by Market Overview:
Wheelchairs help improve mobility and quality of life for people suffering from conditions such as arthritis, spinal cord injuries, multiple sclerosis, paralysis or lower limb amputation. Manual and powered wheelchairs are generally customized for indoor or outdoor use depending on the needs of individuals. Technological advancements have enabled features such as reclining backrests, tilt-in-space capabilities, foldability, battery charge indicators and terrain adaptability in wheelchairs to enhance accessibility. Growing disability rates coupled with increasing awareness about rehabilitation and assisted living are key factors propelling the demand for wheelchairs.
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 Key Trends:
One of the major trends in the South Korea Wheelchair Market is the rise in demand for lightweight and portable wheelchairs. Manufacturers are developing foldable and compact designs using carbon fiber and lightweight alloys to improve portability and convenience of transportation. There is also a growing preference for powered wheelchairs with features like omni-directional wheels, Bluetooth connectivity and app-based controls for ease of navigation. Innovation in battery technologies is enabling longer usage hours for powered wheelchair users. The market is witnessing an influx of advanced customization options and ergonomic designs tailored to specific disabilities.
South Korea Wheelchair Market Segmentation
- By Type:
- Manual Wheelchairs
- Powered Wheelchairs
- Pediatric Wheelchairs
- 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
Porter’s Analysis
Threat of New Entrants: The threat of new entrants is moderate in South Korea wheelchair market due to high capital requirement. However, low brand loyalty of customers allows scope for new players.
Bargaining Power of Buyers: The bargaining power of buyers is high due to availability of various product options at competitive prices in the market. Buyers can easily switch to substitute products.
Bargaining Power of Suppliers: The bargaining power of suppliers is moderate as there are numerous component manufacturers and suppliers in the market.
Threat of New Substitutes: The threat of new substitutes is high due to availability of various alternative mobility products like mobility scooters.
Competitive Rivalry: The competitive rivalry is high among existing players.
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 increasing geriatric population and rising cases of road accidents. The market size for 2023 is US$ 1.60 Bn.
Regional Analysis: South Korea dominates the South Korea wheelchair market with more than 30% share due to high healthcare expenditure and rising disability rate. Growing disability community and increasing obese population drive the demand in South Korea.
Key Players: 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. These players are focusing on new product launches and expansion strategies to gain higher market share.
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
