May 20, 2024
South Korea Wheelchair Market

South Korea Wheelchair Market Is Estimated to Flourish by Surging Geriatric Population

South Korea’s wheelchair market consists of various products like manual wheelchairs, powered wheelchairs, and scooters used to transport individuals with limited or no mobility. Manual wheelchairs are mainly pushed by an attendant and do not have electric propulsion. Powered wheelchairs are battery-operated and self-propelled by the user. Scooters provide mobility while allowing users to conserve energy by not having to walk distances. Wheelchairs assist people with disabilities, injuries, and limited mobility by providing independence and improved quality of life. The growth of South Korea’s geriatric population suffering from various disabilities and chronic diseases is increasing the demand for wheelchairs.

The South Korea Wheelchair Market is estimated to be valued at US$ 1.60 billion in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.

Market Dynamics

Surging Geriatric Population: As mentioned in the heading, one of the key drivers fueling the South Korea wheelchair market’s growth is the country’s rapidly aging population. According to government data, South Korea has one of the fastest aging populations in the world. People above 65 years of age are estimated to constitute over 20% of the total population by 2025. This aging demographic is more prone to mobility issues, injuries, and chronic diseases driving the need for assistive devices like wheelchairs and scooters.

Government Initiatives: The South Korean government has implemented several policies and programs focusing on equal opportunities and improving quality of life for disabled citizens. For example, the country aims to make all public buildings fully wheelchair accessible by 2025. Additionally, the national health insurance system covers 70-90% of the wheelchair costs. Such supportive initiatives are encouraging the adoption of wheelchairs among those in need.

Segment Analysis

The South Korea wheelchair market is segmented into manual wheelchairs and powered wheelchairs. Among these, the powered wheelchairs segment dominates with over 60% share of the market in 2024. Powered wheelchairs are preferred more as they provide independence, ease of transportation, and better mobility to the user.

PEST Analysis

Political: The government of South Korea is undertaking various initiatives to improve healthcare infrastructure and promote inclusive growth. It has implemented laws making public places wheelchair accessible.

Economic: South Korea has a high-income economy with per capita GDP of over US$ 33,000 in 2023. The growing elderly population and rates of accidental disabilities will drive healthcare spending, benefiting the wheelchair market.

Social: Extended life expectancy and rising chronic diseases are increasing the number of individuals dependent on wheelchairs. Additionally, the emphasis on inclusive development encourages use of assistive devices.

Technological: Players are introducing innovative features like battery indicators, tilt functions, ergonomic seating, and responsive controls. The focus is on lightweight materials, connectivity, ease of transportation, and customized solutions.

Key Takeaways

The South Korea Wheelchair Market Size is witnessing strong growth supported by initiatives to improve accessibility and assistive healthcare. Powered wheelchairs are gaining increased preference over manual ones owing to enhanced mobility support provided. The South Korea Wheelchair Market is estimated to be valued at US$ 1.60 Billion in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.

Regional Analysis: The wheelchair market in South Korea is led by Seoul and Busan owing to higher healthcare spends and disability rates. Public-private partnerships are driving expansion of accessible infrastructure and technological advancements in these regions.

Key Players: Players operating in the South Korea wheelchair market are GF HEALTH PRODUCTS, Invacare, Ottobock, Permobil, Pride Mobility Products, Sunrise Medical, and Karma Medical. These leading brands offer advanced product portfolios comprising both manual and powered wheelchair models.

Objectives of the Report:

1) Investigate and forecast the value and volume of the South Korea Wheelchair market.

2) Estimate market shares for major South Korea Wheelchair segments.

3) To demonstrate how the market for South Korea Wheelchair is evolving in various parts of the world.

4) Research and analyze micro markets in terms of their contributions to the South Korea Wheelchair market, as well as their prospects and individual growth patterns.

5) To provide precise and useful information on the factors influencing the rise of South Korea Wheelchair.

6) To provide an in-depth analysis of key business strategies used by major companies in the South Korea Wheelchair market, such as R&D, collaborations, agreements, partnerships, acquisitions, mergers, new product launches, and acquisitions, mergers, and acquisitions.

FAQ’s

Q.1 What are the main factors influencing the South Korea Wheelchair market?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top South Korea Wheelchair Market companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the South Korea Wheelchair market’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:
1.       Source: CoherentMI, Public sources, Desk research
2.       We have leveraged AI tools to mine information and compile it