April 12, 2024
South Korea Wheelchair Market

The Growing Awareness Regarding The Accessibility Guidelines Is Anticipated To Open Up The New Avenue For South Korea Wheelchair Market

Market Overview:

The South Korea wheelchair market consists of wheelchairs designed for daily living as well as transport and sports activities. Manual wheelchairs and powered wheelchairs are the major product types in this market. Manual wheelchairs are lightweight, portable, and budget-friendly options for users with limited mobility needs. Powered wheelchairs are often recommended for those with severe disabilities or limited upper body strength as they provide independence, control and comfort. With growing elderly population and increasing cases of mobility impairments due to accidents or chronic diseases, the demand for wheelchairs is on the rise in South Korea.

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

Market Dynamics:

Increasing prevalence of mobility issues due to chronic diseases and road accidents is a major driver of this market. According to statistics, over 10% of South Korean population suffers from mobility disabilities. Chronic diseases like arthritis are widespread and a major cause of mobility impairment among elderly. Moreover, growing awareness about accessibility guidelines and active involvement of government in promoting independent living is further fueling the adoption of wheelchairs. For instance, government allocates funds for assisting disable population with equipment like wheelchairs. However, high costs associated with powered wheelchairs may limit their adoption to some extent during the forecast period.

Segment Analysis

The South Korea wheelchair market is dominated by manual wheelchairs which holds around 65% of the total market share. Manual wheelchairs are affordable and easy to use which increases its popularity mainly for outdoor activities and mobility needs for ambulatory disabled patients. Powered wheelchairs are the fastest growing segment and holds around 35% share attributed to increasing income levels and demand for independent mobility. Power wheelchairs are sophisticated, comfortable and preferred for indoor use and long-distance travel. Growing geriatric population and incidence of disabilities will further drive the demand of powered wheelchairs in South Korea.

South Korea Wheelchair Market Segmentation

  • By Type:
  • Manual Wheelchairs
  • Powered Wheelchairs
  • Pediatric Wheelchairs
  • Others
  • By End User:
    • Homecare
    • Hospitals
    • Ambulatory Surgical Centers
    • Rehabilitation Centers
    • Others
  • By Weight Capacity:
    • Less than 100 lbs
    • 100-150 lbs
    • 150-200 lbs
    • More than 200 lbs
    • Others
  • By Application:
    • Adults
    • Pediatric
    • Others
  • By Distribution Channel:
    • Online
    • Offline

PEST Analysis

Political: Wheelchair standards and regulations are established to ensure product quality, safety and performance. The government promotes accessibility in public infrastructure and facilities which boost the wheelchair market.

Economic
: South Korea has a strong economy with rising income levels. Growing healthcare spending on assistive devices and aging infrastructure will support the market growth.

Social
: Increasing health awareness, growing occurrence of disabilities and acceptance of wheelchairs in society positively impact the market. Rapid urbanization also drives the demand.

Technological
: Manufacturers are focusing on lightweight materials, customized features, connectivity and powered options to provide independent mobility. 3D printing and battery technologies will revolutionize the industry.

Key Takeaways

The South Korea Wheelchair Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to rising healthcare expenditure, growing elderly population and incidence of mobility disabilities.

Regional Analysis: South Korea dominates the wheelchair market in Asia Pacific. Especially Seoul holds over 30% share attributed to high spending power, modern infrastructure and healthcare facilities. Rapid infrastructure development and universal accessibility norms will further augment the regional demand.

Key Players operating in the South Korea wheelchair market are Karma Medical, OttoBock Healthcare, Permobil, Pride Mobility, Invacare, Sunrise Medical, Guangdong Shunde Jaeyong Hardware, Progeo Medical Technology, Dongguan Tianxing Furniture, Merits Health Products, OSTRICH MOBILITY, Guangzhou TopMEDI, Guangzhou HuiJu Medical Equipment, Amico Group, 21st Century Scientific, Besco Medical, Golden Technologies & Hoveround. The established players are focusing on innovations, customization and partnerships to strengthen their product portfolio and market presence.

Reasons to Purchase South Korea Wheelchair Market Report:

1. Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

2. Develop/modify business expansion plans by using substantial growth offerings in developed and emerging markets.

3. Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the South Korea Wheelchair Market.

FAQ’s

Q.1 What will the market development pace of the South Korea Wheelchair Market?

Q.2 What are the sales, revenue, and price analysis of the top players of the South Korea Wheelchair Market?

Q.3 What are the market opportunities and threats faced by the vendors in the South Korea Wheelchair Market?

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