance market growth. For instance, according to the National Highway Traffic Safety Administration's estimates, 42,795 persons lost their lives in motor vehicle crashes in 2022. The demand for ambulances is influenced by the rising incidence of catastrophic injuries and chronic illnesses, which need quick access to emergency medical care and evacuation.

Moreover, the UNESCAP report states that during the calendar year 2022, Indian States and Union Territories (UTs) recorded a total of 4,61,312 road accidents, resulting in 1,68,491 fatalities and 4,43,366 injuries. Compared to the year 2021, there has been an increase of 11.9% in accidents, 9.4% in fatalities, and 15.3% in injuries.

In rural locations where resources may be scarce, it might be difficult to guarantee sufficient coverage and prompt response times over a variety of geographic areas. Paramedic and emergency medical technician (EMT) shortages can put pressure on ambulance services, resulting in delayed response times and less access to emergency medical care.

Several issues, including decreasing insurance payments, unpaid care, and growing operating expenses, can put ambulance services in a challenging financial position and impact their long-term viability. Manufacturers of ambulances rely on complex international supply networks to get materials, parts, and components. Production timelines, costs, and product availability can all be impacted by supply chain disruptions including shortages, delays, or price variations. For manufacturers, controlling supply chain risks and fostering resilience are crucial.