Saudi Arabia Air Ambulance Market to Grow at a CAGR of 11.6%, during Forecast Period
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia Air Ambulance Market was worth USD 121.5 million in the year 2021. The market is projected to grow at a CAGR of 11.6%, with revenues reaching USD 267.1 million by the end of 2028.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia Air Ambulance Market was worth USD 121.5 million in the year 2021. The market is projected to grow at a CAGR of 11.6%, with revenues reaching USD 267.1 million by the end of 2028. The Saudi Arabia Air Ambulance Market is booming because of the rising rates of chronic diseases among people and the healthcare sector's quick adoption of new technologies to reach a larger population. Additionally, the projection period is anticipated to bring about considerable potential prospects for the Saudi Arabia Air Ambulance Market due to the rise in healthcare spending by public and private players as well as the increased attempts to promote Saudi Arabia as a renowned medical tourism destination. Furthermore, Saudi Arabia Air Ambulance Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, the high cost of air medical services & payment issues, along with strict aviation licensing rules, pose obstacles to the market's expansion for air ambulance services, in turn, may act as a huge restraining factor for the market growth.
Increase in Healthcare Spending Fuels Market Growth
The standard of care provided to patients is improved when people and major institutions spend more money per capita on healthcare. The demand for healthcare services during emergencies is fueled by the increase in private specialty hospital construction as well as the spread of healthcare services in outlying areas. Because the great majority of Saudi Arabia is located in the desert, air transportation services are needed to quickly reach remote locations. Saudi Arabia has the most economically developed and diverse market. It claims of having top-notch healthcare services. Moreover, to satisfy the demands of the developing population and achieve the goal of becoming a regional medical tourism hub, the healthcare sector is consistently working to expand. Demand for the air ambulance is anticipated to increase during the forecast period due to the expanding healthcare sector and associated spending.
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Technological Advancements Drive Market Expansion
The increase in high-end investments by market participants for advancements in air ambulance services and to upgrade medical devices and equipment is expected to improve the services offered by the level of care provided to patients. They are outfitted with critical healthcare equipment such as heart monitors, ventilators, and other devices, allowing them to provide emergency healthcare to patients. Furthermore, the country's highly developed telecommunications system facilitates communication between the patient's location and the healthcare facilities. It enables the transfer of real-time patient data to healthcare facilities and enables doctors to plan ahead of time for the deployment of emergency services. The advancements in communication technology, as well as medical equipment and devices, are expected to have an impact on the country's demand for air ambulance services.
Saudi Arabia Air Ambulance Market - By Service
Based on service, the Saudi Arabia Air Ambulance Market is segmented into Domestic, International. The domestic segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). Saudi Arabia has long been known for its tourism services and beautiful tourist destinations. With time, Saudi Arabia has also risen to prominence on the global medical tourism map. A large number of medical tourists are flocking to Saudi Arabia in search of the best treatments at the lowest possible cost. Furthermore, in recent years, Saudi Arabia medical practitioners and doctors have earned a good reputation around the world for their skilled treatments.
Impact of COVID-19 on Saudi Arabia Air Ambulance Market
Market turbulence, a significant slowdown in the supply chain, a decline in company confidence, and a rise in fear among customer segments were all effects of the COVID-19 crisis. Governments in several areas have already announced lockdowns and temporary industry closures, which has an impact on overall production and sales. The temporary shutdown of numerous design, development, and production facilities is impeding the market's expansion. The pandemic and the slowing of national economies both had a detrimental impact on the market expansion. A surge in COVID-19 instances led to the lockdown, which briefly suspended several processes in the aviation industry including production, the supply of raw materials, and aircraft deliveries. Particularly in developing nations, domestic air passenger counts have returned to pre-pandemic levels.
The leading market players in the Saudi Arabia Air Ambulance Market are Saudi Arabia Ambulance, Fakeeh International, Alpha Star Air Ambulance, Plures Air, Air Ambulance Worldwide, Global Air Rescue, Human Care Air Ambulance, IAS Medical Company, and other prominent players. The Saudi Arabia Air Ambulance Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
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