The global lift chair market size was worth around USD 3813.9 million in 2022 and is predicted to grow to around USD 6905.1 million by 2030 with a compound annual growth rate (CAGR) of roughly 7.70% between 2023 and 2030.
A lift chair may also be referred to as a raise armchair. It is a seating unit that is enabled with a lifting mechanism that places the person sitting on it in a standing position. When the mechanism is activated, the chair rises from its base, providing the situated individual with additional assistance to stand up.
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???? Lift Chair Market Analysis
Despite being considered a consumer product, certain nations, such as the United States, qualify lift chairs as durable medical equipment under Medicare Part B. Medicare’s reimbursement policies are complex, as they require certification from physicians asserting the necessity of the chair. Several factors have contributed to the rapid development of the lift chair industry in recent years, despite certain growth restrictions and obstacles. During the forecast period, suppliers of lift chairs must ensure that the product’s price is commensurate with its utility in order to guarantee their long-term survival, given that consumers have several other options.
???? Major Insights:
• According to the analysis shared by our research analyst, the global market for lift chairs is projected to expand at a CAGR of approximately 7.70% over the forecast period (2023-2030).
• In terms of revenue, the global market for lift chairs was valued at approximately 3813.9 million US dollars in 2022 and is projected to reach 6905.1 million US dollars by 2030.
• The market for lift chairs is expected to develop at a significant rate due to the growing elderly population.
➤ Increasing numbers of elderly may result in greater expansion
The global market for elevate chairs is anticipated to expand due to the rising geriatric population. According to a report published by the World Health Organization in October 2022, by 2030, one out of every six individuals will be over the age of 60. By the year 2020, the geriatric population will exceed 1 billion individuals. Despite the fact that aging is an unavoidable natural process, certain nations have a greater proportion of individuals over 60 than others. At least one in ten individuals on the Japanese island are over the age of 80, resulting in a population aging crisis in Japan. Other countries with the greatest rankings in terms of elderly population are Italy and Finland.
➤ The price of elevate chairs will inhibit market expansion
The sophisticated mechanism that allows lift chairs to provide the essential push to the seated individual makes them expensive. For example, a premium and feature-rich lift chair may cost between $800 and $2,000 USD. Although it may be affordable for individuals from high-income groups, a significant portion of the low-income population may not be able to afford these units. In addition, the cost of repairing malfunctioning lift chairs can result in additional expenses. As a result of insufficient body movement, consistent use of lift chairs may not be recommended by medical professionals. This can contribute to a variety of physical conditions. With the increasing number of desk occupations promoting an increasingly sedentary lifestyle, lift chairs pose an additional threat to this lifestyle.
➤ Increasing product options and new product introductions create expansion opportunities
The expanding scale of the global market for lift chairs has prompted more companies to invest in technological advancements and product development. In an effort to attract a new consumer base, manufacturers are experimenting with additional features such as intelligent control and materials used during production. Golden Technologies, a prominent producer of lift chairs, announced in March 2023 that it would exhibit new and innovative solutions in the power lift recliner and mobility divisions at Medtrade.
➤ Complexities surrounding reimbursement for lift chairs may pose obstacles to market expansion
In some nations, elevate chairs are considered medical devices. However, the provisions surrounding the financial reimbursement of lift chairs are convoluted and may cause perplexity, particularly among senior citizens. For example, reimbursement service providers may reimburse only the cost of the chair’s elevating mechanism and not the cost of the chair itself. In addition, some physicians may not recommend the use of lift chairs at all, particularly not as a replacement for medically assigned seating facilities for individuals with particular medical conditions or who are elderly.
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The Global Lift Chair Market is segmented based on product, application and region
Global Lift Chair Market: Product Segment Analysis
● 3-Position Lift Chair
● Infinite Position Lift Chair
● Zero Gravity Lift Chair
● 2-Position Lift Chair
Global Lift Chair Market: Application Segment Analysis
The global lift chair market is led by players like:
● Pride Mobility
● Golden Technologies
● Golden Technologies
● Ashley Furniture
● Mega Motion
● Franklin Corporation
● Best Home Furnishings
● Drive Medical
● UltraComfort America
➤ North America will experience the highest growth rate over the projected period
The global market for lift chairs is anticipated to expand at the fastest rate in North America, with the United States and Canada dominating with the highest CAGR values. These nations have a higher per capita income and disposable income rate, which enables more individuals to purchase elevate chairs. In addition, the United States has provisions classifying lift chairs as medical apparatus, although physicians’ certifications are required for reimbursement. In addition, the growing elderly population in the United States and the increase in patients with mobility issues have resulted in increased regional development.
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The prevalence of remote or work-from-home culture has created greater expansion opportunities in North America, as an increasing number of individuals spend the majority of their day at home. The presence of key manufacturers offering lift chairs at price points varying from budget-friendly options to premium products is also a significant factor in the regional lift chair market.
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