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The stair lift market size is forecast to increase by USD 359.3 million at a CAGR of 6.11% between 2023 and 2028. The market is witnessing significant growth due to the increasing prevalence of disabilities and activity limitations among the aging population. Osteoarthritis, a common condition among older adults, often leads to mobility issues, making stair lifts an essential medical facility for many. Notable player in this market, offer reliable and safe stair lifting solutions. The demand for stair lifts and automatic stair climbing wheelchairs is increasing as more individuals seek to maintain their independence and remain in their homes. However, pricing risks in certain markets may hinder market growth. Medicare coverage for stair lifts varies, and the cost of installation and maintenance can be a barrier for some consumers.
The market is growing rapidly, driven by the increasing disabled population and primary drivers such as aging and restricted mobility due to conditions like arthritis. Products like curved and seated stairlifts are becoming essential for medical facilities and residential settings, offering enhanced mobility for individuals with significant disabilities. The market is expanding as more people seek independence and safety. Innovations in stairlift design, such as customizable rail colors, efficient engine systems, and industrial rack and pinion mechanisms, are further fueling market growth, ensuring accessibility for individuals with mobility challenges. As healthcare equipment needs rise, stairlifts are a vital solution for improving quality of life.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The straight segment is estimated to witness significant growth during the forecast period. In the mobility aids market, the segment for stair lifts continues to expand, with straight stair lifts holding a significant share. These devices provide a straightforward solution for navigating staircases within homes, requiring only a staircase with no bends or turns and landings at the top and bottom. The installation process for straight stair lifts involves customizing the rail to fit the specific length of the staircase. The user-friendly nature and ease of installation make straight stair lifts a popular choice among customers. This segment's growth is driven by the increasing demand for home modifications to accommodate aging populations and individuals with mobility challenges.
Additionally, the availability of various types of stair lifts, including outdoor lifts for use in porches and patios, further broadens the customer base. The homecare segment and hospital segment are significant contributors to the market's growth, as healthcare services and caregivers seek to improve accessibility and patient comfort. Medicaid and other insurance programs may cover the cost of stair lifts for eligible individuals, making them an accessible solution for those with financial constraints. In conclusion, the straight stair lift segment is poised for growth due to its ability to cater to the needs of various customer segments and its ease of installation and use. As the population ages and the need for mobility solutions increases, the market for stair lifts, including straight stair lifts, is expected to continue expanding.
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The straight segment accounted for USD 511.20 million in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The North American market is projected to expand at a steady pace over the coming years. Factors contributing to this growth include the increasing prevalence of chronic diseases and a strong market presence of key players. The adoption of stair lifts in both residential properties and healthcare facilities is on the rise, prompting companies to adopt strategic moves such as mergers and acquisitions and partnerships with distributors to bolster their market standing. Financing options for stair lift installations are increasingly becoming available, making these climbing devices more accessible to a wider audience.
Furthermore, refurbished stair lifts present an affordable alternative for those with budget constraints. Indoor stairlifts, available in various rail colors, cater to the aesthetic preferences of homeowners. Seated stair lifts are the most common type while standing stair lifts cater to users with mobility issues that require them to stand during ascent. Stairwell obstructions, such as doorways and landings, are addressed through customized solutions. High-value services, such as maintenance and repair, ensure the longevity and optimal performance of stair lifts. Straight rails are the most common type of stair lift rail design, providing a simple and efficient solution for users.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing prevalence of disabilities is the key driver of the market. The global population is witnessing an increase in age, leading to a rise in the number of individuals dealing with mobility issues. According to statistics, around 15% of the world's population currently experiences some form of disability, with 2%-4% of this group encountering major functional challenges.
Many of these individuals face mobility-related difficulties, particularly in navigating stairs. This trend is expected to continue due to the increasing prevalence of conditions such as osteoarthritis, osteoporosis, and fractures among the aging population. As life expectancy increases due to advancements in healthcare technologies, the older population is expanding worldwide. Consequently, the demand for stair lifts is poised to grow significantly to address the mobility needs of this demographic.
