Global Stairlift Market: Overview
Stairlifts are those mobility machines that are utilized aged people who unable to move properly and by people with some disabilities. Stairlifts enable people with restricted mobility to travel smoothly from one floor to another in multi-storied buildings. The global stairlift market is likely to be propelled by its extensive use in commercial and public spaces, hospitals and clinics, and residential buildings. The type of installation is determined by the footfalls, building architecture, and stair curvatures.
Rapidly increasing geriatric population with mobility related issues has emerged as a major growth factor for the global stairlift market. Stairlifts that are made for residential purposes are often custom made to meet needs and preferences of individuals suffering from physical disabilities.
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Global Stairlift Market: Notable Developments
A significant development that gives a glimpse of the changing market dynamics in the global stairlift market is mentioned below:
- In 2019, UK-based NorthEdge Capital LLP has made considerable investment in Platinum Stairlifts, designer and manufacturer of stairlift. Based out of West Yorkshire, Platinum Stairlifts makes a full set of stairlift products. It is anticipated that with such huge investment, Platinum Stairlifts would become well positioned to speed up its rate of growth in the global stairlift market and it is all set for long-term expansion.
Some of the noted organizations operating in the global stairlift market are as mentioned below:
- ThyssenKrupp Accessibility B.V.
- Platinum Stair lifts
- MediTek Stairlifts
- Home Healthsmith, LLC
- Otolift Staitlifts Ltd
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Global Stairlift Market: Key Trends
The following drivers, restrains, and opportunities is expected to shape the future course of the global stairlift market during the period of assessment, from 2019 to 2027.
Growing Uses in Multiple Applications Across Various Industries Boosts Demand
The global stairlift market is likely to be driven by age-related health conditions that impair mobility like Vitamin D deficiency, hip fractures, lower body weaknesses, and traumatic brain injuries. In accordance with the World Population Ageing Report 2015, the total number of people aged 60 yrs and above would are likely to increase by 56% from 2015 to 2030. The figures will take a massive leap from 901 million in 2015 to 1.4 billion in 2030.
Another factor that encourages growth of the market is customization according the tastes and needs of customers. In addition, stairlifts can be regulated utilizing control that is placed on the arm of the lift, which provides better controllability to the patients.
Market players are making relentless effect to come up with improvisations in models and features so as to attract more customers. In the structures of residential staircase, designs of stairlifts are customized accordingly making it more acceptable and popular among the customers, which add to the growth of the market.
With entry of wireless technology and phenomenal use of mobile phones, which has even paved way for mobile phone regulated stairlifts has emerged as emerging trends in the global stairlift market. Furthermore, many small medical setups that offer medical consultations only utilize stairlifts due to its low cost and convenience, which is likely to boost the global stairlift market in forthcoming years.
In addition, rising interest among people regarding the latest trends dominating the medical devices market supports growth potential of the global stairlift market.
Global Stairlift Market: Geographical Analysis
The global stairlift market is divided into the regions of Asia Pacific, Latin America, North America, Middle East and Africa, and Europe.
The Europe stairlift market is likely hold a large chunk of the global stairlift market over the forecast period, from 2019 to2027. A surge in the demand for multi-functional stairlifts in the region is expected to drive the regional market in times to come. Furthermore, presence of a large number of stairlift manufacturers like Platinum Stairlifts, Otolift Staitlifts Ltd in the region is expected to support growth of the market in the region.
North America is another important region for the global stairlift market due to increasing cases of fall injuries in the U.S. The regional market is led by the rising adoption of stairlifts by older individuals in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.