Market Size of United States Stair Lift Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.70 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
US Stair Lift Market Analysis
The United States Stair Lift Market is expected to record a CAGR of 4.8% over the forecast period (2022 - 2027). Factors such as an upsurge in the aging population, an increasing number of patients with musculoskeletal and movement disabilities, and incidences of accidental injuries are driving the need for stairlifts across the country.
- Adopting advanced technologies has also played a vital role in the market's growth. Companies, such as 3D MDB and GrabCAD, offer 3D drawings of stairlift designs and their components, making it more sophisticated and easy for buyers to decide the suitable type of Stairlift system.
- High installation costs of stairlifts and inadequate post-sale services are factors hindering the growth of the stairlift market. For instance, a straight stair lift is around USD 3,000 to USD 5,500, while the custom curved stairlift price may range from USD 7,500 to USD 20,000. Also, the potential risk of injury, primarily faulty mechanism and incorrect installation, are a few challenges the market faces.
- Many states, such as Minnesota and Connecticut, offer Medicaid home and community-based waiver programs that often cover the cost of home modifications such as a stair lift. To qualify for these waivers, one typically needs to meet the income criteria to receive Medical Assistance from the state. Veterans with certain service-connected disabilities can apply for housing grants to make their homes accessible. These include the Specially Adapted Housing (SAH) Grant and the Special Home Adaptations (SHA) Grant.
- Further, the healthcare segment might fuel the growth because of the increasing rate of disabled people opting to live in healthcare facilities. Professional caretakers cannot be expected to offer help round the clock. Hence, the demand for stairlifts in healthcare centers is likely to increase as these lifts enable individuals to traverse independently.
