Stair Lifts and Climbing Devices Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | ThyssenKrupp Elevator Technology, Maine Accessibility Corporation, AEL Inc.

"The stair lifts and climbing devices market size has grown rapidly in recent years. It will grow from $1.9 billion in 2023 to $2.12 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to improved healthcare, rise in disabilities, awareness and accessibility regulations, aging population, consumer preferences.

The stair lifts and climbing devices market size is expected to see strong growth in the next few years. It will grow to $3.1 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to global accessibility awareness, environmental sustainability, rise in home healthcare services, chronic health conditions. Major trends in the forecast period include enhanced safety features, compact and space-saving designs, modularity and flexibility, quiet and efficient operation, improved battery technology.

Market Overview -
A stair lift is a mobility device linked directly to the stair treads and travels at the same angle as the stair treads, allowing those who struggle with stairs to move securely and comfortably between floors of their house. A stair-climbing gadget is an exercise machine that consists of a set of treads or pedals that move up and down in position, simulating the movement of climbing steps. These devices help people with mobility issues navigate stairs and inclines and let individuals with restricted mobility reach multiple floors of a building or outdoor spaces safely and comfortably.

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Rising Disability Prevalence Fuels Expansion Of Stair Lifts And Climbing Devices Market
The increasing prevalence of disabilities is expected to propel the growth of the stair lifts and climbing devices market going forward. A disability is defined as any mental or physical condition that makes it more difficult for the person with the condition to do specific tasks (activity limitation) and interact with the environment around them (participation limits). Disability is frequently preceded by chronic disorders, including diseases such as diabetes and congestive heart failure as well as disabilities such as cognitive and visual impairment. Stairlifts and climbing devices allow individuals with disabilities to move freely between floors of their houses, giving them more mobility, freedom, and access to other surroundings while also eliminating the need for help or reliance on caregivers to traverse steps. For instance, in April 2023, according to the report published by the World Health Organization (WHO), a Switzerland-based international organization for public health, an estimated 1.3 billion individuals were severely disabled globally, which equates to 16% of the world's population or one in every six individuals. Therefore, the increasing prevalence of disabilities is driving the growth of the stair lifts and climbing devices market.

Competitive Landscape -
Major companies operating in the stair lifts and climbing devices market report are ThyssenKrupp Elevator Technology, Maine Accessibility Corporation, AEL Inc., Leaf Home Safety Solutions LLC, Savaria Corp, MobilityWorks LLC, Handicare Stairlifts Inc., Bruno Independent Living Aids Inc., Stannah Lifts Holdings Ltd., ProCare Medical, Zonzini AB, Garaventa Lift Group, Hiro Lift HillenkÖTter + Ronsieck Gmbh, Harmar Mobility LLC, Lifeway Mobility LLC, Otolift Stairlifts Ltd., Platinum Stairlifts Limited, Access BDD, Arrow Lift, AmeriGlide, Amramp Accessibility, American Elevator Corporation, Brooks Stairlifts Limited, Hoveround Corporation, Acorn Stairlifts Inc.

Technological Advancements Enhance Stair Lifts And Climbing Devices Market Presence
Technological advancement has emerged as a key trend gaining popularity in the stair lifts and climbing devices market. Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in April 2021, Pearson Lloyd, a UK-based product, furniture, and innovation design studio, introduced Flow X, a revolutionary new stairlift that prioritizes ergonomics and aesthetics. The Flow X is a modern stairlift designed for people who require a little assistance with mobility within their homes. Its. Its patented ASL (Advanced Swivel Leveling) technology ensures that the seat and footrest rotate together, maintaining optimal distances between the chair and staircase. It allows the user to get on and off without twisting their body. It also has a built-in call feature that allows three phone numbers to be programmed in, allowing users to contact family, friends, and medical or care teams while the chair is moving.

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Key Segments -
The stair lifts and climbing devices market covered in this report is segmented -
1) By Product: Straight Stair Lifts, Curved Stair Lifts, Standing Stair Lifts, Perch Stair Lifts, Other Products
2) By Modality Type: Indoor, Outdoor
3) By Operation Mode: Alternating Current, Direct Current
4) By End-use: Hospitals, Homecare, Other End-Uses

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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