The South Korea wheelchair market involves the sales of wheelchairs which provide mobility for physically disabled and elderly population suffering from disabilities or limited mobility. Wheelchairs aid in mobility for those who cannot walk or have difficulties in walking or standing. Wheelchairs come in different designs, chair types and control systems to meet the needs of individuals with mobility limitations. The South Korea wheelchair market witnessed steady growth due to rising elderly population and prevalence of mobility disabilities such as cerebral palsy and spinal cord injuries.

The Global South Korea Wheelchair Market Size 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. Karma Medical is one of the leading players known for its technologically advanced wheelchairs catering to varied mobility needs.

The growing demand for wheelchairs can be attributed to the rising cases of mobility impairment such as spinal cord injuries, osteoporosis and arthritis. According to the World Health Organization, nearly 15% of the world's population lives with some form of disability. In South Korea too, mobility impairment cases are on the rise with ageing population, prompting increased demand for assistive devices like wheelchairs.

The wheelchair market players are expanding their global footprint by entering mergers and acquisitions with local players. For instance, in 2022, Permobil acquired Jaeyong Medical, a leading wheelchair manufacturer in South Korea, to strengthen its presence in the Asia Pacific region. The companies are also making investments in developing innovative wheelchair technologies and customizing products as per regional requirements to tap the South Korea wheelchair market.

Market Drivers

One of the key drivers propelling the South Korea wheelchair market growth is the rising geriatric population susceptible to limited mobility. South Korea has one of the fastest ageing populations globally with over 15% of its people aged 65 years and above in 2022. The prevalence of chronic diseases also increases with age which raises mobility issues. Further, favorable government initiatives to promote accessible infrastructure for elderly and disabled through tax benefits and insurance coverage is encouraging the adoption of wheelchairs in South Korea. Initiatives like the Welfare of Disabled Persons Act and long term care insurance 3.0 plan are aiding the market expansion. Rising health expenditures and growing medical devices industry in South Korea present lucrative opportunities for wheelchair providers.

The geopolitical environment in East Asia currently poses challenges as well as opportunities for the growth of the South Korea wheelchair market. Rising geopolitical tensions between South Korea and North Korea have the potential to negatively impact the market. Any hostilities or military conflicts on the Korean Peninsula could disrupt production and distribution chains, leading to supply issues. It could also deter investments in upgrading healthcare infrastructure and accessibility facilities. However, continued diplomatic efforts by South Korea and collaborations with international organizations to resolve issues peacefully offer hope. Pursuing cooperative initiatives in areas of mutual interest like healthcare and disabilities can help reduce tensions. The market must stay abreast of political developments and have contingency plans to mitigate risks. Diversifying overseas operations and prioritizing partnerships focused on development aid can offset adverse effects.

In terms of value, the South Korea wheelchair market is most concentrated in the populous provinces of Gyeonggi and Gyeongsang, accounting for over 45% share collectively. This is due to the presence of major hospitals, rehabilitation centers and aging population in urban centers like Seoul, Busan and Daegu located in these regions. However, the market in Jeolla province bordering North Korea is experiencing fastest value growth above 15% annually. This growth is driven by government schemes to strengthen community-based care in rural areas and address the needs of an increasing number of vulnerable groups. Other eastern coastal provinces like Gangwon and Ulsan are also emerging as high potential locations supported by initiatives to make public places barrier-free and develop medical tourism facilities.

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 Market's growth between 2024 and 2031.

:- Accurate calculation of the size of the South Korea Wheelchair  Market and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behavior

:- South Korea Wheelchair  Market 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  Market vendors

FAQ’s

Q.1 What are the main factors influencing the South Korea Wheelchair market?
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 Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the South Korea Wheelchair market’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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