Market Trends of Europe Stair Lift Industry
Residential Segment to Hold a Significant Market Share
- The residential segment is expected to hold a significant market share, majorly owing to the preference of the elderly population towards products that would allow them to remain independent in their homes. Also, the flexibility of stairlifts installed nearly on any staircase elevates the market's growth.
- There is a significant demand for the seated stairlift within the residential segment due to its cost-effectiveness compared to standing stairlift counterparts. This rise in numbers is majorly due to end-users growing musculoskeletal problems like decreasing bone density due to aging, unhealthy lifestyle, and increasing dependency on unhealthy foods, giving rise to diseases like Osteoarthritis, which impacts the body and ability of a person to move freely because of increased chances of fractures in case of any injury.
- As per the British Society of Rheumatology study, Osteoarthritis is the most common type of arthritis, is estimated to affect more than 40 million people across Europe, and has a lifetime risk of 45 percent for knee (Osteoarthritis) OA and 25 percent for hip (OA. OA is the fastest-growing cause of disability worldwide. With increased life expectancy and rising levels of obesity across Europe, Osteoarthritis is predicted to become the fourth leading cause of disability.
- As the number of men and women aged 75 years and above is expected to increase by more than 42 percent and 29 percent, respectively, between 2019 and 2034, it is projected that the annual number of osteoporotic fractures will likely increase by approximately +24.8 percent in that period, reaching 5.34 million annual fragility fractures.
- Furthermore, the French government announced a new accessibility program in October 2022 that offers grants for home improvements like installing a stair lift or enlarging a doorframe to accommodate wheelchair access. While the French government has several programs to help with home renovations to make them more accessible for elderly people, the recently announced "MaPrimeAdapt" program aims to streamline the process.
- Moreover, the rising health concerns and the growth in various diseases/disabilities will augment the demand for stairlifts across the region. Also, to ease mobility in the home, where people spend most of their time, the need for stairlifts is higher in the residential segment.
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United Kingdom is Expected to Hold Significant Market Share
- The United Kingdom held a dominant market share in the market. This is owing to factors such as an increase in the population's average age and critical government support for the problems faced by the elderly. According to a study conducted in the United Kingdom, approximately 290,000 people are seriously injured, and over 500 people die each year as a result of a fall on the stairs. According to St George's University Hospitals NHS Foundation Trust United Kingdom, the average installation cost of stairlifts in the UK is GBP 3,369 (USD 4103.80). Such factors have given a boost to raise the demand for stairlifts.
- Many improvements have been planned in accessibility for disabled people in recent decades, aided by increased awareness of inclusive design, tightened regulations, and investment in infrastructural segments like stairlift deployment at public transport and stairlifts at hospitals and medical institutions.
- Moreover, the government is also trying to ease the lives of people with disabilities. For instance, in June 2022, the UK Government announced the launch of a consultation on a policy as per which landlords will be obliged to make changes to communal spaces outside disabled tenants' homes. The changes would be to communal areas of rented and leasehold homes and include installing stairlifts, handrails, and ramps.
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