Stair Lift Market - By Rail Orientation (Straight & Curved), By User Orientation (Seated, Standing & Integrated), By Installation (Indoor & Outdoor), By Application (Residential, Healthcare & Commercial), By Geography - Global Opportunity Analysis & Industry Forecast, 2022-2027
Stair Lift Market Overview
Stair Lift Market Size is estimated to reach $986.2 million by 2027 and it is poised to grow at a CAGR of 7.4% over the forecast period of 2022-2027. A stair lift is a form of a device that helps the patient/consumer to transport between floors in various places such as residential or commercial. The stair lift consists of railing systems that are tailored to the stair/railing. The speed of a general stair lift is close to 0.2 feet per second. The device is extensively used by people who suffer from musculoskeletal disorders like osteoporosis or other forms of conditions that impair the quality and physical movement of life. Stair lifts are generally controlled via remote, or the controls are present on the seat. Owing to technological advancement in the field of medical devices for the older population or disabled population and transportation, the opportunities for the market players to expand the product reach are immense. A plethora of opportunities present within the market space in terms of loading and capacity, or purpose has provided key support to the Stair Lift Industry in various forms of lifts like refurbished stair lifts and rental stair lifts in the forecast period.
Stair Lift Market Report Coverage
The report: “Stair Lift Market Forecast (2022-2027)" by IndustryARC, covers an in-depth analysis of the following segments of the Stair Lift Market.
By Rail Orientation: Straight and Curved.
By User Orientation: Seated, Standing and Integrated.
By Installation: Indoor and Outdoor
By Application: Residential, Healthcare and Commercial.
By Geography: North America (the U.S., Canada and Mexico), Europe (Germany, United Kingdom (UK), France, Italy, Spain, Russia and the Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia and New Zealand and Rest of Asia Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of the World (the Middle East and Africa).
- Geographically, Europe held a dominant market share in the year 2021. It is owing to factors such as an increase in the average age of the population along with critical government support for the problems faced by the elderly. However, North America is estimated to be the fastest-growing region owing to an advancing geriatric patient pool with active technological innovation.
- A rising population of older adults with improvements in life expectancy along with technological advancements and active government support for the disabled will act as a key driver for the market. However, higher set-up cost in the residential segment impedes the market growth.
- A detailed analysis of the strengths, weaknesses, opportunities and threats will be provided in the Stair Lift Market Report.
Stair Lift Market Segmentation - by Rail Orientation
Stair Lift Market can be further segmented into Straight and Curved. Straight dominated the market in the year 2021. It is owing to a sizable difference in the total cost to be borne by residents/entities. For example, as per Grants for Medical, a cost difference of nearly $4000-$5000 lies in two forms of situations. Critically, the refurbished form of products is popular in the following rail orientation, which will drive the market. However, the curved form of rail-oriented products will grow at the fastest rate, with a CAGR of 8.7% during the forecast period of 2022-2027. It is owing to a scaling application of refurbished stair lifts and rental stair lifts in commercial spaces with complex designs supporting the overall infrastructure.
Stair Lift Market Segmentation - by Application
The Stair Lift Market can be further segmented into Residential, Healthcare and Commercial. The residential segment held a dominant market share in the year 2021. It is owing to the preference of the older population or disabled population towards buying products and services which would allow them to lead an independent life, not dependant on spouses or children, or day-care. Further, the flexibility of stairlifts to be installed in any form of stairs at home present a larger demand. As per EU Disability Forum, nearly 100 million people live with disabilities. However, the Health Care segment is the fastest growing, with a CAGR of 8.9% over the forecast period of 2022-2027. It is owing to the rising influx of patients in the settings and the ability of stairlifts to transport patients up and down the levels.
Stair Lift Market Segmentation - by Geography
Stair Lift Market on geography can be further segmented into North America, Europe, Asia-Pacific, South America and the Rest of the World. Europe held a dominant market share of 38% in the year 2021. It is owing to a strong presence of the disabled population along with a stronger hold of the older population with medical ailments, which propel the demand for stair-lift in the region. As per Eurostat, the geriatric population holds a size of 90.5 million in 2019, which is expected to grow at a considerable pace in the period. However, North America is estimated to be the fastest-growing, with a CAGR over the forecast period of 2022-2027. It is owing to a stronger rise in musculoskeletal diseases supported by technological innovation and the push of refurbished products in the marketplace, which increases public confidence by a considerable level.
Stair Lift Market Drivers
Old Age and Disability Significantly Propel the Demand for Stair Lifts.
According to the report published by the World Health Organization in 2019, nearly 16.6% or one-sixth of the world’s population constitute over the age of 65 by 2050. The current standing of the older population is nearly 11%. Thereby, with an increasing number in the total morbid and older population, the demand for a refurbished stair lift or rental stair lift will also increase. Furthermore, as per the same organization report, nearly 2 billion people worldwide suffer from varietals of disabilities. Of the following, nearly 20% face trouble in day-to-day operations. Owing to the following reasons the market will continue to grow and leverage on the old and disabled population.
Advancements in Technology and the Awareness Pertinent to the Availability of Advanced Products act as a Driver for the Market.
The manufacturers within the sphere of stair lifts are bringing in advancements and technological updates on the refurbished stair lift and rental stair lifts to curate higher utility for the disabled population to lead a more independent life. A rise in the launch of modern aids such as stairlifts with integrated wheelchair support and curved stairlifts has the propensity to fit in any form of stairway structure. Furthermore, within the U.S., the veteran administration acts as a critical source to fund stair-lifts at home. The VA Aid and Attendance Benefits are the two most likely sources to obtain funds to install a stairlift at the residence. As per State Veterans Affairs, nearly 19 million veterans are present in the U.S. for 2021, representing close to 10% of the adult population.
Stair Lift Market Challenges
High Installation Costs and Post-Installation Services Along with Limited or no Medical Coverage Impede the Market Growth.
As per Grants for Medical, the cost of installing a stair-lift at home can be as much as $3,000 to $5,000. Additionally, the cost climbs up significantly in the curved stair model chosen, which can uplift the cost to $10,000 or more. A majority of the cost component is dependent on the length of a staircase along with the type chosen owing to disability. Furthermore, the accounts of various consumers on the post-installation service cost hampers the confidence of people already on low-income streams. Lastly, MEDICARE within the U.S. for example doesn’t cover the cost of stair-lift, it is owing to the non-consideration of stairlifts as durable medical equipment, but home modification.
Stair Lift Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Stair Lift market. The top 10 companies in the Stair Lift market are:
- Thyssenkrupp Elevator AG
- Handicare Group AB
- Bruno Independent Living Aids Inc.
- Stannah Lifts Holdings
- Acorn Stairlifts
- Candor Care Limited
- Acme Home Elevator
- Ameriglide Inc.
- Garaventa Ltd.
- Platinum Stairlifts
- In September 2022, Independent Living Solutions rolled out an offer to provide reconditioned stair-lifts at pocket-friendly costs within the U.S. As per the company’s outline, product cost reduction will act as a major attribute in the industry which is proclaimed as money-intensive. The product will be available in two formats- Straight and Curved.
- In June 2020, UK Mobility Stairlifts London announced New Stairlift Rental Options. The company provides a societal approach to provide and increase the living standards of the people at a lower price-impact, by renting than purchasing the said equipment.
- In December 2019, Investment AB Latour announced the acquisition of Invalifts Ltd and Ability Lifts Ltd. based in the UK through its subsidiary Artico Group. The acquired companies primarily distribute, install and service the lifts in the UK and have a turnover of GBP 5 million.
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