Diverse types of stairlifts ranging from light-weight to heavy duty stairlifts and reconditioned curved stairlifts are now available. Stairlifts are the right option for people who find it difficult to negotiate stairs. According to a recent market report by Persistence Market Research, the global stairlifts market is expected to grow at a CAGR of 7% during 2016-2024. As per this report, ease of accessibility is a key factor driving the growth of the market.Stair lifts are user-friendly devices and make the user’s life much easier by allowing them to travel safely and comfortably over stairs to another level of their home. The key factors driving the demand for stair lifts are –
- Increased awareness about accessibility and mobility devices
- Technological advancements
- Low installation costs
- Rise in geriatric population
- Age-related health conditions such as osteoarthritis
However, there are certain longstanding challenges that impact the growth of the stair lift market such as high prices, negative customer reviews regarding the post-sales service, and concerns about the potential risk of injury owing to inappropriate installation.
Other key findings of the Persistence Market Research study are:
- Europe will top the market during the forecast period 2016-2024. The market in this region is expected to reach US$ 396 Mn by the end of 2016 and witness a CAGR of 7.2% through 2024. Strong distribution strategy and unparalleled product innovation will primarily drive the European stair lifts market.
- The UK, Germany, and France are expected to retain their position as the top 3 markets in Europe during the forecast period, with the UK stair lifts market expected to surpass US$ 167 Mn in 2016.
- Innovative products, increased awareness about stair lifts among patients with mobility issues, and quicker premarket approvals are expected to drive the growth of the North American market, which is expected to reach US$ 284.9 mn in 2016.
- Asia Pacific, the third largest market, is expected to grow by 5% in terms of revenues in 2016. Japan is expected to remain the largest market during the forecast period, followed by China.
The report identifies the key players operating in the stair lift market as Stannah Stairlifts Ltd., Acorn Stairlifts, Bruno Independent Living Aids, Inc, and Handicare. Popular stairlift models include Starla, Siena, Acorn Superglide 120, Elan Indoor Straight, and Handicare Van Gogh.