Rising demand for stair lifts from aging population is the upcoming trend in the market. The demand for stair lifts in the US is on the rise due to the increasing number of individuals facing mobility challenges as a result of age-related health issues or injuries.
According to The World Bank, approximately 10% of the global population, which equates to over 35 million people in the US alone, were aged 65 and above in 2021. This demographic shift, coupled with the rising prevalence of chronic conditions such as Osteoarthritis, will fuel the need for mobility solutions like stand stairlifts.
Pricing risk in certain markets is a key challenge affecting the market growth. Stairlifts are essential mobility solutions for elderly and disabled individuals, as well as healthcare facilities and professional caregivers. The demand for stairlifts continues to grow due to the increasing population of elderly people and the need for self-sustaining mobility solutions. Despite their benefits, the high cost of stairlifts and related services can be a barrier to adoption.
Prices may fluctuate due to factors such as demand, supply, economic conditions, import regulations, and competition. Overcapacity in the industry could lead to further price pressure. End-users must also consider additional costs for installation, maintenance, and accessories. Stairlifts offer flexibility and cost-effectiveness in the long run, as they enable individuals to age in place and maintain their independence. By investing in a stairlift, users can avoid the expense and inconvenience of moving to a single-story home or hiring full-time caregivers.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Electra Taamal - The company offers stair lifts for home and office purposes.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to the increasing aging population and the need for mobility solutions for disabled individuals. The global population is aging, leading to an increase in the number of elderly and disabled people who face mobility challenges in their daily commute, especially when dealing with flights of stairs. Safety is a primary concern for this demographic, making stairlifts an attractive option. Wheelchair users and individuals with significant disabilities, such as osteoarthritis, which causes activity limitations, are among the key beneficiaries of stairlifts. These mobility solutions enable individuals to navigate their homes and access educational institutions, healthcare facilities, and professional caregivers more easily.
Further, the demand for stairlifts is driven by the disabled population's need for mobility alternatives and the elderly's desire to maintain their independence. Curved stairlifts offer flexibility for homes with complex staircases, while seated and stand stairlifts cater to various customer preferences and budgets. Cost-effectiveness, ease of installation, and customization options are merits that make stairlifts a popular choice for individuals facing mobility challenges. The market includes various segments, such as the homecare segment, hospital segment, and stair lifts segment, each with its unique requirements and customer base. Safety features like adjustable seats, collapsible steps, speed regulators, safety belts, and delicate stop buttons ensure the users' safety and peace of mind.
Moreover, the market also offers financing options and refurbished stairlifts for those with budget constraints. Stairlifts cater to various stair types, including straight rails and curved lifts, and can be used indoors and outdoors. Stairwell obstructions, rail colors, and fire protection system market considerations are essential when selecting a stairlift. The market's growth is expected to continue as the global disability population increases, and life expectancy and obesity rates rise, leading to more mobility challenges.
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Market Scope |
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Report Coverage |
Details |
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Page number |
161 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.11% |
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Market growth 2024-2028 |
USD 359.3 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.39 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 46% |
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Key countries |
US, UK, Germany, Japan, and Canada |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Acorn Stairlifts Inc., Bruno Independent Living Aids Inc., Electra Taamal, Gruppo Millepiani S.p.a, Harmar Mobility LLC, HIRO LIFT Hillenkotter and Ronsieck GmbH, Lehner Lifttechnik GmbH, Lifeway Mobility, Millers Akron and LeadVenture Inc., Otolift Stairlifts Ltd., Platinum Stairlifts Ltd., Prism UK Medical Ltd., Qingdao Sinofirst Machinery Co. Ltd., Savaria Corp., Stannah Group of Co., SUGIYASU Co. Ltd., Symax Lift Holding Co. Ltd., and TK Elevator GmbH |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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