Stairlift Market

Global Stairlift Market Size (2023 to 2028)

The global stairlift market is expected to grow at a CAGR of 8.1% from 2023 to 2028. As a result, the market size is expected to reach USD 1.89 billion by 2028 from USD 1.28 billion in 2023.

A stair lift is a mechanical device used for mobility, mainly to climb stairs or reach higher floors powered by electric circuits and cables. A.C. or D.C. powers these devices, thus helping senior citizens and people with disability to move quickly. Stairlifts are designed to ensure the safety of disabled, disabled, fall-prone, and senior citizens when using stairs. These are the types of platforms designed as chairs, Beds, or media per an individual's requirement and safety. The stairlift can also be improvised or personalized based on the interest. 

The specific types of stairlifts are as follows. First, the straight stairlift is designed as a carrier for a single individual to be carried along a straight staircase. The second type of stairlift is the curved stairlift which helps an individual to pass a curved staircase safely. Finally, the stairlift is used both indoors and outdoors. The stairlifts inside a private facility are designed for the individual for ease and safety. In contrast, the outdoor stairlift is meant for heavy-duty use by many individuals, which requires the devices to be built out of rigid material to withstand wear and tear along with harsh weather conditions. Stairlifts are not confined to single or certain facilities as they are used in various places such as Hospitals, Malls, private facilities, and nursing homes. 

Virtual Stair Lift Evaluations

The dealers, unable to open showrooms to introduce their new designs of various kinds of Stairlifts to their customers, found a clever medium to attract buyers. Due to the pandemic, as multiple stores and malls were forced to shut down, many businesses were affected. Senior citizens were at a higher risk of getting affected by airborne disease. The only way sellers found to promote their sales was by providing a virtual demo to the buyer free of cost. Many senior citizens were looking forward to buying their personalized stairlifts from the comfort of their homes. 

Impact of COVID-19 on the global stairlift market:

The rage of the novel coronavirus took siege on the entire world. As a result, the market size and CAGR of the stairlift market were affected positively. As the hospitals and various healthcare facilities were flooded with senior citizens and disease-prone people, the need to mobilize such people to higher floors was a challenge. In such a scenario, the stairlifts were used and ensured the safe transfer of patients by the healthcare unit to higher floors. At the same time, the pandemic gave rise to new growth opportunities for the stairlift market. 

MARKET DRIVERS:

The ever-increasing Covid patients, mainly senior citizens, sustained and promoted growth factors for Stairlift Market. As the number of people with Musculoskeletal disorders such as Osteoarthritis, Knee Problems, and other Age-related Diseases needs help and assistance with mobility, climbing the staircase becomes rather challenging. It affects 1.71 billion of the population worldwide, according to the Global Burden of Disease (GBD) database.

The growing geriatric and obese population promotes the stairlift market growth. As the life expectancy of old age people increases, the rise in the geriatric population propels the growth rate of the stairlift market. A recent study suggests that the senior citizens population will be 1.5 billion by the end of 2050. In addition, the increase in fast food culture and unhealthy diets packed with dozens of calories is making the Global population obese. Approximately 2.1 billion people suffer from obesity which equals 30% of the Global population. These factors contribute to the demand for Stairlifts, thus creating size and opportunity for the market.

MARKET RESTRAINTS:

The cost of buying and installing poses a hurdle to the growth rate of the stairlift market. Depending on the quality and structure, the prices may rise to $9,000 and USD 15,000. For medium-class families around the Globe, paying such a hefty price all at once might sound excruciating. Moreover, while already covering the medical bills of the elderly, the overall cost of the device installation might not promote the buyer's interest.

The global stairlift market has been segmented by rail type, install location, distribution channel, and region.

Stairlift Market - By Rail Type:

• Straight Stair Lifts
• Curved Stairlifts
• Platform Stairlifts

Based on the rail type, the straight stair lifts segment accounted for a significant share of the global stairlift market in 2022. The demand for straight stairlifts is rising because many residents use straight staircases, which are seen as beneficial, user-friendly, and safe. In addition, modern homes contain fewer curved staircases, and the prices and cost of consecutive stairlifts are economical compared to curved stairlifts, which require bends, turns, and corkscrew landing.

Stairlift Market - By Install Location:

• Residential Spaces
• Commercial Spaces

Stairlift Market - By Distribution Channel:

• Direct Channels
• Dealers And Distributors
• Government And Local Authorities

Stairlift Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Geographically, the North American stairlift market is expected to dominate the market worldwide during the forecast period due to technological developments, a rising senior population, support from both public and private groups for the elderly and those with disabilities, increasing frequency of persons with disabilities, and the advanced infrastructures in countries like the U.S. and Canada.

The European market is finding its opportunity for growth in the global market of stairlifts due to an increase in the aging population and per capita disposable income. As a result, the CAGR is expected to increase. The Asia-Pacific is also likely to flourish because Nearly 60% of the 650 million disabled persons worldwide reside in Asia and the Pacific. The area is also rising due to the region's presence of key market players.

KEY MARKET PLAYERS:

Savaria Corp., Stannah International, Handicare Group AB, Lehner Lifttechnik Gmbh, Otolift Stairlifts Ltd., Karmar Mobility LLC, Prism U.K. Medical Limited, Acorn Stairlifts Inc., Platinum Stair Lifts Ltd., HIRO LIFT (Hillenkotter + Ronsieck), Kumalift Co., Ltd and Symax Lift are some of the notable players in the global stairlift market.

RECENT HAPPENINGS IN THIS MARKET:

In August 2022, the technology for upgrading and enhancing the stair lifts for better safety and comfort is increasing as "Solac updates range with new versions of its magnetic lap belt to support stairlift use" With this innovation, the old way of using belts confines and hinders the mobility of an individual will no longer be an issue. The recent design ensures single-handed use, requiring a minimum amount of force. In addition, the sensor interlock provides the advantage of getting rid of a mechanical locking system.