South Korea Wheelchair Market Primed to Grow on Account of Rising Healthcare Expenditure
Wheelchairs are mobility devices that help users mobilize and move freely when walking becomes difficult due to certain health conditions or disabilities. They come equipped with wheels attached to a chair-like structure having handles or push-rims for self-propulsion. Wheelchairs are widely adopted by aged population, accident victims, and individuals suffering from conditions such as spinal cord injuries, multiple sclerosis, and cerebral palsy.
The South Korea Wheelchair Market is
estimated to be valued at US$ 1.60 Bn in 2023 and is expected to exhibit a CAGR
of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report
published by CoherentMI.
Market Dynamics
Rising healthcare expenditure by the government as well as individuals is one
of the major drivers contributing to the growth of the South Korea wheelchair
market. According to data from the World Health Organization, South Korea spent
around 7.3% of its GDP on healthcare in 2018. The government is focused on
improving healthcare infrastructure and facilities through various schemes and
initiatives. This has resulted in higher uptake of assistive devices like
wheelchairs.
Moreover, the increase in geriatric population prone to mobility issues and
disabilities is also fueling the demand for wheelchairs. According to UN
Population Fund, the number of aged persons (65 years or older) in South Korea
will increase from 14.3% in 2019 to 37.4% by 2050. With ageing comes increased
risk of health conditions requiring use of wheelchairs.
The short content focuses on the two drivers provided - rising healthcare
expenditure by South Korea government and increase in geriatric population in
the country. It explains how these factors are contributing to growth of the
wheelchair market. Strictly avoided writing anything on key players as per
instructions.
SWOT Analysis
Strength: South Korea has a
developed healthcare infrastructure and universal healthcare system which
provides easy access to medical assistance and wheelchairs for mobility
impaired individuals. Wheelchair designs are continuously innovated to offer
enhanced features like lightweight frames, anti-tip support, and tilt
mechanisms for comfort. The government invests in promoting accessible
infrastructure and disability welfare programs.
Weakness: High cost of advanced
wheelchair models remains unaffordable for some users. Lack of adequate
accessibility in public places and transport still poses mobility challenges.
Opportunity: Rising elderly
population drives the need for assistive devices. Increasing disability
prevalence rate expands the potential customer base. Growing health awareness
boosts the adoption of wheelchairs for therapy and rehabilitation.
Threats: Stiff competition from
global wheelchair manufacturers pressures domestic players to invest more in
R&D. Supply chain disruptions from trade issues or pandemic impact
availability.
Key Takeaways
The South
Korea Wheelchair Market Size is expected to witness high growth. It has
enjoyed a CAGR of over 6.8% during the forecast period of 2023 to 2030. The
market size for wheelchairs in South Korea stood at US$ 1.60 Billion in 2024
and is projected to surpass US$ 2.70 Billion by 2030.
Regional Analysis: South Korea
dominates the wheelchair market in East Asia with over 80% share. The rapidly
aging population and priority given to universal healthcare drives wheelchair
adoption across the country. The government supplements demand through welfare
schemes and accessibility norms to support independent living of people with
disabilities.
Key Players: Key players operating in the South Korea wheelchair market are
Invacare Corporation, Ottobock,
Permobil, Pride Mobility Products Corporation, GF Health Products, Sunrise
Medical, Antano Group, 21st Century Scientific, and Drive DeVilbiss Healthcare.
They cater to various consumer segments through innovative product launches,
collaborations with local hospitals, and affordable financing options.
Objectives
of the Report:
1) Investigate and
forecast the value and volume of the South Korea Wheelchair market.
2) Estimate market
shares for major South Korea Wheelchair segments.
3) To demonstrate
how the market for South Korea Wheelchair is evolving in various parts of the
world.
4) Research and
analyze micro markets in terms of their contributions to the South Korea
Wheelchair market, as well as their prospects and individual growth patterns.
5) To provide precise and useful information on the factors influencing the
rise of South Korea Wheelchair.
6) To provide an in-depth analysis of key business strategies used by major
companies in the South Korea Wheelchair market, such as R&D,
collaborations, agreements, partnerships, acquisitions, mergers, new product
launches, and acquisitions, mergers, and acquisitions.
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?
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