Growth of the Global Stair Lifts Market Down To Longer Life

Leading research company Persistence Market Research recently conducted an extensive study looking at the global market for stair lifts. The results of that study have revealed some very interesting statistics.

They were first introduced in the United States back in the thirties, and the demand for stair lifts across the world has grown exponentially ever since. The wider awareness of the benefits of using a stair lift, coupled with ever-advancing technology, has resulted in the demand for these products hitting new highs. This increased demand is not forecast to slow down, either. Indeed, the report by Persistence Market Research has confidently predicted that the global stair lift market will continue to grow.

 

An Ever-Increasing Geriatric Population

One of the most interesting findings in the study is the link between a rise in demand for stair lifts and the increasing average age of the world’s population. In 2010, the population of elderly people across the globe was estimated to be around 524 million. By the year 2050, that figure is predicted to rise to a huge two billion. It is a simple equation really. As the population of elderly people increases, so too does the need for mobility aids such as stair lifts and platform lifts. By having aids such as these fitted in their homes, the elderly and less mobile can maintain a sense of independence and remain living in their own homes for longer.

The Persistence Market Research study predicts that although the global stair lift market will grow, it may not increase at the same rate as the elderly population. This is linked to the perceived high costs involved with purchasing and installing domestic stair lifts. However, as the stair lift market has grown and competition has increased, the average cost of stair lifts has gone down.

 

Advances in Stair Lift Technology

As technology has advanced over the years, the range of lifts on the market has continued to evolve. Standard stair lifts which work on a straight rail are still the most common, but there are many other varieties now available, including curved rail and outdoor stair lifts. Platform lifts take longer to install but offer the user a great deal more independence. The design of a platform lift allows for the user to stay in their wheelchair as they ascend or descend the stairs. They are often manufactured and installed to meet individual user requirements.

The largest share of the global stair lifts market is still held by North America, with Europe second. The continued dominance of these regions can probably be attributed to the fact that the United States, the United Kingdom and Switzerland all provide grants to qualifying citizens in order to purchase mobility devices. Despite its current status as the largest market for stair lifts, the demand for lifts within the North American region is predicted to decrease due to market maturity. The Persistence Market Research study predicts that the emerging Asia-Pacific region will see the largest growth in market share in the future.

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