According to Coherent Market Insights, the global stairlifts market 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).
Key Trends and Analysis of the Global Stairlifts Market:
Key trends in market are rising incidence of musculoskeletal disorder, increasing product launches, and increasing adoption of collaboration and acquisition strategies by key players operating in market.
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According to the World Health Organization’s 2019 report, musculoskeletal conditions are the leading contributor to disability worldwide, with low back pain being the single leading cause of disability globally. Moreover, according to the Global Burden of Disease (GBD) study in 2017 musculoskeletal conditions were the highest contributors to global disability and 16% of patients lived with disability.
Increasing product launches are expected to contribute to the growth of the global stairlifts market over the forecast period. For instance, in January 2019, Stairlift manufacturer, Handicare, launched a new Handicare 1100 straight stairlift model, incorporating a modern design that aims to appeal to both end-users and the company’s dealer network. Its tooth and grease-free slimline rail and continuous charging strip were regarded as the standout features, making it quicker to install and easier to sell.
Furthermore, key players operating in the market are focused on adopting acquisition and collaboration strategies, in order to expand their product offerings. For instance, in July 2018, Savaria Corporation announced that it has entered an acquisition agreement with Garaventa Accessibility AG in which Savaria would acquire all of Garaventa Lift for a total purchase price of around US$ 98 million. Garaventa Lift manufactures a wide range of wheelchair lifts, including inclined platform lifts, vertical platform lifts and portable wheelchair lifts for persons with disabilities.
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Key Market Takeaways:
- The global stairlift market is expected to exhibit a CAGR of 6.1% over the forecast period. Rising awareness about accessibility and mobility devices, and technological advancements in the industry are propelling the market growth.
- North America is expected to hold a prominent share in the global market owing to increasing geriatric population and technological advancement for marketing of mobility device. For instance, in October 2018, Thyssenkrupp, is a German multinational conglomerate company launched HoloLinc, a first of its kind, fully digitalized sales process for the stairlift industry. Developed in partnership with Zühlke and Microsoft, HoloLinc offers customers quicker delivery time and the opportunity to see how a stairlift will fit into their environment via a specially developed combination of mixed-reality and a fully digitalized system.
- Key players operating in the global stairlift 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.
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