Global Stair Lifts and Climbing Devices Market Report 2021: Market Size is Expected to Reach $3.4 Billion by 2028, Growing at a CAGR of 8.9%

Dublin, Nov. 29, 2021 (GLOBE NEWSWIRE) -- The "Global Stair Lifts And Climbing Devices Market Size, Share & Trends Analysis Report by Device (Stair Lifts, Stair Climbing Wheelchairs), by End Use (Hospitals, Homecare), by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

The global stair lifts and climbing devices market size is expected to reach USD 3.4 billion by 2028. It is expected to expand at a CAGR of 8.9% from 2021 to 2028. The factors driving the market include the rising geriatric population and technological innovations.

More than 350 million people worldwide suffer from some kind of arthritis. According to the United Nations, individuals over the age of 60 will account for more than 20% of the world's population by 2050. Due to the increased life expectancy and the increasing level of obesity, osteoarthritis is forecasted to become the 4th leading cause of global disability by 2020. The increasing integration of automation in healthcare equipment, particularly mobility devices such as stair lifts and wheelchairs, is a significant factor expected to influence market growth.

Stair lifts are ideal for some individuals, including the old, the incapacitated, and the individuals who have a drawn-out physical issue or infection. Having the option to stay at home is vital for most seniors. Indeed, research done by the American Association of Retired Persons tracked down that 90% of seniors would like to age at home rather than moving to a senior living community.

The COVID-19 pandemic has had a significant impact on the global market, which resulted in slowing down the supply chain of stair lifts and climbing devices. Due to the government's strict regulations, the demand also decreased during the year 2020. According to Handicare Group, COVID-19 has caused market growth to be unpredictable, making short-term demand difficult to anticipate.

Stair Lifts And Climbing Devices Market Report Highlights

• By device, the stair lifts segment dominated the market with a revenue share of 57.8% in 2020 owing to their ease of use and undeniable degree of portability

• Based on end use, the homecare segment accounted for the largest share of 64.4% in 2020. A stair lift is the most convenient option for the home with safe and comfortable access up and down the stairs

• North America dominated the market in 2020 due to the expanding number of obesity cases and the growing older population, which is probably going to cross 95 million by 2060

• Asia Pacific is projected to register the highest CAGR over the forecast period

Variables, Trends & Scope

Market Driver Analysis

• Increasing technological innovations

• Rising geriatric population

• Benefits of stairlifts & climbing devices

Market Restraint Analysis

• High costs of stairlifts

• Compromised post-sale services

Market Lineage Outlook

• Parent Market Outlook

• Ancillary Market Outlook

Penetration & Growth Prospect Mapping

Stair lifts and Climbing Devices Market: Analysis Tools

• Porter's Five Forces Analysis

• PESTEL Analysis

• Major Deals & Strategic Alliances Analysis

Companies Mentioned

• Handicare Group

• Stannah

• Platinum Stairlifts

• Bruno Independent Living Aids

• ThyssenKrupp Elevator Technology

• Acorn Stairlifts

• Hiro Lift

• American Elevator

• Precision Stairlifts

• Garaventa Lift

For more information about this report visit https://www.researchandmarkets.com/r/dqx3q4

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