Customization has been a need of the air ambulance industry for a long time now. The customizations, however, have been mainly aimed at internal modifications to make maximum utilization of space. Another set of redesigns have come in the form of changes to the medical equipment with the objective of making them lighter and compact. As a result, the air ambulance vehicles that we see today are equipped with medical gadgets that can put regular intensive care units to shame. However, the industry is demanding even more, and rightly so. Offering premium services is what the air ambulance industry has strived for.
Air Ambulance Design Basics Need Change
The aircraft industry is highly evolved today and is looking to implement innovations. It is now looking at the air ambulance industry to spread its market reach further. It is a win-win situation for both industries.
For the aircraft manufacturing industry, it is a chance to widen its market as the traditional markets have seen a sharp slump in recent times. The COVID-19 situation has only worsened the existing situation. On the other hand, the air ambulance industry has had its own design demands.
What does the Air Ambulance Industry Need?
Efficiency when it comes to space is perhaps the biggest demand of the air ambulance industry. To make a true difference, medical flight designs need a fundamental change in design. The aircraft need to be lighter, yet more space-efficient.
Another requirement is maneuverability. The design needs to be such that an air ambulance must be able to land and take off amid heavy traffic. The ability to reach tough terrains is another requirement.
When achieving all this, the aircraft needs to be silent enough so that the patients are offered a comfortable flight. It is heartening to see that innovations in this space today are moving in the right direction.
The adoption of private equity is not just a predicament for the air ambulance industry but the entire healthcare system in the United States. Several financial institutions in the country have shown a keen interest in healthcare in recent times. There is no doubt that it makes the whole sector highly competitive with ready access to funds. However, what bothers most people is the profit motive of private equities. The healthcare and air ambulance industries being more human-centric, it does not seem right to most people that they are viewed as a source of profit. They opine that healthcare must be a pure welfare activity.
What’s the Air Ambulance Industry Got to Lose?
Many people believe that the high prices charged by air ambulance companies are directly a result of heavy private equity investment in them. Investors simply do not want to make any losses, even though the United States is flooded with several air medical transport companies, so much so that the consumer base is starting to look too small. This is causing more idle time for many companies. As a result, their costs are piling up and are being ultimately transferred to the customer.
Will the COVID-19 Pandemic Transform the Industry?
The COVID-19 pandemic has drastically cut down the demand for air ambulance services. The reason behind this is simple. The industry relies heavily on helicopters, which are not built to handle highly infectious diseases like COVID-19. The pandemic has given no adaption time to the air ambulance service providers. The lack of isolation between the crew and the infected patients, in addition to the sanitization needs, has made air medical transport not the best option, at least locally. However, they are still being utilized for international evacuations, although not large in numbers.
Experts opine that, if the prevailing low-demand situation persists, there are going to be several service providers who will be forced to shut down, creating a balance between the number of players in the market and the size of the market.
It is believed that the medical flights will be in great demand for most part of the next two decades and will grow at a rate of 9.3%. In the past year, the industry grew to US$ 4,524.7 million. Those are some robust numbers and not the kind we commonly see in the prevailing economy. What are the driving factors behind these trends? It is certainly not the affordability of the people as evident by the growing concerns surrounding the balance bills that never fail to make the headlines. It is the medical need that is driving the air ambulance industry. Here are some sharp insights.
Medical Flights and Diabetes
Perhaps the most common lifestyle disease that prevails today is diabetes. While there is nothing that cries emergency about diabetes, it is a cause for more serious ailments. People with diabetes are known to eventually develop serious heart and kidney conditions, which give rise to life-threatening emergencies. This is where medical flights come into picture. With the US fighting obesity and diabetes (as a consequence), the market is set on an upswing. In fact, currently, there are about 463 million diabetics in the country, and it is projected to reach 700 million in the next 25 years.
Medical Flights and Drug-Related Emergencies
The illicit drug menace has bothered the country for long. Today, it is believed drugs are among the biggest killers when it comes to people under the age of 50. A lot of times, these give rise to serious and unexpected medical emergencies ranging from overdose to motor vehicle accidents. Medical flights are the only recourse in most cases.
Medical Flights and Rural Hospitals
It is a known fact that rural hospitals have been closing down at a rapid rate in the country, and the trend has been up since a decade now. Medical flights are the only way out for the residents of such areas.
In a way, the market for medical flights is a reflection of how healthy the society is.