May 24, 2024
South Korea Wheelchair Market

South Korea Wheelchair Market Powered by Aging Population Looking for Mobility Solutions

Wheelchairs in South Korea have evolved from a medical device to meet mobility needs to an assistive product aimed at enhancing independence and productivity. South Korea has one of the fastest aging populations globally and with aging comes loss of mobility and disabilities requiring wheelchair solutions. Wheelchairs allow the elderly and physically challenged individuals to perform daily tasks and chores independently without depending on caregivers. Furthermore, wheelchairs empower users by providing freedom of movement and ability to participate in social and family gatherings. Wheelchairs come equipped with specialized features like reclining backrest, detachable armrest, anti-tip wheels, braking systems and modern upholstery making them comfortable for indoor and outdoor use. Technological advancements have led to the development of lightweight yet durable frames allowing greater maneuverability. Electric or power wheelchairs for those with severe disabilities provide unhindered mobility.

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 Key Trends:

There is an increasing demand for customized wheelchairs tailored to individual user’s needs and abilities. Manufacturers are offering extensive customization options in terms of seat width, tilt or recline angles along with specialized attachments for feeding, breathing or positioning support. The availability of smart wheelchairs integrated with technology like sensors, Bluetooth and smartphone control further enhances user experience and independence. Growing investments by market players as well as government initiatives to spread awareness about assistive technologies and provide subsidies are supporting the adoption of advanced wheelchairs in South Korea. Stringent regulations regarding wheelchair design, safety and performance are driving manufacturers to develop high quality products meeting international standards.

Porter’s Analysis

Threat of new entrants: The market has moderate threat of new entrants as the market requires large fixed cost investments in R&D, production facilities, service network and branding. However, the demand for wheelchairs is growing creating opportunities.

Bargaining power of buyers: The bargaining power of buyers is high in this market as there are many manufacturers providing substitutable products at competitive prices. Buyers can easily switch between brands based on price and quality.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as their products are unique but not unique enough to create dependence. Suppliers of raw materials also have limited power due to availability of alternatives.

Threat of new substitutes: Threat of substitutes is low as mobility scooters are not close substitutes for wheelchairs despite higher cost. Technological development in exoskeletons can pose threat in long run.

Competitive rivalry: The competitive rivalry is high among major players. Companies compete based on quality, features, durability, service and pricing to gain market share.

Key Takeaways

The South Korea Wheelchair Market Size is expected to witness high growth supported by increasing elderly population, growing disability rate and better healthcare infrastructure. 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: South Korea dominates the wheelchair market in Asia Pacific holding over 30% share. High healthcare expenditure, rising lifestyle diseases and rapid urbanization will drive the South Korea market. Japan and China are other major regional markets.

Key Players: Key players operating in the South Korea wheelchair market are Invacare Corporation, Ottobock, Permobil, Pride Mobility and Sunrise Medical. These players compete by focusing on product innovation, digital technologies and expanding service network coverage.

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