A stairlifts are also known as chair lifts or stair gliders. These are mechanical devices designed for individuals with movement disability, and help to lift them up and down the staircase. A stairlift constitutes of electrically-powered motorized seats. Stairlifts are available for straight and curved staircases and also they can be modified as per the requirement. For medical purposes in particular, stairlifts are installed for physically disabled people and individuals suffering from musculoskeletal disorders due to aging.
Increasing incidence of musculoskeletal disorder is expected to drive the market growth over the forecast period. According to the Global Burden of Disease (GBD) study, in 2017, musculoskeletal conditions were the highest contributor to global disability and around 16% of the patients lived with disability. Moreover, according to the World Health Organization report published in November 2019, the prevalence of musculoskeletal conditions varies by age and diagnosis, and 20 to 33% of the people across the globe suffered from a painful musculoskeletal condition in 2017.
The global stairlifts market size is valued at US$ 762.3 million in 2019 and is expected to exhibit a CAGR of 6.1% over the forecast period (2019–2027).
Figure 1. Global Stairlifts Market Value (US$ Mn), by Region, 2019
Source: Coherent Market Insights Analysis (2020)
Growing geriatric population who is more prone to conditions such as osteoarthritis (OA), life style disorders such as obesity, and patients with physical disabilities
The rising geriatric population is a major factor that is projected to propel the market growth over the forecast period. For instance, according to United Nations report published in October 2019, there are around 703 million people in the age group of 65 or above across the globe, and it is expected to reach 1.5 billion by 2050. Moreover, according to the same source, 1 in 6 people in the world will be over the age 65 by 2050, up from 1 in 11 in 2019.
Increasing incidence of osteoarthritis (OA), and prevalence of life style disorders such as obesity are expected to propel the market growth over the forecast period. According to the Centers for Disease Control and Prevention, from 2013 to 2015, around 54.4 million adults in the U.S. were diagnosed with some form of arthritis and it is expected to reach 78 million by 2040.
Moreover, according to the World Health Organization’s 2018 report, over 50% of the global population is obese. According to the same source, in 2016, more than 650 million adults aged 18 years and older were obese. Obesity is connected to various chronic diseases, including hypertension, orthopedic disorders, diabetes, and cancer.
Figure 2. Global Stairlifts Market Share (%), by Product Type,
Source: Coherent Market Insights Analysis (2020)
Increasing adoption of inorganic growth strategies such as partnerships, acquisitions and collaborations is expected to drive the market growth over the forecast period
In March 2019, Yorkshire-based Platinum Stairlifts partnered with mobility retailer Dolphin Mobility Yorkshire and Cumbria to become an integral partner for the official launch of the Stairlift. The new single tube curved stair lift was unveiled in November 2018, and Platinum says that it provides various unique, solution-based benefits to address the increasing demand for domestic stair lifts.
Moreover, in December 2018, Harmar Mobility LLC and Pride Mobility Products Corporation announced that Harmar had acquired Pride’s lifts and ramps product line. This move allows Pride Mobility to further focus its efforts on developing consumer-driven mobility products in its scooter, power chair, and lift chair product lines. By combining two successful vehicle-lift product lines, Harmar has solidified its position as a market leader.
However, the high purchase, installation, and maintenance cost of Stairlifts and presence of less expensive alternatives to Stairlifts may hinder market growth.
Major players operating in the global stairlifts market include Acorn Stairlifts, Bruno Independent Living Aids, Stannah Stairlifts Ltd., Inc., Handicare Group AB, Otolift Stairlifts Ltd., Prism U.K. Medical Limited, Platinum Stair Lifts Ltd., Kumalift Co., Ltd., Symax Lift (China) Co, Ltd, Taamal Seed Electra Group, Savaria Corp, Lehner Lifttechnik GmbH, Thyssenkrupp AG.
Stairlifts are mobility devices that are used by individuals who are unable to move properly, and by those with certain inabilities. Stairlifts are useful for individuals with limited mobility to travel easily from one floor to another in multi-floor premises. The worldwide stairlift market is expected to urge a significant growth during the forecast period. Owing to increase in use of stairlifts in public spaces and business premises, hospitals and clinics, and residential buildings.
Key players operating in the global stairlift market are focusing on acquisitions and collaborations in order to increase their market presence and expanding their product portfolio, is expected to propel the market growth over the forecast period. For instance, in December 2018, Limerston Capital, a U.K based private equity firm, acquired Prism Medical UK (Prism). Prism specializes in moving, handling and bathing equipment for elderly, disabled and mobility disadvantaged clients. With this acquisition Limerston Capital, has expanded its mobility devices business unit and market share.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.