The South Korea Wheelchair Market Will Grow at Highest Pace Owing To Rising Geriatric Population

The South Korea Wheelchair Market Will Grow at Highest Pace Owing To Rising Geriatric Population

The South Korea wheelchair market is growing owing to increasing prevalence of mobility impairments and rising elderly population in the country. Wheelchairs provide independence and mobility support to patients suffering from disabilities or injuries. The demand for lightweight, foldable, and comfortable mobility devices is increasing in order to improve patients' quality of life. Powered wheelchairs are gaining popularity due to their ease of use especially for bariatric and elderly patients. The technological advancement in wheelchair designs including adjustable seats, customizable control panels, anti-tip wheels, and positioning systems are making wheelchairs more versatile to user's needs.

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 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 increasing prevalence of mobility impairments are driving the demand for wheelchairs in South Korea. As per statistics, over 20% of South Korea's population will be aged 65 and above by 2031 leading to rise in number of patients requiring mobility assistance devices. Moreover, favorable reimbursement policies for wheelchairs are encouraging their adoption.

Technological innovations are enabling wheelchairs to be equipped with advanced features such as remote controls, lithium-ion battery packs, smartphone integration, and customized design options. Manufacturers are developing app-based connectivity in wheelchairs for improved convenience and control. Powered wheelchairs with adaptive seat functions and obstacle detection functionalities are also gaining traction in the country.

Market Trends

- Lightweight designs: Manufacturers are focusing on developing ultra-lightweight wheelchairs that are portable and easy to transport. The use of lightweight materials such as aluminum, carbon fiber and plastics helps reduce weight by 20-30%.

- Power-assist technologies: Companies are incorporating power-assist technologies allowing patients to propel the wheelchair manually with reduced effort. This encourages physical activity and therapeutic exercise.

Market Opportunities

- Growing demand for customized wheelchairs: There is immense scope for customized wheelchairs tailored to individual requirements in terms of sizes, control panels, and accessories. 3D printing technologies can facilitate rapid customizations.

- Expanding applications of smart wheelchairs: Advancements in AI, IoT, and monitoring sensors can enable new applications of smart wheelchairs for health tracking, activity monitoring, obstacle detection, indoor navigation etc. This will drive future demand.

Impact of COVID-19 On South Korea Wheelchair Market

The COVID-19 pandemic posed many challenges for the wheelchair market in South Korea. The lockdowns imposed during the peak of the pandemic disrupted supply chains and manufacturing operations. This led to delays and shortfalls in wheelchair production. On the demand side, the pandemic increased the vulnerability of people with disabilities. Their mobility and access to healthcare were severely impacted due to social distancing norms. However, the government prioritized ensuring access to wheelchairs for those in need. Post-COVID, the market is witnessing renewed demand as economic activities resume. Manufacturers are ramping up production while implementing stringent safety protocols. Telehealth is also being utilized to ensure continuity of rehabilitation services. Going forward, innovations centered around infection control and home healthcare are likely to gain focus. Strengthening of local manufacturing infrastructure will aid in building self-reliance and tackling future crises.

In terms of geography, the Seoul metropolitan area accounts for the major share of South Korea's wheelchair market value. This is attributed to factors like high population density, advanced healthcare infrastructure and high disposable incomes. The high GDP contributions from industries located here also support greater spending capacity on assistive devices. Going forward, other major cities like Busan, Daegu and Incheon are expected to witness faster market growth on account of ongoing urbanization and aging trends. Rural regions will also emerge as an important area of focus through customized rural access initiatives and increased healthcare penetration.

Geographical Differences In South Korea Wheelchair Market Growth

The city of Busan has emerged as the fastest growing region in the South Korea wheelchair market recently. This is driven by the port city's growing elderly population combined with initiatives to improve accessibility. Busan is enhancing infrastructure and public transportation to support the needs of senior citizens and disabled residents. The local government is also working with NGOs to raise awareness and increase diagnostic rates for conditions requiring mobility aids. As a result, demand for wheelchairs tailored for South Korea's tropical climate and hilly terrain has surged. Other fast developing regions include the Daegu-Gyeongbuk region and Sejong City. Daegu is noted for advanced rehabilitation facilities while Sejong is a center for assistive technology innovation clusters. Their advanced economic status and healthcare investments have supported rapid wheelchair market expansion.

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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