June 13, 2024
South Korea Wheelchair Market

South Korea Wheelchair Market Growth Is Projected To Driven By Rising Geriatric Population

The South Korea wheelchair market has witnessed significant growth in the past few years owing to the rising geriatric population and increasing incidence of road accidents. Wheelchairs are mobility equipment designed to increase the mobility and self-sufficiency of people with limited ambulatory abilities. Manual and powered wheelchairs are widely used to meet the mobility requirements of older adults and individuals with mobility impairments or disabilities. The demand for lightweight, portable, and durable wheelchairs is increasing in South Korea. Advancements in technologies used in wheelchair manufacturing are further improving user comfort and functionality.

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 rising health expenses of aging population and increasing patient awareness are creating lucrative opportunities for wheelchair manufacturers in South Korea. With growing geriatric population, there is a significant scope for wheelchair manufacturers to expand their market presence across South Korea.

Key opportunities in the South Korea wheelchair market include development of technologically advanced wheelchairs equipped with smartphone connectivity, artificial intelligence, and IoT capabilities. Rising investments by major players to develop innovative battery and seating systems will further augment the market growth. The growing demand for lightweight, folding, and portable wheelchairs among the elderly is promoting R&D to develop user-friendly wheelchairs.

The wheelchair market is witnessing rapid global expansion driven by rising healthcare investments and rehabilitation needs among the aging population. Major players are focusing on new product launches, acquisitions, and partnerships with regional companies to strengthen their presence across Asia Pacific, Europe, and North America. Increasing strategic partnerships with hospitals and long-term care centers will create new growth avenues for wheelchair manufacturers over the forecast period.

Market Drivers

The rising geriatric population is the major driver of the South Korea wheelchair market. As per estimates, almost 15% of the South Korean population will be aged 65 years and above by 2031. Older adults are more prone to limited ambulatory abilities and disabilities requiring mobility assistance devices like wheelchairs. The increasing number of road accidents is also augmenting the demand for wheelchairs in South Korea. Rising health expenses and growing patient awareness regarding the availability of assistive devices are expected to fuel the adoption of wheelchairs during the forecast period. Development of specialized wheelchairs catering to bariatric and pediatric users will further support the market growth.

Pest Analysis

Political: Wheelchair accessibility standards and regulatory policies help the wheelchair market growth in South Korea. The government aims to improve elderly care facilities and promote inclusive infrastructure.
Economic: Rising healthcare expenditure, growing elderly population, and increasing incidence of mobility disabilities support the market demand. However, higher product and service costs challenge affordability.
Social: Growing medical awareness, disability rights activities, and preference for independent living foster the wheelchair market. Public programs aim for rehabilitation and community participation of disabled individuals.
Technological: Advances in lightweight materials, power-assist features, and sensor integration enhance wheelchair performance, functionality and user comfort. Drive wheel technologies expedite maneuvering on different terrains.

The South Korean wheelchair market is concentrated primarily in Seoul, Busan, Daegu, Incheon, Daejeon, and Gwangju, which account for over 60% of the total value sales. These regions have high population densities and well-developed healthcare infrastructure. The Gangwon region surrounding Gangneung is growing at the fastest rate due to increasing medical tourism along with winter sports and recreational activities that carry injury risks. Furthermore, disability rights policies and elderly care programs are strongly promoted in the region.

The South Korean wheelchair market is concentrated primarily in Seoul, Busan, Daegu, Incheon, Daejeon, and Gwangju, which account for over 60% of the total value sales. These regions have high population densities and well-developed healthcare infrastructure. The Gangwon region surrounding Gangneung is growing at the fastest rate due to increasing medical tourism along with winter sports and recreational activities that carry injury risks. Furthermore, disability rights policies and elderly care programs are strongly promoted in the 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