The global Stair Lifts And Climbing Devices market size is expected to be worth around US$ 5.4 billion by 2030, according to a new report by Vision Research Reports.
The global Stair Lifts And Climbing Devices market size was valued at US$ 2.7 billion in 2020 and is anticipated to grow at a CAGR of 11.9% during forecast period 2021 to 2030.
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Growth Factors
The factors driving the market include the rising geriatric population and technological innovations.More than 350 million people worldwide suffer from some kind of arthritis. According to the United Nations, individuals over the age of 60 will account for more than 20% of the world’s population by 2050. Due to the increased life expectancy and the increasing level of obesity, osteoarthritis is forecasted to become the 4th leading cause of global disability by 2020. The increasing integration of automation in healthcare equipment, particularly mobility devices such as stair lifts and, is a significant factor expected to influence market growth.
Stair lifts are ideal for some individuals, including the old, the incapacitated, and the individuals who have a drawn-out physical issue or infection. Having the option to stay at home is vital for most seniors. Indeed, research done by the American Association of Retired Persons tracked down that 90% of seniors would like to age at home rather than moving to a senior living community.
The COVID-19 pandemic has had a significant impact on the global market, which resulted in slowing down the supply chain of stair lifts and climbing devices. Due to the government’s strict regulations, the demand also decreased during the year 2020. According to Handicare Group, COVID-19 has caused market growth to be unpredictable, making short-term demand difficult to anticipate.
Report Highlights
The stair lifts segment dominated the overall market and accounted for a revenue share of 60.8% in 2020. The old population and disabled people can easily access and move the equipment. More seniors are seeing the value of aging in place, frequently looking for products that allow them to remain independent in their homes.
They are the perfect solution and include a lot of possible features to meet the needs of users. Besides, its ability to be fitted on almost any staircase makes it more adaptable at home whether indoor or outdoor. Some players, for instance, Handicare provide custom-designed stair lifts, ensuring a tight fit without sacrificing safety.
The homecare segment accounted for the largest share of 70.4% in 2020 and is likely to remain dominant in the coming future. A major factor that influences the stair lifts market for homecare is the ability of the devices to safely and quickly move from one place to another without the help of any other person.
The hospitals segment is projected to register the fastest growth rate of 11.1% over the forecast period. The stair lift is mainly required for the transportation of patients when going up and downstairs in the hospital. Low mobility entrances and stairs can make it very tricky to gain access to the hospital. As per the Disability Discrimination Act (DDA) 2005, it is essential and a legal requirement to have fully functional accessibility systems within the healthcare facility whether a private or public NHS hospital.
North America dominated the market in 2020 with a share of 50.9%. In North America, the increasing prevalence of individuals experiencing disability and technological advancements are key factors driving the market. According to a report of the United States Census Bureau in 2018, the elderly population in America will be around 1 billion by 2030. This is a large number and hence, the demand for stair lifts or climbing devices is expected to increase in the coming future.
| Report Coverage | Details |
| Market Size | US$ 5.4 billion by 2030 |
| Growth Rate | CAGR of 11.9% From 2021 to 2030 |
| Base year | 2020 |
| Historic Data | 2017 to 2020 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Device, End-use |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | Brooks Stairlifts; Stannah; Handicare Group; Garaventa Lift; Acorn Stairlifts; Precision Stairlifts; Bruno Independent Living Aids; ThyssenKrupp Elevator Technology; Platinum Stairlifts; American Elevator |
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Key Players
Market Segmentation
The Stair Lifts And Climbing Devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Stair Lifts And Climbing Devices market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Stair Lifts And Climbing Devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Stair Lifts And Climbing Devices market development in United States, Europe and China.
In this study, the years considered to estimate the market size of Stair Lifts And Climbing Devices are as follows:
Reasons to Purchase this Report:
– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
The study objectives of this report are:
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