The South Korea wheelchair market consists of manual and electric wheelchairs used for mobility assistance by individuals facing physical disabilities or challenges. Wheelchairs provide mobility, independence, and improved quality of life to people with impaired mobility or those recovering from injuries.
Factors like rising rates of road accidents, lifestyle diseases, and an aging population have contributed to the growth of the South Korea Wheelchair market. Advancements in technology have enabled manufacturers to develop lightweight, durable, and customizable wheelchairs.
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. The growing geriatric population and rising prevalence of disabilities due to chronic diseases and accidents have fueled the demand for wheelchairs in South Korea. Advances in technology such as lightweight materials, powered options, and customized features are improving the performance and expanding the application of wheelchairs.
Market Trends
There is an increased demand for lightweight and foldable wheelchairs due to changing lifestyles and needs for portability. Manufacturers are focusing on developing innovative wheelchair designs using lightweight materials like carbon fiber, magnesium, and aluminum to reduce weight by 20-30%. Power-assisted wheelchairs are gaining traction as they provide convenience to users and caregivers through features like battery-powered option, programmable controls, tilt and recline mechanisms. Technologies such as app-based controls and sensor integration are being incorporated to develop "smart wheelchairs" with self-navigation and obstacle detection capabilities.
Market Opportunities
Growing elderly and bariatric populations prone to limited mobility present a significant opportunity for heavy duty and extra wide wheelchairs. There is scope for development of wheelchairs specialized for pediatric users, outdoor/sports activities, and transportation services. Partnerships between healthcare providers, insurers, and manufacturers can facilitate access to innovative yet affordable wheelchair solutions. The untapped rural markets in South Korea remain promising for organized retail and rental business models.
Impact of COVID-19 on South Korea Wheelchair Market
The COVID-19 pandemic has significantly impacted the South Korea wheelchair market. During the initial phases of the pandemic, there was a halt in production and supply chains were disrupted due to nationwide lockdowns. This led to shortage of wheelchairs and parts. However, as wheelchairs are considered essential medical devices, the government designated them under essential services to ensure uninterrupted supplies. With rising cases of the virus, the demand for wheelchairs grew significantly for isolating infected patients and enabling mobility of the disabled. Various initiatives were undertaken by market players and the government to ramp up domestic production to meet the growing need. With relaxations in restrictions post lockdowns, supply chains were restored. However, international trade was impacted due to global logistical challenges. The pandemic increased healthcare spending which is expected to drive the wheelchair market going forward in the country. Teleconsultations for rehabilitation also emerged as an important service during this period.
Geographically, the wheelchair market in Seoul Metropolitan City holds the largest value share currently. This is attributed to high population density, aging demographics, advanced healthcare infrastructure and higher healthcare spending in the capital region. However, other major cities including Busan, Incheon, Daegu and Daejeon are witnessing faster market growth rates due to increasing focus on accessibility and elderly care. Rural regions are also emerging as a high potential area supported by government initiatives for nationwide coverage of disability services.
In terms of growth, Gyeonggi province surrounding Seoul is estimated to be the fastest growing regional market for wheelchairs in South Korea. This is driven by rapidly expanding healthcare facilities, growing geriatric population and increasing investment in medical device manufacturing clusters in the province. Cities including Suwon, Yongin and Pyeongtaek are spearheading the market growth in Gyeonggi.
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?
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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)
