The South Korea Wheelchair Market Is Driven By Increasing Geriatric Population

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The South Korea Wheelchair Market involves mobility devices that are designed to help people with disabilities or limited mobility. Wheelchairs come in various styles based on the type of disability and level of mobility. The most common types are manual wheelchairs that are pushed by an attendant or self-propelled, and power wheelchairs that are battery-powered and allow independent mobility. Wheelchairs help improve the quality of life and independence of users by allowing them to move around easily both indoors and outdoors. With rising healthcare costs and increased demand for home healthcare, wheelchairs have become one of the most common assistive medical devices used globally.

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 South Korea Wheelchair industry in South Korea is dominated by foreign brands like Invacare and Ottobock which together account for over 60% market share owing to better quality and newer technologies.

The rising geriatric population along with growth in chronic diseases and disabilities is driving the demand for wheelchairs in South Korea. The number of people aged 65 and above has doubled from 2000 to 2020 and is projected to reach 20% of the total population by 2026 making South Korea an aged society according to UN population data. Chronic diseases that require long-term use of wheelchairs are also on the rise in the aging population.

South Korean wheelchair companies are also increasingly focusing on expanding globally especially in other Asian markets and certain European countries where disability rates and healthcare spends are growing steadily creating new opportunities. Companies are launching new product ranges tailored to regional consumer needs and customs while tapping local distributors partners for expanded market penetration.

Market Drivers

The increasing geriatric population in South Korea is a major driver for the wheelchair market. As per UN estimates, one in every four South Koreans will be aged 65 and above by 2031 fueling the demand for assistive devices. Secondly, growing incidence of disabilities due to chronic diseases and mobility issues among the elderly is driving sales of wheelchairs. diseases like diabetes, arthritis are contributing to the disability rates. Lastly, improved healthcare infrastructure and insurance coverage for assisted living devices is encouraging the adoption of wheelchairs for home care. The government is undertaking various initiatives to create better facilities for the elderly and disabled.

Impact of Current Geopolitical Situation on South Korea Wheelchair Market Growth

The current geopolitical tensions between North and South Korea have negatively impacted the growth of the South Korean wheelchair market. Frequent missile tests conducted by North Korea raise security concerns and discourage investment in healthcare infrastructure development near the border regions. This has restricted wheelchair accessibility in remote areas.

Moreover, any escalation in conflicts could divert budget allocation from healthcare to defense, limiting funds for assistive device programs. The South Korean government needs to focus on expanding wheelchair access programs and provide subsidies/loans for wheelchair purchases even in difficult economic conditions. Collaborating with international NGOs can help meet the assistive needs of vulnerable groups living close to the border. Over-dependence on imports also poses risks if trade routes get blocked during heightened tensions. Local production needs to be promoted through incentives.

Geographical Regions with High Market Concentration

The wheelchair market in South Korea is highly concentrated in and around the capital city of Seoul, which is also the economic and political hub. According to industry estimates, the Seoul Metropolitan region alone accounts for over 45% of the country's total wheelchair sales value. The high population density, availability of advanced healthcare facilities, rehabilitation centers and assistive technology experts have made Seoul the primary growth driver of the Korean wheelchair industry. Other major cities like Busan, Daegu, Incheon and Gwangju collectively make up for another 30% share.

Fastest Growing Regional Market

Despite the market dominance of large urban centers, some of the rural and island regions in South Korea have been witnessing rapid wheelchair adoption in recent years. Government initiatives for improving accessibility in remote areas and aging population boom have supported the growth. Among all such regions, Jeju Island has emerged as the fastest expanding local wheelchair market with a CAGR of over 12% during the forecast period. Initiatives like 'Aging-in-Place' programs, subsidies for assistive devices and increasing medical tourism are fueling the positive trend on Jeju Island.

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.zupyak.com/p/4215589/t/south-korea-wheelchair-market-is-anticipated-to-witness-high-growth-owing-to-aging-population

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)