The Growing Load of the Older Population Across the Globe, Sustained by Physical Ailments Along with Disability and Advancements in Technology are Serving as a Key Market Driver for the Stair Lift Market During the Forecast Period of 2022-2027.

A stair lift is a form of a device that helps the patient/consumer to transport between floors in various places such as residential or commercial. The stair lift consists of railing systems that are tailored to the stair/railing. The speed of a general stair lift is close to 0.2 feet per second. The following form of device finds extreme utility in people who suffer from musculoskeletal disorders or other forms of conditions that impair the quality and physical movement of life. Some of the common forms of stair lifts are straight and curved rail-oriented lifts, which in turn are fragmented into seated, standing and integrated user seating arrangements for the older population or disabled population. Stair Lift Market Size is estimated to reach $986.2 million by 2027 and it is poised to grow at a CAGR of 7.4% over the forecast period of 2022-2027.

Stair Lift Market Drivers

The Growing Load of Mucoskeletol Diseases Along with Disability and Older Age Health Concerns Drives the Market.

As per WHO, nearly 16.6% of the global population will turn over the age of 65, from the current standing of 11% in 2019-2020. Critically,  Musculoskeletal diseases affect more than one out of every two persons in the United States aged 18 and over and nearly three out of four aged 65 and over. The following form of impairment reflects long-term pain and disability, thereby the market for stair-lift provides comfort and ease for transportation amongst one’s house.

The awareness of stair lifts has increased at a tremendous pace in the marketplaces of Europe and North America. Manufacturers and Service Providers are providing refurbished stair lifts at attractive prices, which allows overcoming the critical barrier of the market. As per 101 Mobility, the refurbished stair lift can cost nearly $500-$1000 less than a new product.

Product Launch and Acquisition

In June 2020, UK Mobility Stairlifts London announced New Stairlift Rental Options. The company provides a societal approach to provide and increase the living standards of the people. In December 2019, Investment AB Latour announced the acquisition of Invalifts Ltd and Ability Lifts Ltd based in the UK through its subsidiary Artico Group.

The Major Players in the Market Include

The Major Players in the Stair Lifts Market include ThyssenKrupp Elevator AG, Handicare Group AB, Bruno Independent Living Aids Inc, Stannah Lifts Holdings, Acorn Stairlifts, Candor Care Limited, Acme Home Elevator, Ameriglide Inc and Garaventa Ltd.

Over the years, major market players have focussed on integrating various service attributes along with product offerings for the older population or disabled population. Essentially introducing the concepts of the rental stair lift to achieve market penetration in cost-concerned regions. Moreover, service providers are providing refurbished stair lifts or rental stairlifts in residential spaces to remove a major cost hindrance from customer perception, thereby driving the Stair Lift Market in the forecast period of 2022-2027.