Rockville, MD , Nov. 05, 2024 (GLOBE NEWSWIRE) -- Global demand for stair lifts is on the rise as the number of multi-story houses that pose challenges for disabled individuals to navigate within their homes rises. According to this new report by Fact.MR, the global stair lift market is estimated to reach a valuation of US$ 1.58 billion in 2024 and thereafter expand at a CAGR of 7.1% from 2024 to 2034.
The market has been expanding at a decent pace due to widespread adoption in hospitals, where these lifts assist elderly patients with limited mobility in moving around. Significant number of people sustain injuries that affect their mobility and bodily movements. These ailments make it challenging for them to ascend stairs, and they therefore rely on stair lifts.
Muscular disorders, such as Parkinson's disease, can impair muscle control and mobility. These conditions necessitate the use of stair lifts for everyday activities, thus increasing market prospects for manufacturers. Market conditions in the industry are predicted to become more conducive as long-term health conditions become more prevalent among the general public.
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Key Takeaways from Market Study:
- The global stair lift market is forecasted to reach a valuation of US$ 3.13 billion by 2034-end.
- The market in North America is projected to expand at a CAGR of 7.6% from 2024 to 2034.
- The United States is projected to occupy a market share of 5% in North America by 2034.
- The Japanese market is projected to expand at a CAGR of 3% from 2024 to 2034.
- Sales of straight stair lifts reached US$ 502.3 million in 2019 and are projected to increase US$ 1.55 billion by the end of 2034.
- The healthcare segment is projected to expand at a CAGR of 5% from 2024 to 2034.
“The stair lift market is projected to expand at a significant pace due to its adoption in hospitals and increasing demand from individuals with mobility issues due to injuries and muscular disorders,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Stair Lift Market:
Key industry participants like Handicare, Stannah Lifts, Otolift, Platinum Stairlifts, American Elevator, Ascent Mobility, Kumalift, Daido Kogyo, Dream Lifts, Garaventa Lift, Liftstrade Private Limited etc. are driving the stair lift industry.
Increasing Adoption of VR and 3D Imaging in Stair Lift Manufacturing:
With the proliferation of e-Commerce, stair lifts and climbing devices are now more easily available, with many businesses offering refurbished options. The integration of emerging digital trends like virtual reality and 3D imaging in the design of used stair lifts enhances product quality. Customers can visualize how the stairs will look once installed using 3D imaging. Additionally, virtual reality technologies improve the speed of measurement in stair lift construction, allowing for better visualization of graphical elements such as rail color.
Stair Lift Industry News:
- In October 2021, Garaventa Lift launched its first European showroom in Switzerland, a significant milestone for the company in a key market.
- In March 2022, Mobility Stairlifts initiated stair lift removal services across the United Kingdom. The company claims its trained technicians can efficiently remove stair lifts from manufacturers like Stannah, Thyssen Krupp, Acorn, and Brooks that are less than five years old. They assure homeowners that the removal of both straight and curved stair lifts can be completed in under 60 minutes, minimizing disruption during the process.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the stair lift market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (straight stair lifts, curved stair lifts, platform stair lifts), power source (AC, battery), and location (residential spaces, commercial spaces), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe East Asia, South Asia & Pacific, and MEA).
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