South Korea Wheelchair Market Is Estimated To Witness High Growth Owing To Rising Incidences Of Road Accidents

Market Overview:

The South Korea wheelchair market consists of various types of wheelchairs such as manual wheelchairs, powered wheelchairs, and mobility scooters. Manual wheelchairs are basic chairs intended for everyday mobility purposes. Powered wheelchairs are more advanced chairs that can be controlled using different control systems. Mobility scooters come with seats and handles for people with limited mobility. These products are used by patients suffering from various medical conditions such as spinal cord injuries, arthritis, cerebral palsy, and others.

 The South Korea wheelchair market was valued at US$ 1.60 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.

Market Dynamics:

Increasing incidence of road accidents resulting in physical disabilities is a key factor driving growth of the South Korea wheelchair market. According to the National Police Agency of South Korea, over 17,000 people were injured in road accidents in 2020. Nearly 30% of these accidents resulted in disabilities requiring mobility assistance devices. Furthermore, expanding geriatric population is also fueling demand for wheelchairs. As per the Ministry of Health and Welfare of South Korea, 16.6% of the total population will be aged 65 years and above by 2030. The elderly are more susceptible to mobility impairments due to conditions like arthritis. This is projected to increase adoption of wheelchairs for independent mobility. Moreover, rising investments by government and non-profit organizations to provide better healthcare access to disabled population has increased awareness and affordability of assistive mobility devices.

South Korea Wheelchair Market Segmentation

·         By Type:

o   Manual Wheelchairs

o   Powered Wheelchairs

o   Pediatric Wheelchairs

o   Others

·         By End User:

o   Homecare

o   Hospitals

o   Ambulatory Surgical Centers

o   Rehabilitation Centers

o   Others

·         By Weight Capacity:

o   Less than 100 lbs

o   100-150 lbs

o   150-200 lbs

o   More than 200 lbs

o   Others

·         By Application:

o   Adults

o   Pediatric

o   Others

·         By Distribution Channel:

o   Online

o   Offline

SWOT Analysis

Strength: The South Korea Wheelchair Market has a large aging population requiring mobility assistance. Around 14% of the South Korea population is over 65 years old. Government initiatives to improve accessibility and funding for assistive devices is driving demand.

Weakness: High costs of advanced powered wheelchairs is limiting their adoption. Lack of proper infrastructure like ramps in public places pose mobility challenges. Standard manual wheelchairs require physical assistance for mobility which impacts independence.

Opportunity: Growing medical tourism in South Korea offers scope to increase wheelchair exports. Expanding e-commerce channels can improve access in remote areas. Technological advancements are enhancing features for indoor/outdoor activities.

Threats: Stiff competition from local manufacturers impacts profit margins. Supply chain disruptions due to COVID-19 affected production and sales. Rising costs of raw materials and components increase wheelchair prices.

Key Takeaways

The South Korea Wheelchair Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing penetration of powered and bariatric wheelchairs. Rising aging population, disabilities and obesity drive the need for assistive devices.

Regional Analysis: South Korea dominate the regional market with over 50% share owing to high healthcare spending and growing medical infrastructure. Expansion of handicap accessibility and senior care facilities boost adoption. Central and Eastern provinces offer immense opportunity due to aging rural population.

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 partnerships to gain market share.

Reasons to Purchase South Korea Wheelchair Market Report:

1. Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

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3. Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the South Korea Wheelchair Market.

FAQ’s

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