June 16, 2024
South Korea Wheelchair Market

The South Korea Wheelchair Market Is Gearing Up For Increased Mobility Needs By Growing Demand For Assistive Healthcare Devices

The South Korea wheelchair market is aiding the mobility needs of disabled and elderly population with a wide range of wheelchairs available, including manual, powered and bariatric wheelchairs. Wheelchairs provide independent mobility and improved quality of life to those who have limited ambulation capabilities. The market is supported by favorable government initiatives to promote assistive living devices and an increasing elderly demographic.

The Global South Korea Wheelchair Market Size Is Estimated To Be Valued At US$ 1.60 Bn In 2024 And Is Expected To Exhibit A CAGR Of 6.8% Over The Forecast Period 2024-2031.

Key Takeaways

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 growing demand is attributed to rapid urbanization, rise in healthcare infrastructure and increasing cases of road accidents in South Korea. Furthermore, growing prevalence of disabilities due to chronic diseases and physical impairments is fueling the need for wheelchairs. In addition, increasing investments by major players for business expansion in South Korea are expected to propel the market growth.

With rising disabilities and ageing population, the demand for assistive devices such as wheelchairs is growing significantly. As per estimates, about 12% of South Korea’s population is aged 65 years and above. This is expected to create high demand for mobility assistance products. Moreover, increasing healthcare spending and improving reimbursement policies have increased the affordability of wheelchairs. This has expanded the customer base and encouraged adoption of advanced wheelchairs.

The growing trend of acquiring lightweight and compact wheelchairs is one of the key market trends. With technological advancements, wheelchairs are incorporating features like lithium-ion batteries, carbon-fiber frames and ergonomic seat designs for enhanced maneuverability and portability. In addition, the advent of smart wheelchairs that are Wi-Fi enabled and integrated with sensors for increased safety and security is gaining traction. These trends are encouraging new product launches and innovations in design and functionality of mobility wheelchairs.

Porter’s Analysis

Threat of New Entrants: The medical equipment industry requires high initial investments and regulatory approvals that make entry difficult for new companies.

Bargaining Power of Buyers:
Individual buyers have low bargaining power whereas large healthcare institutions and government organizations have moderate bargaining power.

Bargaining Power of Suppliers: The market has several global wheelchair manufacturers with specialized components limiting the bargaining power of individual suppliers.

Threat of New Substitutes: There are limited product substitutes for wheelchairs used by patients with mobility impairment.

Competitive Rivalry: The market has several national and multinational brands competing on aspects of quality, features and pricing.

Geographical Regions

East Asia region accounts for over 50% of the South Korean wheelchair market value led by heavy demand from China, Japan and South Korea itself. Large patient pool, growing disability rates and improving accessibility standards are driving the market in East Asia.

Southeast Asia is projected to be the fastest growing region for the South Korean wheelchair market over the forecast period with expected annual growth of around 8%. Countries like Vietnam, Indonesia and the Philippines are witnessing increased healthcare investments and expanding medical infrastructure supporting the market growth.

Geographical Regions

South Korea accounts for the largest share of wheelchair market value in East Asia region led by increasing per capita healthcare spending, aging population and rising incidence of mobility impairments. The government is focusing on accessibility reforms to assist the disabled population boosting market demand. Large domestic manufacturers are well positioned to tap growth opportunities in South Korea.

Southeast Asia offers high growth potential for South Korean wheelchair brands with Indonesia and Vietnam identified as priority export destination markets. Favorable trade agreements coupled with healthcare development programs in the Association of Southeast Asian Nations (ASEAN) bloc are assisting market expansion in Southeast Asia. Korean companies are actively pursuing collaboration with local distributors to penetrate emerging wheelchair requirement in the fast-developing region.

What are the key data covered in this South Korea Wheelchair Market report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the South Korea Wheelchair Market’s growth between 2024 and 2031.

:- Accurate calculation of the size of the South Korea Wheelchair  Market and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behavior

:- South Korea Wheelchair  Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of South Korea Wheelchair  Market vendors

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