Global Stairlifts Market Is Estimated To Witness High Growth Owing To Growing Prevalence Of Disabilities And Increasing Availability Of Advanced Products

Stairlifts Market
Stairlifts Market

Overview:

Stairlifts offer a safe and convenient way for people to get around their homes. They reduce the risk of falling and help restore independence to those who have a disability or age-related physical condition. A stair lift can help prevent dangerous accidents by keeping patients in a safe and comfortable chair that glides up and down the stairs.

Stairlifts are easy to install and require minimal interior home modification. They usually take less than a day to complete, and most manufacturers or dealers roll the cost of the installation into the initial quote. A stair lift is an excellent investment in health and home’s safety. It can help avoid falls, and restore independence. The most common type of stair lift is a straight model that doesn’t have turns or landings.

Market Dynamics:

Rising collaboration among key players are estimated to augment growth of the global Stairlifts Market over the forecast period. For instance, TK Elevator declared their global strategic collaboration with Infosys in June 2022.

Through this collaboration, Infosys is aiming to enhance the digital experience and also strengthen cybersecurity for TK Elevator's end users. Moreover, rising installation costs and post-installation services are anticipated to restrain growth of the global stairlifts for market over the forecast period.

The implanted rhythm management system of the patient's remote Cardiac Remote Patient Monitoring Device allows data to be sent immediately to the doctor's office.

Impact of COVID-19:

COVID-19 affected almost every industry across the globe. It was declared as a public health emergency by the World Health Organization in 2020. The pandemic had long term impact on several individuals and many end-use industries. Due to imposition of strict regulations manufacturing activities were halted in many sectors.

This hampered the growth of the global Stairlifts Market, as there was a decrease in demand for stairlifts. Strict lockdowns also resulted in causing a shortage of raw materials and disruptions in supply chains. This also restrained the growth of the market during the pandemic. Thus, the pandemic had a negative impact on the global stairlifts market.

Key Takeaways:

The global Stairlifts Market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing product launches.

For instance, e-commerce site was launched by Stannah in November 2020, this site will allow consumers to purchase a stair lift online. The company secured its first sale within 82 minutes.

North America is anticipated to witness significant growth in the global stairlifts for market over the forecast period, owing to growing prevalence of people suffering from disability and increasing technological advancements.

Major players operating in the global Stairlifts Market are Acme Home Elevator, Brooks Stairlifts, Acorn Stairlifts, Stannah, Thyssenkrupp Elevator AG, Garaventa Lift, American Elevator, Bruno Independent Living Aids Inc., Candor Care Limited, and Platinum Stairlifts.

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