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The stair lift market is estimated to grow by USD 252.51 million declining at a Compound annual growth rate (CAGR) of 4.65% between 2022 and 2027. Firstly, the growing prevalence of disabilities increases demand. Secondly, technological advances improve product efficiency and usability. Lastly, the rising number of healthcare facilities prompts higher adoption rates. These factors collectively drive market growth, catering to the needs of individuals seeking enhanced mobility solutions within their homes and healthcare settings.
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This market growth and forecasting report extensively covers market segmentation by type (straight and curved), end-user (residential, healthcare, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
The market share growth by the straight segment will be significant during the forecast period. Straight stair lifts provide a straight path from one level in a home to another and have a rail that can be customized to fit the length of the stairs. They are easy to install and use, which will drive the growth of the straight stair lift segment in the market during the forecast period.
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The straight segment showed a gradual increase in the market share of USD 478.02 million in 2017 and continued to grow by 2021. Straight stair lifts are more adaptable to homes designed with narrow entrances or walkways near the bottom landing. The chairs on most straight stair lifts are designed to rotate at the top of the stairs for a safe exit. Such features will drive the growth of the straight stair lift segment in the global stair lift market during the forecast period.
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North America is estimated to account for 41% of 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.
The growth of the market in the region will be driven by factors such as the rising prevalence of chronic diseases, the strong presence of key players, the growing awareness regarding safe patient handling, and high healthcare expenditure. Companies in the market are adopting various market strategies, such as M&A and partnerships with distributors to strengthen their market presence. For instance, in March 2021, Savaria Corp. completed its acquisition of Handicare Group AB to expand its footprint in North America. The prevalence of strict laws and regulations for safe and accessible housing in North America is also driving the growth of the regional market.
The market experiences robust growth driven by various factors and technological innovations. With an aging population projected to hit 60 years by 2050, demand for mobility aids like wheelchairs and climbing canes escalates. Technological advancements have led to the development of outdoor, curved, and wheelchair-incorporated lifts, meeting diverse user needs. Sellers provide financing options to address the cost of stair lifts, appealing to user interests. Trend-setting technology, such as adjustable seats and folding steps, enhances safety and convenience. These features, along with regulatory compliance and Medicare/Medicaid support, ensure accessibility solutions for the elderly and disabled, driving market expansion.
The growing prevalence of disabilities is notably driving the market growth, although factors such as pricing risk in certain markets may impede the market growth. Our researchers analyzed the data with 2022 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 increasing prevalence of disabilities significantly propels the growth of the stair lift market. Rising incidents of ailments such as osteoarthritis, osteoporosis, and fractures among the elderly globally contribute to mobility-related impairments. Presently, approximately 15% of the global population faces some form of disability, with 2%-4% experiencing major functional limitations. Consequently, the escalating prevalence of mobility-related disabilities drives the demand for stair lifts.
Furthermore, advancements in healthcare technologies and accessible treatment options have extended life expectancy, resulting in a surge in the geriatric population. According to the United Nations, in 2021, there were over 747 million individuals aged 65 years or above worldwide. This demographic is more susceptible to conditions like arthritis and osteoporosis, increasing the likelihood of falls and spinal cord injuries. These factors are anticipated to further fuel the growth of the global stair lift market during the forecast period.
Growing investment in developing countries is a key trend in the market. In developing countries, there are very few opportunities for new stair lifts in residential applications. However, improvements in healthcare infrastructure in countries such as India, China, Indonesia, Brazil, and Argentina are expected to increase the adoption of stair lifts in hospitals, ambulatory surgery centers, and other healthcare facilities.
The outbreak of the COVID-19 pandemic resulted in a shortage of medical services and capabilities. Therefore, the government made plans to accelerate investments in the healthcare industry. For instance, in January 2020, the National Development and Reform Commission of China invested over USD 40 million in the construction of new healthcare facilities in Wuhan. The construction of new healthcare facilities, such as hospitals, will create new opportunities for the installation of new stair lifts. This, in turn, will fuel the growth of the global market growth and trends during the forecast period.
Pricing risk in certain markets may impede the market growth. The prices of stair lift products and services may change frequently in certain markets. These variations are generally caused by several factors, such as short-term variations in demand, a shortage or surplus supply of products, uncertainty in local economic conditions, import-related regulations, and increased competition.
A quick reduction in demand can lead to overcapacity, which may lead to further pressure on prices. Thus, the high cost of stair lift products and services limits their adoption. Apart from the equipment cost, end-users need to spend additional capital on installation, maintenance, and purchase of related accessories. Moreover, the motors for operating these lifts must be replaced every 10 years. The average cost of lifting motors ranges between USD 2,400 and USD 4,000. Therefore, many end-users are reluctant to purchase stair lifts due to budget constraints. All these factors are expected to limit the growth of the market during the forecast period.
The market trends and analysis 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 market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth 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.
The market growth analysis report also includes detailed analyses of the competitive landscape of the market and information about 15 market 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 stair lift market presents a dynamic landscape, driven by an array of factors and technological advancements. As mobility aids, including wheelchairs and climbing canes, continue to evolve, stair lifts incorporate trend-setting technology like adjustable seats and flip-up rails to meet user interest. With an aging population and increasing musculoskeletal problems, the demand for customized curved designs and post-sale services surges. Residential and homecare segments witness significant growth, with rising concerns over safety challenges and accessibility solutions. Moreover, governmental support through initiatives like Medicare and Medicaid fuels market expansion, catering to the needs of disabled and elderly individuals striving to age in place amidst mobility challenges, ensuring safety and independence within their homes.
Outdoor lifts, including curved and wheelchair-incorporated varieties, cater to diverse needs, expanding the market's scope. Sellers offer financing options to facilitate accessibility solutions for the aging population and disabled individuals. Advanced features such as folding steps and battery isolation switches enhance safety and convenience. Call stations, speed regulators, and stop sensors ensure smooth operation, crucial in healthcare facilities where patient transportation demands reliability, especially during power shutdowns. Compliance with regulations like the Disability Discrimination Act (DDA) 2005 is imperative, particularly in healthcare settings, whether private or public NHS hospitals. With projections indicating a substantial increase in the elderly and disabled population by 2050, stakeholders must address mobility challenges effectively, providing reliable stair lift solutions and comprehensive post-sale services, ensuring safe and accessible environments for all.
The market research report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Stair Lift Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of 4.65% |
Market growth 2023-2027 |
USD 252.51 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.1 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 41% |
Key countries |
US, Canada, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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, Otolift Stairlifts Ltd., Platinum Stairlifts Ltd., Prism UK Medical Ltd., Qingdao Sinofirst Machinery Co. Ltd., Savaria Corp., Secom Co. Ltd., Stannah Group of Co., SUGIYASU Co. Ltd., Symax Lift Holding Co. Ltd., and TK Elevator GmbH |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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