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.
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