The stairlift, also known as the stair climber, is an inclined mobility aid that is used to transport elderly or disabled individuals up and down staircases. Stairlifts are intended to provide safe and controlled ascent and descent on staircases while reducing stress on the body. They are usually powered by a rechargeable battery and allow individuals have an ability to access different levels of their homes independently. The global Stairlifts Market is estimated to be valued at US$ 1.03 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the stairlifts market is predominantly driven by the rapidly growing geriatric population globally. Older adults tend to suffer from limited mobility and various medical conditions that make climbing stairs difficult. As per estimates by the United Nations, there were around 727 million people aged 65 years and above globally in 2021. This number is projected to reach 1.5 billion by 2050, signifying massive potential for stairlift adoption. Furthermore, the rising life expectancy has also increased among the aged population, thereby augmenting the demand for mobility aids like stairlifts. The increasing aged population base along with greater emphasis on independent living will continue boosting the sales of stairlifts in the long run.
SWOT Analysis
Strength: Stairlifts provide independence, safety and accessibility for elderly and disabled individuals who have difficulty climbing stairs. They allow people to remain in their homes for longer.
Weakness: Stairlifts require regular maintenance and repairs which can be costly. They may reduce the aesthetic appeal and resale value of the home. installing stairlifts involves physical modifications to staircases.
Opportunity: Growing aging population globally is driving the need for assistive devices like stairlifts. Rise in lifestyle diseases is augmenting demand. Development of innovative, compact designs will expand market reach.
Threats: Increased preference for bionic exoskeletons and robotic personal assistance devices poses threat. Economic slowdowns can impact discretionary spending on such products. Stringent regulatory approval processes hamper speedy market entry.
Key Takeaways
The global stairlifts market is expected to witness high growth over the forecast period of 2023 to 2030 at a CAGR of 4.7%. Demand is driven by the rising elderly population globally coupled with growing incidence of mobility issues.
Regional analysis: North America dominates currently due to high healthcare expenditure and early technology adoption. However, Asia Pacific is emerging as the fastest growing regional market supported by developing healthcare infrastructure and growing medical tourism in countries like China, India and Japan.
Key players: Key players operating in the stairlifts market are ThyssenKrupp Elevator Technology, Handicare Group, Bruno Independent Living Aids, Stannah Lifts Holdings Ltd. They focus on new product launches, collaborations and geographical expansion to strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it