Ambulance Services Market Insights - Q2 2026

• Driven by an aging population and increasing rates of chronic disease, the U.S. ambulance services market is projected to reach $22.1B in 2026, representing a 4.2% year-over-year growth, and is expected to expand to $25.9B by 2031.
  • The 71 – 80 age group represents the largest demographic cohort for EMS utilization, accounting for approximately 16.1% of all EMS activations, or roughly 8.5 million annual responses. Demand is expected to remain supported by favorable demographic trends, with the U.S. population aged 65+ projected to grow from approximately 58 million in 2022 to 77 million by 2034.
  • Prevalence of chronic disease among the elderly are at all-time highs with nearly 95% of adults aged 60+ having at least one chronic condition while ~80% have two or more conditions.

• While consolidation within the medical transportation industry has accelerated in recent years, the market remains highly fragmented, with a large number of regional operators serving individual states, counties, and municipalities. Strategic acquirers and financial sponsors have recognized the opportunity presented by this fragmented landscape and have increasingly pursued acquisitions to build scale and expand geographic reach.
  • Consolidation is occurring not only through strategic M&A activity but also through the formation of new investment platforms. The increasing pace of platform creation underscores growing investor conviction in the sector’s favorable fundamentals and long-term growth prospects, as sponsors seek to establish a foothold through high-quality operators.
• As founders and operators evaluate succession and liquidity alternatives, several factors, including financial performance, geographic footprint, service offerings, customer concentration, and management depth, help determine whether a business is best positioned as a platform investment or a strategic add-on acquisition. However, these distinctions are rarely absolute. A variety of transaction structures and partnership approaches can be tailored to align the objectives of both sellers and investors, creating attractive outcomes for all parties involved.

(1) Combination of publicly disclosed and confidential transactions.

Sources: Pitchbook; Capital IQ

(1) Calculated as Q1 2026 net transportation revenue of $51.9M divided by ~75k completed patient transports (21st Annual Needham Technology, Media, & Consumer Conference)

Sources: SEC Filings; Capital IQ

• Founded in 2003 and headquartered in Lewisville, TX, Global Medical Response is the nation’s largest provider of emergency medical services, delivering EMS and other essential out-of-hospital care across rural and urban communities that represent more than 60% of the U.S. population.
  • On May 13th, 2026, the KKR-backed company began trading on the New York Stock Exchange under the ticker symbol “GMRS.” The Company priced its IPO at $15.00 per share, using ~31.9 million shares of Class A common stock and raising ~$478.7 million in gross proceeds.
• Founded in 2015 and headquartered in New York, NY, DocGo is a provider of technology-enabled medical transportation and mobile health services operating across major metro markets in the U.S. and U.K.
  • DocGo’s core Transportation Services segment (ambulance and NEMT) has grown steadily to $200.8M in FY2025 revenue (+3.8% YoY). The Company is at risk of being delisted from the NASDAQ and, as such, recently engaged an investment banker to explore strategic alternatives to “maximize shareholder value.”