Global stairlift market forecast to hit $1.3bn by 2027 as focus shifts from COVID-19 to mobility
Newly published market research has forecast sustained growth in the coming six years for the global stairlift market as the storm of COVID-19 passes and attentions turn to meet the needs of an ageing world.
The ‘Global Stair Lifts Industry’ report from Global Industry Analysts Inc projects the worldwide stairlift market will reach $1.3bn (£980m) by 2027, trailing a post-COVID-19 CAGR of 5 per cent over the period.
In particular, the research points to the world’s rapidly ageing population driving the growth.
It highlights UN data revealing that in 2018, the number of people older than 64 years old in the world surpassed the number of children under five years old – the first time in human in history. With modern medicine growing ever more advanced, that ageing population is expected to continue to grow quickly in the coming years and decades.
Noting that this significant demographic shift is already creating significant challenges for healthcare systems worldwide, the report says is a growing need for countries to significantly rethink housing, transportation, social services, as well as health & wellness programmes in local communities.
A key factor fuelling residential stairlift growth, suggests the research, is a preference for “ageing-in-place”, which it describes as a “powerful driver of assisted living technologies, with over nine in ten seniors expressing willingness to live in their current homes over the next six to 12 years.”
Covering the gamut of segments within the stairlift sector, the report analysed many of the key players in the market, including Handicare, Bruno, Stannah, Acorn, Prism Medical, Platinum Stairlifts and Otolift.
Emphasising stairlifts for residential settings as a significantly large and growing segment, the report says the market is also set to benefit from the emerging smart home trend.
“Although the fundamental design of stair lift is unlikely to change dramatically in the near future, new types of stair lifts are being developed,” it contends.
“A case in point being the development of multiple person stair lifts, which will enable an individual to accompany the person being transported using [a] stair lift. Technological advancements in terms of cost-effectiveness, portability and patient comfort are expected to further fuel growth in the market.”
Alongside the desire to ‘age-in-place’ by stairlift users, the report also notes that healthcare systems are increasingly looking to move care out of acute settings “given the surging pressure on spending associated with healthcare across the world.” Stairlifts, it points out, play a vital role in the discharge of patients to be able to receive care in the community.
“This shifting of medical care towards non-hospital environment from hospitals augurs well for the market,” it maintains.
The report’s analysis is in line with two separate market research reports into areas of assistive technology and mobility equipment published earlier this year. A report by Trusted Business Insights projected the global mobility scooter market size would hit $2.13bn (£1.64bn) by 2026 with a CAGR of 7.3 per cent, while a report from Transparency Market Research into powerchairs estimated the market will be worth $6.3bn (£4.7bn) in the same period.https://thiis.co.uk/global-stairlift-market-forecast-to-hit-1-3bn-by-2027-as-focus-shifts-from-covid-19-to-mobility/https://i1.wp.com/thiis.co.uk/wp-content/uploads/2020/11/Stairlift-in-situ.jpg?fit=900%2C675&ssl=1https://i1.wp.com/thiis.co.uk/wp-content/uploads/2020/11/Stairlift-in-situ.jpg?resize=150%2C150&ssl=1NewsroomReports & ResearchSector NewsSupplier NewsTrade NewsAcorn,Bruno,Global Industry Analysts Inc,Global Stair Lift Industry,Handicare,stairlift market,Stairlifts,Stannah,UNNewly published market research has forecast sustained growth in the coming six years for the global stairlift market as the storm of COVID-19 passes and attentions turn to meet the needs of an ageing world.The ‘Global Stair Lifts Industry’ report from Global Industry Analysts Inc projects the worldwide stairlift...Calvin BarnettCalvin Barnettcalvin@thiis.co.ukAdministratorTHIIS Magazine