Market Overview
Ambulance Services
- The U.S. ambulance services market was valued at $17.8 billion in 2023 and is expected to grow at a CAGR of 10.4%, reaching $29.2 billion by 2028.
- With the U.S. population rapidly aging, the demand for ambulance services has consistently grown due to the rising prominence of chronic and acute diseases. Additionally, the increasing healthcare expenditures, paired with a rising availability of reimbursement policies, are further expected to grow market demand.
- Ambulance services are segmented into two primary categories based on the level of care and equipment provided: advanced life support (ALS) and basic life support (BLS). ALS represents the highest-grossing segment due to the high degree of clinical intervention and, in 2023, represented 64.7% of total service revenue.
- With the latest 2% increase in base and mileage rates, as well as CMS’ latest announcement of a 2.6% ambulance inflation factor for 2024, collection dynamics for ambulance services companies are becoming increasingly favorable, further driving sector revenue growth.
Demand Drivers
Aging U.S. population driving consistent demand growth
43,000 motor vehicle fatalities in 2023, up 20% since 2015
1 U.S. death every 30 seconds from cardiovascular disease
