Stair Lifts Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMHCIT1144 | Last Updated On: Jun 22 2022 | Available Formats

> Global Stair Lifts Market Expected to reach at a high CAGR of 7% by 2029: DataM Intelligence

Global Stair Lifts Market is Segmented By Rail Type (Straight Stair Lifts, Curved Stair Lifts), By Installation Type (Indoor, Outdoor), By User Orientation (Seated Stairlifts, Standing and Perched Stairlifts), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global "Stair Lifts Market" is expected to grow at a high CAGR of 7% during the forecasting period (2022-2029).

The stairlift is the mechanical device used to move up and down staircases by people. A stairlift contains a chair or lifting platform that sits on a rail that is mounted onto the stairs. The lift can be controlled by the person sitting on it and may even have additional features such as emergency call button and backup batteries for times of power outages. There are different lengths and designs available in the rail by which the weight of the track may even vary and can be customized to the consumers’ needs. Stairlift finds significant application in residential buildings, hospitals and clinics, and commercial spaces.

 

Market Dynamics 

The global market for the Stair Lifts Market is primarily driven by the growing geriatric population who are more prone to diseases such as osteoarthritis (OA), rising incidences of lifestyle diseases such as obesity, and patients with physical disabilities. According to the United Nations (UN), an estimated 10% - 15% of all adults aged over 60 have some degree of OA and forecasts that by 2050 people aged over 60 will account for more than 20% of the world’s population, of which around 130 million people (15-20%) are estimated to have symptomatic OA, and one-third of these people will be severely disabled (about 40 million people). According to the World Health Organization (WHO), in 2016, more than 650 million adults aged 18 years and older were obese. Moreover, supportive government grants and growing development and innovation of products, resulting in wide-ranging customizability in design ergonomics and installation to suit the consumers’ needs and also to increase functionality and safety features are further propelling the market.

However, the high purchase, installation, and maintenance cost of Stairlifts and the presence of less expensive alternatives to Stairlifts may hinder market progress.  

Market Segmentation

By Rail Type, the Global Stair Lifts Market is bifurcated into Straight Stair Lifts and Curved Stair Lifts. Straight Stair Lifts holds a significant market share and are the most common type of rail because it is easy and fast to install and require minimal training for the user and simplicity in design which makes it comparatively low cost. However, they can only be used on straight staircases, which is a significant restraint on its market. Curved Stair Lifts are a fast-growing market share owing to their customizability to the users’ needs. 

By Installation Type, the Global Stair Lifts Market is bifurcated into indoor and outdoor stairlifts. The indoor segment dominates the market share owing to the increasing demand to be used in residential spaces. This is mainly due to the rising geriatric population, developing home healthcare market, product launches, and growing inclination of aging and disabled population toward active and independent living. Moreover, long lifespan, easy installation, and maintenance, the increasing technological advancement in design, safety, and ergonomics are expected to boost the market further.

By User Orientation, the Global Stair Lifts Market is segmented into, Seated Stairlifts, Standing and Perched Stairlifts, and Integrated Wheelchair Platform Stairlifts. Seated stair lifts hold the most significant market share as it is the most preferred type due its comfortable seating and safety. However, Integrated Wheelchair Platform Stairlifts are the fastest growing market share as they offer better self-control to the user during mobility and are the preferred type in outdoor or commercial settings.

Geographical Share

North America accounts for the largest share in the global Stair Lifts market. This can be mainly attributed to factors such as increasing awareness among the public regarding benefits of stairlifts, including ease of accessibility, growing geriatric population, rising incidences of obesity, and patients with physical disabilities. According to the Centers for Disease Control and Prevention (CDC), 2015-2016, the prevalence of obesity was 39.8% and affected about 93.3 million adults in the US. According to the Arthritis Foundation, 2015, a conservative estimate indicates that about 30.8 million adults were officially diagnosed with osteoarthritis in the US and had been increasing over the past several decades in the US, concurrent with an aging population and the growing obesity epidemic. Moreover, the advanced regional healthcare infrastructure, the high acceptance and adoption of the products by consumers, well-established reimbursement policies, technological advancements, and presence of leading manufacturers locally are likely to boost the North America Stair Lifts market growth. 

