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Stairlifts, also known as stairway lifts, are designed to transport elderly or physically disabled people up and down stairs. They provide an alternative to ramps and help people remain mobile, independent, and in their own home for longer. Common types of stairlifts include straight, curved, and platform lifts. Straight stairlifts are suitable for stairs that run in a straight line, while curved stairlifts are designed to navigate stairs that change direction. Platform stairlifts have a mobile platform or seat that travels along a rail fitted to the stairs. Growing geriatric population has significantly increased the demand for stairlifts over the years as older adults face mobility challenges.
The global stairlifts market is estimated to be valued at US$ 1.03 billion 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 Dynamics
Growing geriatric population: Rapid expansion of the geriatric population globally has emerged as a key driver fueling demand for stairlifts. According to the United Nations, the global population aged 60 years and above is expected to double from 12% to 22% between 2015 and 2050. As seniors often face difficulties in climbing stairs they require stairlifts to access different floors of their home comfortably and safely.
Growing prevalence of disabilities: Rising incidence of disabilities due to accidents, diseases or old age has also contributed towards the growing adoption of stairlifts. Disabilities leave adults incapable of climbing stairs, thereby necessitating mobility solutions in the form of stairlifts. According to the World Health Organization, over 1 billion people, representing about 15% of the world’s population, live with some form of disability.
Segment Analysis
The stairlifts market is dominated by the curved stairlifts segment. Around 60% of stairlift installations involve curved stairways, making curved stairlifts the dominant product type. Their ability to navigate curved and narrow staircases along with customizable features make them a preferred choice for residential and healthcare applications where stairs often have curves.
PEST Analysis
Political: Changes in laws regarding elderly healthcare and disability access can influence the demand for stairlifts. Subsidies and tax benefits provided by some governments promote the adoption of assistive devices.
Economic: A growing elderly population and rising incomes are increasing accessibility to stairlifts especially in developing nations. However, economic slowdowns can impact discretionary spends on assistive healthcare products.
Social: Societal focus on independent living of elderly and disabled is driving home accessibility solutions. Family support systems also encourage adoption of mobility aids.
Technological: Advancements enabling compact designs, wireless controls, battery operation and smartphone integration are enhancing user experience and expanding applications of modern stairlifts.
Key Takeaways
The global stairlifts market is expected to witness high growth over the forecast period supported by an aging demographic and greater emphasis on independent living.
Regional analysis: North America currently dominates the market led by the U.S. due to favorable reimbursement policies and growing elderly population. Europe is another major market for stairlifts owing to initiatives to assist disabled populations. However, Asia Pacific is likely to emerge as the fastest growing regional market attributable to rising health awareness, increasing healthcare investments and large base of senior citizens in countries such as China and India.
Key players operating in the stairlifts market are ThyssenKrupp Elevator Technology, Handicare Group, Bruno Independent Living Aids, Stannah Lifts Holdings Ltd. Among these, ThyssenKrupp and Stannah have led the market with their extensive product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
