Global Stairlifts Market, by Product Type (Straight Stairlifts, Curved Stairlifts, and Standing Stairlifts), by Modality Type (Indoor and Outdoor), by Operation Mode (Alternating Current and Direct Current), By End User (Health Care Facilities, Home Care Settings, and Others), by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is expected to be valued at US$ 762.3 million in 2019 and is projected to exhibit a CAGR of 6.1% over the forecast period (2019–2027), as highlighted in a new report published by Coherent Market Insights.
Continuous technological advancement and launch of innovative stairlifts is expected to drive the market growth over the forecast period. For instance, in July 2019, MediTek Ltd. launched the MediTek E120 Essential Stairlift. It is integrated with advanced features such as joystick control, manual swivel lever, Intelligent Control and Diagnostic System (ICS), continuous charging strip and others.
In January 2018, Harmar Mobility LLC announced the launch of Pinnacle SL300 straight stair lift. The newest Pinnacle Harmar’s SL600 and SL600HD is integrated with compact dimensions, lengthy operation during power outages and the automatic/mechanical folding rail options. These some of the benefits continued in the SL300 along with SL600 and SL600 HD.
However, increasing product recalls and stringent regulatory guidelines for product launch and product approvals, are expected to hamper growth of the market over the forecast period. For instance, in July 2015, Acorn Stairlifts recalled around 34,500 units of its Motorized Stair Lifts due to issues such as the seat post separating from the main seat support in the United Kingdom.
Browse 36 Market Data Tables and 30 Figures spread through 156 Pages and in-depth TOC on 'Stairlifts Market'- Global Forecast to 2027, by Product Type (Straight Stairlifts, Curved Stairlifts, and Standing Stairlifts), by Modality Type (Indoor and Outdoor), by Operation Mode (Alternating Current and Direct Current), By End User (Health Care Facilities, Home Care Settings, and Others), by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa),
To know the latest trends and insights prevalent in the global stairlifts market, click the link below:
https://www.coherentmarketinsights.com/market-insight/stairlifts-market-471
Key players operating in the market are focusing on strategic investments in order to develop new products and expand their product portfolio to increase their market positioning. For instance, In February 2018, Stairlift manufacturer Platinum Stairlifts received investment from private equity firm, NorthEdge Capital, for development of new products and improve its proposition for distributors.
Key Takeaways of the Global Stairlifts Market:
- The global stairlift market is expected to exhibit a CAGR of 6.1% during the forecast period (2019-2027), owing to increasing prevalence of people suffering from disabilities, coupled with the increase in adoption of devices and its usage and launch of technology innovations.
- North America is expected to gain major market share throughout the forecast period owing to increase in prevalence of arthritis and bone joint disorders. According to Centers for Disease Control and Prevention, in countries like the U.S., more than 50 million adults were diagnosed with some type of arthritis in 2019. This is expected to drive demand for stairlifts in the region.
- Among product type, the straight stair lifts segment is expected to hold a significant market share in 2019. Straight stair lifts are the most common type of stairlift due to its easy and fast installation, and minimal training for the user and simplicity in design which makes it comparatively low cost.
- Companies 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.