The Asia-Pacific market is expected to grow at the fastest rate during the forecast period due to availability of a large base of the patient pool. Also, increasing elderly population and rising disposable income are boosting the growth of the market and improving healthcare access and infrastructure in countries such as China and India. According to data in NHANES III, an estimated 35% of people over the aged of 60 years had radiographic OA of the knee in Southeast Asia. In a Chinese population of people over 60 years, the prevalence of knee OA was 22% in men, and 43% in women. This prevalence was 45% higher than that in the US Caucasian population. 

Competitive Trends

  • Adopting merger and acquisitions policies, and regional expansion to help key market players to stand out as strong competitors in the Stair Lifts market. To increase user base and improve their Stair Lifts market presence, companies are increasingly launching new and innovative products.
  • Major Players in the global Stair Lifts market include Acorn Stairlifts Inc., Stannah Stairlifts Ltd., Harmar, Bruno Independent Living Aids Inc., and Platinum Stair Lifts Ltd.
  • In March 2019, Yorkshire-based Company, Platinum Stairlifts partnered with mobility retailer Dolphin Mobility Yorkshire and Cumbria to become an integral partner for the official launch of the Ultimate Stairlift. The new single-tube curved stairlift was unveiled in November 2018, and Platinum says that it provides various unique, solution-based benefits to address the increasing demand for domestic stair lifts.
  • In December 2018, Harmar Mobility LLC and Pride Mobility Products Corporation announced that Harmar had acquired Pride’s lifts and ramps product line. This move allows Pride Mobility to further focus its efforts on developing consumer-driven mobility products in its scooter, power chair, and lift chair product lines. By combining two successful vehicle-lift product lines, Harmar has solidified its position as a market leader.
  • In July 2018, Savaria Corporation announced that it has entered into an Acquisition Agreement with Garaventa Accessibility AG according to which Savaria would acquire all of Garaventa Lift for a total purchase price of approximately CAN$98 million. Garaventa Lift manufactures a wide range of wheelchair lifts, including inclined platform lifts, vertical platform lifts, and portable wheelchair lifts for persons with disabilities.
  • In February 2018, Stairlift manufacturer Platinum Stairlifts received investment from private equity firm NorthEdge Capital, which it will use to develop new products and improve its proposition for distributors.
  • In January 2018, Harmar Mobility LLC announced the launch of Pinnacle SL300 straight stair lift. This newest Pinnacle joins Harmar’s SL600 and SL600HD, known for their premium features, but at a more compelling price point. Its ZERO maintenance, compact dimensions, lengthy operation during power outages, and the automatic/mechanical folding rail option are some of the benefits continued in the SL300.
  • In September 2017, Thyssenkrupp was offering customers quicker delivery time and the opportunity to see how a stairlift will fit into their environment via a specially developed combination of mixed-reality and a fully digitalized order process will shorten stairlift delivery times by up to 4x. Thyssenkrupp is the first to use HoloLens devices in the home solutions market, which facilitates faster decision-making.

Key Takeaways:

The global market for the Stair Lifts Market is primarily driven by the growing geriatric population who are more prone to diseases such as osteoarthritis (OA), rising incidences of lifestyle diseases such as obesity, and patients with physical disabilities. 

Straight Stair Lifts hold a significant market share and are the most common type of rail because it is easy and fast to install and require minimal training for the user and have simplicity in design which makes it comparatively low cost. The indoor segment dominates the market share owing to the rising geriatric population, developing home healthcare market, product launches, and growing inclination of aging and disabled population toward active and independent living.

North America accounts for the largest share in the global Stair Lifts market. This can be mainly attributed to factors such as increasing awareness among the public regarding benefits of stairlifts, including ease of accessibility, growing geriatric population, rising incidences of obesity, and patients with physical disabilities.  

Adopting merger and acquisitions policies, and regional expansion to help key market players to stand out as strong competitors in the Stair Lifts market. For instance, in March 2019, Yorkshire-based Company, Platinum Stairlifts partnered with mobility retailer Dolphin Mobility Yorkshire and Cumbria to become an integral partner for the official launch of the Ultimate Stairlift.

Trending Topics

Meningococcal Vaccines Market

Life Science Instrumentation Market

Heating Pad Market

Did not find what you were looking for?Every 7 out of 10 customers request tailored reports. Get yours today!
We collate your requirements.
Our global research team is put into action.
We deliver, and make sure your endeavour is a success!

Buy This Report



Note*: For "Bundle/Bulk" Subscription of Reports,
please contact: [email protected]

Get your free sample proposal with a single click!

linkedinpinterest