According to the new market research report by IndustryARC titled “Stair Lift Market: By Product Type (Straight Stair Lift, Curved Stair Lift and Standing Stair Lift); By Mode of Operation (Alternating Current (AC), Battery); By End User (Healthcare Facilities, Home Care Settings and Others) & By Geography - Forecast (2018-2023)”, the market is driven by the increasing aging population across all the regions and growing adoption rate of stair lifts.
Europe continues to lead the market share during 2018-2023.
Europe is the leading player in the market followed by North America and Asia-Pacific. Europe was the major shareholder of $407.3 million in 2017 and is estimated to reach $554.9 million by 2023, with a growth rate of 5.29% CAGR. The advancements in Stair lift technology such as evolution of curved rail stair lifts and standing stair lifts increased the penetration of these devices into residential and public buildings.
The demand for stair lift in the United States is projected to show moderately growth per year through 2021. The aging population and general public awareness towards health along with high disposal income in developing countries is driving the market of stair lift.
Stair lifts are increasingly in use in healthcare and residential constructions. North America registered the second highest revenue of $301.6 million in 2017, followed by Asia-Pacific with $145.7 million.
However, North America is estimated to register a robust growth rate of 6.95% CAGR during the forecast period.
Selected / Sample Analysis done in the full Report:
The stair lift as a business sector is complex, challenging, and calls upon the companies to keep innovating, become more efficient and cost competitive. Naturally, it becomes important for companies to keep an eye on what the competition is doing, new innovation trends in the sector, identify technology white spaces, and protect and monetize intellectual property.
The patents for stair lift were granted in a host of verticals including residential and medical healthcare systems.
Moreover, advancements and growing investments into the R&D department also owes to new patent registrations. Many individuals as well as small organizations have also filed a considerable number of patents.
Europe being a hub for production processes for stair lift, along with the growing demand for medical equipment related developments persisting in the country, led it to contribute extensively to the innovations in utilization and determination of physical properties of stair lift.
The country had more than 41% share in the granted patents related to stair lift which is evident from the number of applicants holding innovative patents in Germany and Netherlands. Europe dominates the world market for use in medical equipment where stair lifts are used both residential and hospitals.
This was followed by Japan and China both holding a share of 8% each in granted patents for the stair lift. The Asian region is experiencing a steady growth due to the increasing demand from aging population for medical equipment.
Excerpts on Market Growth Factors Mentioned in the Full Report:
Increase in the number of stair lift manufacturers, owing to the interest in investing in stair lifts by various government and private organizations is set to drive the market growth throughout the forecast period.
Stair lift production is on the rise and there is a strong demand for these stair lift systems due to their immense uses. The strategy of major manufacturers across the value chain of the market is to capture the available growth opportunities and grow at a rate that is faster than that of the market.
Key Players of the Stair Lift Market:
The major key players of stair lift market include ThyssenKrupp AG, OOMS OTTO BV. These two companies play a major role and holds major shares in the market.
Both of these companies offer weatherproof lifts for outside use and standing lifts, which are also known as perch lifts for people experiencing trouble bending their knees.
Stair Lift Market Report is segmented as below.
Stair Lift Market By Type:
Straight Stair Lift
Curved Stair Lift
Standing Stair Lift
Stair Lift Market By Mode of Operation:
Alternating Current (AC)
Stair Lift Market - By Mobility
Stair Lift Market - By End User
Home Care Settings
Stair Lift Market By Geography ( Covers 14+ Countries )
Stair Lift Market Entropy
Companies Citied / Interviewed
ACORN Stairlifts, Inc.
Bruno Independent Living Aids, Inc.
Country Home Elevator
Dolphin Stair Lifts
Otolift Stairlifts Ltd.
Prism Medical Ltd.
Platinum Stair Lifts Ltd.
Stannah Stairlifts Ltd.
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