The projection, made by market intelligence firm Persistence Market Research, also forecast a compound annual growth rate (CAGR) of 11 per cent over the next decade.
A number of factors are behind the industry’s projected growth, including:
- Increased demand for emergency medical services (EMS) – driven by an ageing global population and the increasing prevalence of chronic illnesses
- Technological improvements to medical equipment, such as life support systems, defibrillators and medical monitors – enabling air ambulances to provide more advanced medical care during transfers
- A growing number of air ambulance providers worldwide – leading to increased competition in the market, more affordable pricing, and consequently, greater use of air ambulance services by patients
- The rise of medical tourism – in which more patients are travelling overseas to receive medical treatments, leading to higher demand for international air ambulance provision
- Improvements to aviation infrastructure – such as the expansion of airport runways and helipads, making it easier for air ambulances to operate in more remote areas.
The global market for autonomous firefighting drones is likewise expected to grow over the next decade, at a CAGR of 16.7 per cent, to $8.98 billion by the end of 2033.