Stair Lift Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Stair Lift Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The market for the stairlift is expected to register a CAGR of 7% over the forecast period 2021 to 2026. The factors such as the aging population, accompanied by challenges such as mobility, and safety, have been driving the stairlift market's growth in the past few years.

• According to the report published by World population prospects in 2019, one-sixth of the world population would be over the age of 65 by 2050, which is currently one in every eleventh person. This age group of people are more likely to have issues with mobility and would require assistance.
• Also, the World Health Organization( WHO), in 2019, has identified over 2 billion people worldwide who suffer from disabilities. 20% of these people find difficulties in their day-to-day activities. Around 75 million people rely on a wheelchair for their daily commute. These instances limit the disabled population's access to services such as healthcare centers, work, and educational institutions while increasing their dependency.
• Further, one of the primary drivers for the demand for the stairlift by elderly and disabled people living in healthcare facilities remains their inability to move safely as professional caregivers cannot be expected to be available around the clock. Furthermore, added cost expense in hiring caregivers is beyond the financial reach of many seniors. This instance drives the growth of the market in non-residential sectors.
• Vendors in the market are leveraging the advancements in technologies to help the disabled and elderly population lead an independent life. There has been a rise in the launch of modern aids such as stairlift with integrated wheelchair support, and curved stairlift that fits into any custom stairway structure, among others. Few players in the market have also reported profit gains for the same.
• However, amidst the pandemic COVID-19, it is very likely that the end-user won't be able to spend an ample amount of upfront cost on stairlifts. Global vendors such as the Handicare group are taking several measures to adapt the situation by making necessary adjustments such as substantial cost reduction and a decrease in production capacity.

• The residential segment is expected to hold a significant market share, majorly owing to the preference of the elderly population towards products that would allow them to remain independent in their own homes. Also, the flexibility of stairlifts that be installed nearly on any staircase elevates the growth of the market.
• There is significant demand for the seated stairlift within the residential segment major due to its cost-effectiveness as compared to stand stairlift counterpart and end-users' growing musculoskeletal problems such as Osteoarthritis, Knee Problems, among others. For instance, according to a recently published report( 2019) by United States suggest that one in two adult Americans live with a musculoskeletal condition. It is thereby leveraging the growth of the market.
• Moreover, WHO categories Osteoarthritis as one of the ten most disabling chronic diseases in developed countries. It is a degenerative joint disease associated with aging that affects joints, including knees, hips, fingers, and low spine, among others that have been continually stressed throughout the years. It estimates that worldwide 9.6% of men and 18% of women aged over 60 years suffer from symptomatic Osteoarthritis, with 80% of the patients having limitations in movement, and 25% would not be able to perform daily life activities.
• Further CDC suggest that the aging of the US population and the prevalence of doctor-diagnosed arthritis is expected to increase in the coming years. It also estimated by the year 2040, over 78.4 million adults aged 18 years and older would be diagnosed with arthritis, and 34.6 million adults would report activity limitations. A similar trend is expected to be followed by other developed nations across the world.
• As with the recent outbreak of global pandemic COVID 19 and government bodies demanding people for self-isolation at their residence with particular emphasis on the elderly population due to critically of the virus on the aging population. Also, with medical facilities running out of infrastructure to accommodate the victims of the virus further elevates the demand for home accessibility solutions such as stairlift.
• Furthermore, Vendors in the market, such as Merits Heal, Harmar suggest that as per the recent COVID situation, they are experiencing demand for esthetically pleasing design stairlifts that fit in end-user' decor. However, lack of funding through the Medicare and insurance policies are expected to hinder the growth of the market.

• The European region holds significant market share owing to factors such as the increase in the average age of the population, government bodies concern towards the problems faced by the elderly, and impaired mobility population. Additionally, the region also has the presence of organizations such as EPSA that ensure the products meet the user's requirements and regulations.
• For instance, In May 2019, Handicare group considered one of the prominent players in the market revealed its United Kingdom dealer partners that its trade division grew by 26% as compared to the year 2018 with a turn over of EU 62 million in the United Kingdom. The company plans on investing in the region in the near future.
• Vendors in the region are debuting their flagship technologies to capture the market share. For instance, In May 2019, Candor Care Limited announced the launch of a curved rail system based stairlift with lead times that uses patented technology based individual components as a mark to debut in the United Kingdom. The product is aimed to counter the demand for straight stairlifts. Additionally, the company also signed a partnership deal with Dutch-based stairlift manufacturer Devi to help its distribution and installation.

The Stair Lift market is moderately fragmented with the presence of major vendors, including ThyssenKrupp Elevator Technology, Handicare Group, and Stannah Lifts Holdings Ltd. The vendors are enhancing the product line leveraging strategic collaborative initiatives, acquisitions as a competitive advantage to expand their customer base further and gain market share.

• June 2020: United Kingdom Mobility Stairlifts London announced its New Stairlift Rental Options. The company aims to provide the latest stairlift technology at the lowest price, and it is an affordable way of having a stairlift by renting it.
• December 2019: Investment AB Latour announced the acquisition of Invalifts Ltd and Ability Lifts Ltd based in the United Kingdom through its subsidiary Artico Group. The acquired companies primarily distribute, install, and service the lifts in the United Kingdom and have a turnover of GBP 5 million. Investment AB Latour aims to leverage the acquisition by strengthening Artico's position in the United Kingdom market.

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