According to a recently released Future Market Insights report, the market for stairlifts and climbing devices is expected to generate US$ 2.2 billion in revenues in 2022 and grow at a CAGR of 12% from 2023 to 2033. The market is anticipated to grow to US$ 6.9 billion by 2033’s end.
Arthritis affects more than 350 million individuals worldwide. According to the United Nations, by 2050, those over the age of 60 will make up more than 20% of the world’s population. This indicates that the demand for stair lifts is projected to rise in the future. However, the increased cost of purchasing and installing stairlifts may dissuade this trend.
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Osteoarthritis is expected to become the fourth largest cause of global disability, owing to rising life expectancy and rising obesity rates. Growing technology in healthcare equipment, especially mobility products like wheelchairs and stairlifts, is expected to have a significant impact on market growth.
The market is projected to develop due to technological advancements such as outdoor, curved, and wheelchair-integrated lifts. By providing free conveyance and numerous financing options to buyers, sellers are most likely to have a favorable impact on the market. During the projection period, the increasing availability of these machines in the market is expected to fuel market growth.
In 2022, North America accounted for a significant revenue of the global stair lifts and climbing devices market. The market in North America is being driven by an increase in the number of people who are disabled and technical improvements. According to a projection released by the United States Census Bureau in 2018, America’s elderly population will reach 1 billion people by 2030. As a result of this, demand for stair lifts and climbing equipment is projected to escalate significantly. Manufacturers of stairlifts and climbing devices are focusing on incorporating technologically advanced components into their products.
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Competitive Landscape
The key players in the global Stair Lifts and Climbing Devices market are Brooks Stairlifts, Stannah, Handicare Group, Garaventa Lift, and Acorn Stairlifts.
- In October 2021, The Garaventa Lift Group announced the launch of its first European Showroom in Switzerland. Switzerland is a vital market for the Group, thus this is a significant milestone in the company’s history.
- In November 2020, Stannah created an e-commerce website where clients can buy a stair lift online. The company made its first sale in 82 minutes, signaling the successful launch of a significant new sales channel.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Stair Lifts and Climbing Devices Market, presenting historical market data for 2018-2022) and forecast statistics for 2023-2033.
The study reveals essential insights based on the Market by Lift Type (Stair Lifts, Stair Climbing Wheelchairs, Other Device Types), by End-Use (Hospitals, Homecare, Other End-uses) across five regions (North America, Latin America, Europe, Asia Pacific and the Middle East & Africa).
Market Segments Covered in Stair Lifts and Climbing Devices Market Analysis
By Lift Type:
- Stair Lifts
- Stair Climbing Wheelchairs
- Other Device Types
By End-Use:
- Hospitals
- Homecare
- Other End-uses
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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