After Passing Over of the COVID-19 Storm What's Next in Healthcare Focus? An Aging World & Mobility for the Elderly & Disabled. Stair Lifts to Reach US$1.3 Billion
The global market for Stair Lifts is projected to reach US$1.3 billion by the year 2027, trailing a post COVID-19 CAGR of 5% over the analysis period 2020 through 2027. World's population is rapidly aging supported by the increase in longevity as modern medicine becomes increasingly effective in preventing chronic disease, and reducing mortality. Also, easy access to age-friendly primary healthcare and growing sophistication of healthcare infrastructure play key roles in longevity. For the first time in human the percentage of older people in the total population is continuing to increase. In addition to the aforementioned increase in life expectancy, falling fertility rates are accelerating the trend. The aging population creates massive challenges for the healthcare system. By the year 2025, the need to care for an aging population will require a large and specialized healthcare workforce. Against this backdrop, there is a pressing need for communities to rethink issues such as housing, transportation, social services, health and wellness programs. Aging-in-Place is a powerful driver of assisted living technologies with over 9 in 10 seniors expressing willingness to live in their current homes over the next 6 to 12 years. The trend is expected to gather even greater force, given the risk of virus transmission in nursing homes. Falling down the stairs is the leading cause of serious injury among the elderly aged over 65 years. Stair lifts help eliminate the risk, allowing seniors with mobility issues to remain in their homes longer & postpone premature shifting into a senior care facility.
Stair lifts or chairlifts or stair gliders are mechanical devices that enable individuals who suffer movement disabilities to go up and down the staircase without assistance. A stair lift comprises motorized seats that are electrically-powered and can be deployed on a straight or a curved staircase and also can be tailored as per the needs. The lift is controlled by the individual using it and comprises multiple features such as an emergency call button, seat belts, and backup battery. The stair lift is equipped with a folding seat & footrest, swiveling seat, adjustable/customizable chairs, seat belt and safety sensors, and remote controls. available in different designs and lengths, stair lifts are widely used in hospitals, clinics, commercial projects, and residential buildings. Stair lifts are typically used by individuals who are physically disabled or suffer from musculoskeletal disorders. Among the different kinds of lifts available such as straight, curved, and standing, straight stair lifts segment dominates the market as they are typically used owing to the easy installation, cost-friendly, and easy to use design. Curved Stair lifts are the fastest growing market share because of the ability to be tailored to the customer's needs. Stair lifts can be installed on any type of staircase, making it flexible. The seated stair lift is popular among the end-users due to its lower cost than the other kinds of stair lifts. The Seated stair lifts hold the major market because of comfort and safety, while the fastest growing market share is the Integrated wheelchair platform stair lifts because of increased mobility and ease of usage in commercial settings.
Stair lifts for residential use represents a large and growing segment given the growing desire of elderly people to lead independent lives. The market also stands to benefit from the growing trend towards smart homes. Defined as a process of automating the entire home environment by pre-programming various household chores and appliances and enabling combined in-built monitoring, home automation systems improve the user's lifestyle by offering real benefits such as comfort, security and power conservation. Given the continued importance of accessibility in homes, there will be focus on technology advancements in stair lifts market. Stannah for instance is focusing efforts on incorporating innovative technology into stair lifts. Although the fundamental design of stair lift is unlikely to change dramatically in the near future, new types of stair lifts are being developed. A case in point being the development of multiple person stair lifts, which will enable an individual to accompany the person being transported using stair lift. Technological advancements in terms of cost effectiveness, portability and patient comfort are expected to further fuel growth in the market. There will be greater focus on ensuring safety of stair lifts, through addition of features such as passcodes that will ensure the operation of stair lifts by authorized and responsible adults only. Provision of care in settings other than acute settings is expected to form a critical constituent of healthcare reform, given the surging pressure on spending associated with healthcare across the world. And in support of this, technological developments have resulted in medical equipment that can be used in settings outside acute care. Currently, hospitals are permitting discharge of patients early, which is consequently prolonging the recuperation periods at non-traditional settings. Patients, today, are therefore sent home or referred to alternate care sites prior to complete recovery, thereby requiring continued care even at home. This shifting of medical care towards non-hospital environment from hospitals augurs well for the market.
Competitors identified in this market include, among others,