DUBLIN, Nov. 30, 2021 /PRNewswire/ -- 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
Major Deals & Strategic Alliances Analysis
Bruno Independent Living Aids
ThyssenKrupp Elevator Technology
For more information about this report visit https://www.researchandmarkets.com/r/upix9s
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SOURCE Research and Markets