South Korea Wheelchair Market is Anticipated to Witness High Growth Owing to Aging Population

South Korea Wheelchair Market is Anticipated to Witness High Growth Owing to Aging Population

The South Korea wheelchair market comprises manual and powered wheelchairs that provide mobility to physically disabled individuals. Wheelchairs help improve accessibility, independence, and overall quality of life. They are prescribed by physicians for conditions requiring long-term or permanent mobility assistance. The need for wheelchairs is increasing in South Korea due to the rising geriatric population suffering from limited mobility on account of arthritis, injuries, and neurological disorders.

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. These players are focusing on new product launches and strategic collaborations to strengthen their presence and cater to the growing demand.

The growing geriatric population suffering from limited mobility due to age-related health issues has opened up opportunities for South Korea Wheelchair manufacturers and distributors in South Korea. Moreover, the improving healthcare infrastructure and increasing healthcare expenditure are also supporting the growth of the market.

North America dominates the global wheelchair market. However, manufacturers are shifting their focus toward emerging markets like South Korea owing to improving accessibility standards and increasing acceptability of medical devices. Leading players are expanding their distribution networks across South Korea to tap the rising demand.

Market Drivers

The increasing incidence of road accidents, injuries, and disabilities among the working population is a key factor anticipated to drive the growth of the South Korea wheelchair market. According to the National Police Agency, the rate of traffic accidents per 100,000 people increased from 134.9 in 2018 to 148.2 in 2022. This is expected to boost the demand for wheelchairs over the forecast period.

Market Restrains 

High costs associated with technologically advanced powered wheelchairs is a major challenge hampering the growth of the South Korea wheelchair market. Also, inadequate reimbursement policies and lack of awareness in rural areas pose limitations on the market's growth potential.

Segment Analysis

The South Korea wheelchair market is dominated by the electric wheelchairs sub segment. Due to South Korea's highly advanced healthcare infrastructure and growing geriatric population, the demand for electric wheelchairs is quite high. Electric wheelchairs offer greater independence and mobility to senior citizens and people suffering from disabilities. Their rechargeable batteries allow for continuous usage throughout the day without much physical exertion. Foldable and lightweight electric wheelchairs are particularly popular as they can be easily stored and transported.

Global Analysis

The Asia Pacific region is projected to be the fastest growing as well as dominating region in the global South Korea wheelchair market during the forecast period. Within Asia Pacific, South Korea holds the major share due to rising healthcare expenditure, growing disability rates, and increasing focus on elderly care. Government policies and initiatives aimed at improving accessibility for the disabled also support the wheelchair market in South Korea. The country has seen substantial growth in establishments like wheelchair-accessible construction, group homes, and nursing facilities. Key players are expanding their manufacturing bases and distribution networks to better cater to the rising local demand.

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?

Get more insights on this topic: https://www.marketwebjournal.com/south-korea-wheelchair-market-trend-size-and-demand-2/

Author Bio:

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. (https://www.linkedin.com/in/money-singh-590844163)