by The South Korea wheelchair market has witnessed significant growth over the past few years owing to the growth of aging population and increasing prevalence of disabilities requiring mobility assistance. Wheelchairs provide independent mobility and transportation for individuals with disabilities or impaired mobility. They come equipped with features like leg rests, armrests, rear wheels, and footrests to offer comfort and support. Various types of wheelchairs like manual, powered, and bariatric are available in the market. Manual wheelchairs are most commonly used owing to their affordable cost while powered wheelchairs are gaining traction due to their self-propelling ability.
The South Korea wheelchair market 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. Rapidly aging population and increasing prevalence of disabilities in South Korea are creating lucrative growth opportunities for players in the wheelchair market. With rising health awareness and focus on independent living, the demand for wheelchairs is gaining momentum globally. Several market players are expanding their overseas operations in countries like South Korea to leverage growth opportunities.
Market Drivers
The key driver for the growth of the South Korea Wheelchair market is the rising geriatric population. According to statistics, South Korea had the highest rate of aging population in the world with around 15.8% of its population aged 65 and above in 2020. Older adults are more susceptible to mobility issues requiring wheelchairs. Furthermore, increasing cases of road accidents, disabilities, and chronic diseases are also augmenting the need for wheelchairs in South Korea. With growing health awareness and rehabilitation trends, wheelchairs are no longer considered a symbol of dependence but rather as tools for independent living which is further propelling the demand.
PEST Analysis
Political: The government in South Korea provides several policies and regulations that support the wheelchair market. It passed the Act on Welfare for Persons with Disabilities to ensure quality of life and promote independence of disabled people.
Economic: With a growing economy, the disposable income of consumers in South Korea is increasing. This allows more spending on advanced wheelchairs and assistive devices for mobility.
Social: Awareness about disabilities and rights of disabled people is rising in South Korean society. The stigma around disabilities is reducing. This encourages more usage of wheelchairs for independent living.
Technological: Wheelchair manufacturers are developing innovative designs with features like foldable frames, battery-powered motors, and controls via joysticks, smartphones etc. Some introduce technologies like artificial intelligence for assisted navigation.
Geographical Regions Of Concentration
The South Korean wheelchair market in terms of value is majorly concentrated in urban areas like Seoul, Busan, Daegu, Incheon, Gwangju, Daejeon and Ulsan. A significant portion of wheelchair users live in these densely populated cities which have better infrastructure and accessibility options compared to rural zones.
Fastest Growing Region
The central region of South Korea comprising Daejeon, Chungcheongbuk-do and Chungcheongnam-do provinces is expected to be the fastest growing market for wheelchairs. This is owing to increasing aging population, disabilities due to occupational hazards in manufacturing industries as well as rising medical expenditures in these provinces.
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’s growth between 2024 and 2031.
:- Accurate calculation of the size of the South Korea Wheelchair and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- South Korea Wheelchair 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 vendors
FAQ’s
Q.1 What are the main factors influencing the South Korea Wheelchair?
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 companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the South Korea Wheelchair’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: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
